Lockhart, Morris & Montgomery, Inc.

Mar 26, 2024

How the Collection Process Retains Valued Customers

For any business, losing a customer is painful. You’ve invested time and resources into acquiring that customer, building a relationship, and delivering your products or services. When a valued customer falls behind on payments, that entire relationship can be at risk if not handled properly.

Attempting collections in-house can be an emotionally fraught and tedious process that severely strains your established relationship. However, it doesn’t have to be that way. By partnering with a customer-focused debt collection agency like Lockhart, Morris and Montgomery, you can recover outstanding debts while simultaneously retaining your valued customers.

The Importance of Customer Retention

Customer acquisition is an expensive endeavor. According to Clientbook, it costs 5-25 times more to acquire a new customer than to keep an existing one. Not only are current customers more economical, but they also spend more over time. Existing customers are hugely valuable assets businesses should safeguard, even when steady payments stumble.

Beyond the financial benefits, retained customers provide other advantages. They know your business, have formed relationships with your team, and understand your products/services better than new customers. Retained customers boost your reputation through word-of-mouth referrals. 

With so much at stake in retaining customers, mishandling the debt collection process can prove disastrous. Threats, harassing phone calls, and other aggressive tactics can quickly destroy the customer relationship you’ve worked so hard to build. That’s where an experienced, customer-centric debt collection partner proves invaluable.

The Customer-Focused Difference With Lockhart, Morris and Montgomery

With over 20 years of experience, Lockhart, Morris and Montgomery has established itself as a national leader in debt recovery by respecting the dignity of the consumers we work with. Unlike other collection teams who seek to bully through intimidation, we take a compassionate yet firm approach centered on open communication.

Our specialists understand that life circumstances like job loss, medical issues, divorce, and other major events can temporarily derail a customer’s ability to pay their debts. Rather than jeopardizing hard-earned customer relationships through harsh treatment, LMM collaborates with consumers to establish realistic payment options. We recognize that a payment plan that considers your customer’s financial realities stands the best chance of recovering the debt while retaining their loyalty and future business.

Whether you’re trying to recover auto finance debt, healthcare bills, or student loan payments, trust our specialized agents to communicate cordially and clearly, keeping your brand in good standing with your customers.

Flexible, Affordable Payment Plans

It’s no industry secret. One of the biggest reasons customers fail to pay their debts is a lack of money due to unemployment or another financial hardship. Lockhart, Morris and Montgomery appreciates that reality. 

Our representatives take the time to understand each consumer’s circumstances before proposing options.

With this holistic understanding, LMM can craft solutions that enable consumers to satisfy their obligations. The plans ensure a steady stream of recovered revenue for your business while keeping your customer relationships intact.

Open Lines of Professional Communication

Miscommunication and emotional tension can easily derail debt recovery efforts. To prevent this, Lockhart, Morris and Montgomery emphasizes consistent, transparent communication from our representatives.

Through open and respectful communication, LMM can recover debts, preserve customer relationships, and maintain your business’s professional reputation simultaneously. In contrast to aggressive, alienating collection methods, our courteous and compliant approach keeps lines open for continuing business.

Experience the Value of Retained Customers with Lockhart, Morris and Montgomery

By partnering with Lockhart, Morris, and Montgomery for debt recovery efforts, businesses can avoid the severe customer attrition risks associated with mishandling collections in-house or using unscrupulous agencies.

We understand the value of a retained customer goes far beyond the settled debt, and are prepared to help you keep customers satisfied and continue positive word-of-mouth regarding your practices.

Trust us to ensure your customers remain a lucrative asset that continues delivering value over months and years rather than being a one-time transactional loss.

If outstanding invoices are weighing down your business’s relationship with valued customers, trust the team at Lockhart, Morris and Montgomery to recover that debt professionally and ethically. Our thoughtful approach consistently delivers recovered revenue without sacrificing the future customer loyalty you’ve worked so hard to attain.

Contact us today to learn more about our services.