This collection agency has worked with a whole host of educational institutions such as colleges, private schools, karate schools and others to not only develop stronger internal procedures but provide the support of a third-party collection agency with a diplomatic touch. American Profit Recovery advises the following:
1. Develop a Plan: While a thoughtful written plan can dramatically bolster a school’s bottom line; it can also improve handling of future overdue accounts. Decide when to get more assertive in collecting unpaid fees and stick to that timeline and courses of action in your plan.
2. Provide Upfront Information on Billing: Educate parents and students regarding billing practices at your school with ample written materials along with a clear explanation on places such as your website. A straight forward description of due dates for tuition and other educational expenses helps minimize confusion and misunderstanding with billing matters.
3. Act Quickly and Use Tact: Starting the collection process on those with overdue accounts as soon as 30-days past due, can help quickly retrieve monies owed. Use a combination of written invoices and letters and if resources warrant, pick up the phone to find out why fees have not been paid. Always be cordial in the tone you use.
4. Utilize a Third Party on Overdue Accounts: Tap into the knowledge and experience of a third party collection agency to settle current overdue accounts. Reputable collection agencies will also aide your school in devising a strategy for improved internal collection efforts and keep students and parents in a good relationship with your institution. A video on the value of a third-party collection agency can be found here.
A few simple adjustments internally as well as collaborating with a collection agency that knows the education business can greatly improve a school’s bottom line and alleviate stress from overstretched staff. More tips can be found here; http://www.americanprofit.net/
About American Profit Recovery:
American Profit Recovery (APR) is a collection agency with offices in Massachusetts, Michigan and North Carolina. Founded in 2004, APR specializes in the collection of third-party debt in industries such as medical/dental, banking, trades, lawn care and other professional services. With early intervention and a strong focus on ethics and diplomacy with consumers, APR works hard to preserve the relationship between client and consumer with an ultimate goal of keeping the business relationship intact. The firm serves approximately 3,500 clients nationwide. American Profit Recovery and their team have earned many awards including Best Places to Work in Collections and Most Influential People in the Collection Industry. 800-711-0023 http://www.americanprofit.net/
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American Profit Recovery is a collection agency with offices in Massachusetts, Michigan and North Carolina. With early intervention and a strong focus on diplomacy with consumers, APR works hard to preserve the relationship between client and consumer.