Hustle at Scale, Part 3: Your Collections Powerhouse

October 4, 2018

Your Collections Powerhouse

If you are a buy-here-pay-here dealer, you know the saying already … You’re not in the car business. You’re in the collections business. Your collectors have one of the most important roles at your dealership. So why not free them up to focus on their highest-level tasks? Automate the daily, monotonous activities with iDMS, and you’ll enter an entire new realm of performance.

Payment Reminders

A good place to start is reminding customers of their upcoming payments, without any of your collectors lifting a finger to do so.

Thanks to iDMS’ intelligent tasking feature, you can create and save a filtered queue of accounts whose due date is next week, tomorrow, today or any other date you select. Then set up an email campaign to be automatically deployed to all accounts fitting that criteria each day.

Most systems require you to juggle multiple platforms to accomplish these sorts of tasks, but iDMS is one powerful beast. You can execute all of this without ever leaving the software.

One-Click Payments

Talk about convenience! You can include an invitation in your text campaigns to pay now. If the customer has saved their payment information with you, just replying “CONFIRM” will automatically initiate their payment.

Daily Collections for Every Past-Due Account

Even the most well-run buy-here-pay-here stores struggle to touch every delinquent account every single day. But that all changes when you begin strategically unleashing automation to support your collections initiatives.

Leveraging iDMS’ simple but mighty intelligent tasking tool, collectors can create account queues by bucket, and then assign automated campaigns based on the number of days past due. If you prefer a human touch, just automate reminders to your team to follow up on these accounts.

Set It and Forget It

Your automated collections tasks will run as many times and as often as you wish. iDMS allows you to establish your queues and schedule tasks once, then reap the benefits over and over again while your software does the heavy lifting.

If a particular queue is used frequently, you can even add a shortcut on your iDMS home screen. This is one more way iDMS serves as your power source, so you can multiply your productivity and accomplish much more with much less.

Free Your Collectors’ Time

Some late borrowers are simply forgetful, are paid late from their job, or experience some other minor issue that delays payment. But a quick reminder text with an invite to pay is all they need to get current.

Do you really want your collectors investing valuable time on accounts that would pay without human intervention? Instead, max out your results by automating collections for borrowers who will likely pay anyway – like the “1-5 days past due” bucket.

With those routine duties and plenty of others now automated, you can expand your collectors’ roles to focus more time on advanced activities like skip tracing, negotiating and following up with accounts about to head for repossession.

Level Up

With those routine duties and plenty of others now automated, you can expand your collectors’ roles to focus more time on advanced activities like skip tracing, negotiating and following up with accounts about to head for repossession.

Yes, you really can collect more money on each account without hiring additional staff. It’s even possible to originate more loans – perhaps even purchase another dealer’s portfolio – and successfully service those accounts with your current resources.

A world of unrealized opportunity is made available through automation, the behind-the-scenes strength of highly successful dealers. Finally, you can add a little balance to your life while still boosting profits year after year.

Ready to try iDMS? We would be happy to schedule your demo.