Wilson Cole's Podcast From The Road

Another podcast from the road with me, Wilson Cole, President of Adams, Evens & Ross (AER). Today I want to discuss the secret weapon of collections industry. It’s so effective that here at AER, half of our collections would get paid if we only used this one tool. This tool is the sequential collection letter. It may be stereotypical and dreaded, but again, I am speaking from 27 years of experience when I tell you it is effective. The key to its effectiveness is that it does not need to be aggressive. You can even do sequential collection postcards instead of collection letters. I hear from clients that if they send out collections letters, they would lose all of their clients. Unfortunately these are also the same clients that also ask me “why do I get paid slowly?” The answer, whether they want to hear it or not, is because they have trained their clients to pay them slowly. Frequently in these cases I also see the friendship dynamic working against them. I’m talking about how building a rapport and fri