How do you monitor and follow up on payment plans with telco customers?

1 Define the payment plan terms

To monitor and follow up on payment plans, it is essential to define the payment plan terms clearly and communicate them to the customer. This should include the total amount of the debt and interest rate (if any), the number and frequency of installments, due dates, payment methods and channels available, as well as the consequences of late or missed payments, such as fees or penalties. Furthermore, you should provide contact details for the billing department or assigned agent. It is important to document the payment plan terms in a written agreement and send it to the customer for confirmation. Additionally, you should explain the payment plan terms verbally and address any questions or concerns that the customer may have.

2 Track the payment status

The second step to monitor and follow up on payment plans is to track the payment status of each customer regularly. You can use a billing software or a spreadsheet to record the payment history and the balance of each customer. Additionally, setting up alerts or reminders for the upcoming due dates and the overdue payments can help you identify any issues or risks that may affect the payment plan performance. These could include the customer not making payments, making extra payments, changing contact details, requesting a modification or cancellation of the plan, or disputing/complaining about the payment plan or bill.

3 Communicate with the customer

The third step to monitor and follow up on payment plans is to communicate with the customer regularly and proactively. After each payment is received, you should send the customer a confirmation email or a text message and thank them for their cooperation. Additionally, before each due date, you should send the customer a reminder email or make a phone call to encourage them to make the payment on time. If any issues or risks arise that may affect the payment plan performance, you should also communicate with the customer and try to resolve them promptly. This may include offering a grace period or waiving fees if they miss a payment due to an unexpected situation, negotiating a new payment plan if requested, explaining the payment plan terms and bill details if disputed, or referring them to a debt management agency or legal advisor if they are unable to pay or cancel the payment plan.

4 Report and escalate

The fourth step to monitor and follow up on payment plans is to report and escalate the payment plan performance to your supervisor or manager. You should prepare a periodic report that summarizes the payment plan status, the payment history, and the issues or risks of each customer, as well as any achievements or challenges you have faced. By reporting and escalating, you can receive feedback from your supervisor or manager on how to improve your payment plan monitoring and follow-up skills, share best practices with colleagues and peers, and alert your supervisor or manager of any serious or urgent problems that require their intervention or approval.

5 Evaluate and improve

To monitor and follow up on payment plans, it’s important to evaluate and improve your process. Review metrics such as the payment plan completion rate, default rate, and customer satisfaction rate. Additionally, solicit feedback from customers on their experience with payment plans. This will help you identify strengths and weaknesses as a payment plan monitor and follow-up agent, recognize customers who have completed their plans successfully, learn from mistakes, and enhance tools and techniques to increase efficiency. It can also provide a platform to innovate and propose new ideas or solutions to improve the process.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?