Debt Collecting Q & A - #21

Q) What is meant by the term "fast monies."?

"Fast Monies" is a term coined in the collections industry to describe special pay requests such as overnight letters, checks over the phone, charge card payment in full, wire transfers and the like. It is an immediate form of payment, which the collector has demanded from the debtor. It indicates the debtor is willing to comply with the request for payment and to do so in an immediate way.

"If we are going to keep that off your credit report I will need you to FedEx that payment to me – in full – today, after which you must call me back with a confirmation number. Only then will I be able to stop the collections process." This is an example of a dun using a demand for fast monies.

"Let's stop the collection process before it gets to the point of taking legal action. Get out your Visa card and let's roll the balance due onto the card" is another example.

Collectors who have fast money coming in will be the most successful. If you are a professional collector it is absolutely imperative that you continuously demand fast monies. It injects urgency into your calls and your overall collection strategy. Without this your calls will suffer because they lack "punch." Make regular use of this payment method and you'll do well. Start out with the goal of making ten demands for fast monies each day for a week. You'll see your results start to improve almost at once.

By Jim Finucan © 2004 Tiare Publications Group

Jim Finucan Certified Senior Account Manager

15-year collections professional Jim Finucan can show you how to double the collections on your accounts receivable in his manual "Past Due." Get more information at: http://www.tiare.com/pastdue.htm

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