Collecting Thoughts is C&R Software’s new podcast, presenting conversations with subject matter experts and insiders throughout the finance, software, and collections industries.
In this week's episode, host Christina sits down with Megan Bird, a Senior Credit and collections Manager at Paycor and a self-professed champion of change.
Megan discusses her extensive experience in the collections industry and explores her insights and strategies for effective and empathetic debt collection. Megan's stories and strategies offer a fresh perspective on navigating the complexities of debt collection, highlighting the significance of relationship-building, adaptability, and a consistent and supportive team culture.
Guest Profile
Name: Megan Bird
Profession: Senior Credit & Collections Manager at Paycor
Megan has an extensive 15-year journey in the collections world. Beginning her career at Fifth Third Bank in repossession collections, Megan's path led her to Booking.com, where her dedication and skills propelled her from a credit controller position to a role as a finance operations manager. In November 2020, she embraced a new opportunity, joining the team at Paycor, where she continues to apply her considerable experience and insight in the credit and collections field.
Find Megan on LinkedIn
Episode's Key Points
Empathy in the Collections Industry
To start, Megan discusses the collections industry, highlighting the need for kindness and understanding. She goes against the standard view of debt collectors being harsh and unfriendly. She shares, "I think having a general sense of empathy and understanding for clients or consumer debtors is really important to be successful in your role," showing her support for a caring and customer-friendly approach in the industry.
Megan also stresses the importance of transparent and honest talk, especially when dealing with other businesses. She shares her work at Paycor, saying, "I think if you are able to speak with authenticity about your product and about the need for the product specifically in B2B collections, it's eye-opening for the client."
Her words highlight the effort to make sure everyone in the debt collection process is heard and understood, showing the importance of openness and kindness in creating good collection strategies.
Paycor's Approach and Values
Megan shares about Paycor's way of doing things, focusing on building good relationships and consistently taking care of customers throughout their time with the company. She highlights the understanding nature of Paycor, especially during tough times like the pandemic. Megan mentions, "If they needed additional time to pay their invoices, that wasn't a problem. We could set up installment plans and make sure that both companies are satisfied in the end."
Megan explains that Paycor makes it a priority to help business leaders understand what the company stands for. This approach ensures that everyone is on the same page and that the company and its clients are happy with their interactions and transactions. Megan's insights reveal a company committed to understanding, support, and satisfaction for all parties involved.
Challenges and Solutions in the Collections Field
Megan shares a story about a tough situation at Paycor to highlight the challenges faced in the collections industry and the importance of quick and coordinated action. A client owed a substantial amount - $1.5 million - and was on the edge of declaring bankruptcy. She recalls the urgency, "...they did bounce their payroll. So we had this open debt of around one and a half million dollars." This was a routine collection and a race against time and legal complications.
In dealing with this, Megan and her team didn't work alone. They collaborated with their legal team to navigate the situation. She outlines the successful resolution, explaining how they managed to secure the owed amount through a wire transfer just before the client went bankrupt. Megan's recounting of this experience underscores the critical role of teamwork, timely decisions, and cross-functional collaboration in addressing and resolving significant challenges in the collections field.
Learn more about Megan
Are you looking to get more insights into consumer data and finance? Check out the C&R Software blog, where experts like Megan share their thoughts. You can find her on LinkedIn if you want to know more about Megan's background and expertise.
And remember, keep tuning into Collecting Thoughts. Christina has exciting conversations with leaders from the data, finance, and software sectors.
