The Balanced Scorecard: Our ‘Secret Sauce’ to High Recovery Rates
10-Step Quality Control
Did you know that we follow a 10-Step Process (we call it our Quality Control ‘Balanced Scorecard’) on every file that comes through our door? This scorecard was designed to ensure a few things:
- All files entrusted to us by our clients receive appropriate treatment
- We are held accountable to our clients and to ourselves
- No files are ever forgotten about
- We hold a high standard of communication with the client
We have seen the challenge of poor communication in the credit and collection industry repeatedly. Even a well-staffed agency with multiple systems in place can miss files when thousands are coming in each day.
The above example is why we implemented a 10-Step Process, the Balanced Scorecard. The Quality Control Balanced Scorecard is our guiding compass to making decisions on your files.
How Long Does It Take to Recover Files?
Our Quality Control Balanced Scorecard is designed to help our debt recovery team make sound business decisions and client recommendations all within 90 days. Appropriate decisions must be made at the right times to best manage files assigned for Debt Recovery.
There are only three things that PCM Corp can do:
- Collect on debt
- Or close an account
For more information on this topic see Bankruptcy Canada’s post entitled, “What Can a Collection Agency Do?”
What are the 10 Steps?
This is a question we get asked a lot. Though this is PCM Corp’s proprietary information, some of the more critical features of our Quality Control Balanced Scorecard include a three-stage recovery assessment.
Stage 1 – During the first stage, PCM Credit Advisors make contact with your customers and endeavour to get your funds paid as quickly as possible while maintaining your client relationship.
Stage 2 – Should the primary credit advisor not be able to come to a successful conclusion, then a colleague is asked to provide a professional consultation and attempt negotiation with your customer.
Stage 3 – Should the file remain outstanding after the first two reviews, then one of our Production Managers will review each file to ensure all steps have been taken and that the credit application terms and conditions have been thoroughly examined. At this point, our Production Manager, in conjunction with our Credit Advisors, decides if litigation should be pursued or if the file should be closed as unrecoverable.
Since 2005, we've been providing Canadian and cross-border credit control services to businesses of all sizes and across all industry sectors. Let us help you mitigate potential losses from customers that owe you money.
If you still have questions about quality control or if you wish to connect with our Credit Advisors, please call us toll-free at 1-866-266-0117 for a confidential consultation or contact us online. We can also be reached by email.