Online collections are a must for low-cost, efficient AR operations, which can be conveniently staffed at your office or a remote location. The challenge in achieving digital collections is getting the customers, who are late adopters, on board. The key to making 100% online collections a reality is having a motivated AR team that understands and appreciates the benefits digital collections can provide. Creating an incentive for your team for online collections can help you to motivate your AR team to achieve 100% digital collections.
Here are some ideas on an incentive program plan for your AR collections team.
Rewards
There are any number of rewards that could be used to motivate your AR team to move all their accounts into your online payment portal. Make sure the requirements for earning a reward are clearly defined and results are easy to measure.
- Bonus: Bonuses with reasonable goals are a good way to directly tie a reward to an objective. Payment should be made promptly to reinforce continued motivation.
- Gift certificate: Gift certificates are always appreciated. No taxes are withdrawn and the employee is free to decide what to buy.
- Time off: Time is something we never have enough of. Paid time off is a luxury that is highly appreciated.
- Trophy: People take pride in their work. A trophy can be a good symbol of a job well done, and it is a lasting reminder for the team member.
Reporting
Incentive programs need frequent reporting of results to be an effective motivation tool. Results should be reported weekly at a minimum. People want to know how they are doing compared to other team members. Frequent reporting helps to foster continued friendly competition.
Don’t be bashful about reporting. Put up banners and other decorations to keep your team excited and focused.
Recognition
Open recognition of award winners helps to reinforce motivation. Have department meetings to present the awards and give the winners an opportunity to shine. People like nothing better than recognition in front of their peers. Open encouragement and praise from management are also appreciated.
There is no limit on the ways you can fashion incentive programs to motivate your AR team to move all their accounts into your online portal. The payback from increased efficiency, lower cost and flexibility to operate remotely will far exceed the cost of an incentive program.
Cloud-based credit and collection platforms provide the solutions you need to take full advantage of online collections.
Lockstep Collect is a market leader in cloud-based credit and collection platforms. Lockstep Collect can help you take full advantage of online collections.
If you would like to learn how you can benefit from digital collections, please request a demo from Lockstep Collect.
