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Summer Collections

Finances

Summer: The Best Season To Get Your Chapter Current Again

 

As a college student, when is the one time you have the most money? For most people it’s the summer. During this time, students will have full time jobs and live at home where rent is cheap, or nonexistent. The chapters with the best collection rates take advantage of this in more simple ways than you think.

 

The very first thing any chapter should do before summer is review outstanding receivables (or people who owe you money). From there you should:

·         Have a one-on-one meeting to remind the brothers of their debt and

·         During this meeting have them sign a promissory note with a detailed payment plan

·         Give them several options of ways to pay including resources like: PayPal

o   PayPal takes a percentage of what you pay but eliminates the excuse of late payments and the need to run back and forth to the bank

 

Another option, if your chapter has not done so already, is to sign up for a collection agency such as Omega Financial. Omega can be a great tool to help with book keeping, billing and past debt collections. A common myth amongst chapters is that once anyone is late on their payments Omega automatically sends that brother to collections. This is simply not true and no action is ever taken until the okay has been received by the chapter’s executive board. 

 

A great way to also increase collections is to send bills to the student’s home address. Parents will usually either pay the bill for their son or constantly remind them to pay. When billing some good ideas are:

·         Send one at the beginning of the summer for back debt

·         Send everyone a bill at the end of July for the first payment of fall

o   This will help relieve the stress of funding fall recruitment

·         Offer a discount, five to ten percent, for those who pay the full fall bill in July

 

Summer collections are easier than you think if you just remember: be organized, have brothers sign contracts, offer easy payment options and follow up. With more money comes less stress on your executive board and more options to improve your chapter!

Date Last Modified: 1/11/2009 6:17:45 PM
Date Created: 1/5/2009 12:24:48 PM

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