Collect More Data

We live in a world of data. As of 2021, there exists an entire generation that could potentially have the first eighteen years of their life recorded on Facebook. Facebook began in 2004 (seems like ages ago). What does this mean?

Data has a soul. Just like Facebook, the data you have in your business paints a picture of the person. More data helps you engage your customer in better ways. It is extremely important to document as much demographic information about your customers as you can for better decision making. If you are not documenting the basics, you are putting your business at a serious disadvantage. Besides address, email, and phone data, consider documenting:

• Employment Information
• Social Security Number
• Date of Birth
• Driver's License Number
• Date the service was rendered
• Date the service was deemed defaulted
• Signatures on all services rendered

There may be many other data points you need to gather to better service your customers. However, the uncollectable nature of an account in arrears hinges primarily on this data. Consider gathering this information to better service your customers.