Introduction
While collection agencies around the globe are taken aback with the staggering debt rates in the US alone, the need to continue fostering positive relations with the customers has also become prominent amongst debt recovery solutions.
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Debt recovery in itself is a tedious task with intricacies seemingly imbedded within the communication channels that collection agencies implement. While the rate of debt recovered is definitely important, it should not be prioritized above customer satisfaction and client retention. Both metrics are important in order to implement a customer centric-debt recovery system. Though it may seem a tad bit difficult to deal with delinquent accounts on a daily basis, streamlining your workflow towards the customers will prove to be one of the more reliable debt recovery solutions as in turn your agency will lean towards garnering a positive user experience which can boost your collection rates but will also instill confidence in your customers.
Your RoadMap towards Positive User-Experience
The core concept of debt collection is based on the communication that takes place between the debtors and the collector agents. Even if you manage to integrate as much debt collection KPIs and metrics as you can in your workflow operations, without any positive connotation from the client’s end, your agency will struggle to survive in such a competitive market. A well-established debt collection experience is not predominantly dependent on the communication taking place between multiple entities but rather it ranges from the services being offered before and after a call is even initiated to the relevant customer.
For an optimal debt collection workflow, the customers require a user-friendly online platform, such as CollectCo that facilitates collections from quick paying delinquent accounts to the more stubborn ones in some cases. Whether it’s a concise payment plan or an easy to access user portal, such debt recovery solutions can play a pivotal role in providing users with the best possible debt recovery experience.
Utilize Automated Reminders and Notifications
In the current fast paced era, customers don’t have the time to attend calls in the rush of the moment. Therefore, to avoid customer inconvenience as much as possible, automated reminders and notifications are amongst the tried and tested debt recovery solutions that provide customers with a positive debt collection experience. The reason for such an approach is the efficiency rate of such reminders in the collection of unpaid invoices since SMSs have an open rate of 98% while Emails can manage to garner a 21.33% open rate.
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Such automated notifications can provide the customers with an updated reminder incase the payment of their obligated unpaid invoices has slipped put of their minds. This in turn not only allows users to keep track of their debts without indulging into a one-on-one conversation but can also provide collection agencies themselves with the flexibility to set out these notifications on a scheduled basis.
First Listen, Then Ask
Amongst the most commonly used debt recovery solutions, customer focused calls help provide a streamlined communication bridge between the debtors and collectors, In this regard, collection agencies have highly trained personnel that are in charge of initiating preplanned calls as part of their omni-channel strategies.
During such cases, agents are advised to start their conversation with a brief introduction linked to the basis of the call. This acts as a subconscious invitation for the customers to share the problem they are facing in relation to their delinquent accounts. An ideal case scenario involves the customers thoroughly communicating the problem at hand after which the agent returns the favor and offers a proactive company provided solution.
Have an Efficient User Portal
The recent advancements in technology have enabled collection agencies to equip themselves with cutting-edge user portals. These portals allow customers to keep track of their collections without any interruption, which is given a priority among the currently available debt recovery solutions. The core functionality of a user portal should involve the necessary performance criteria as well as an array of solutions and services that should be available to the customer at ease of their convenience.
With that in mind, CollectCo caters the needs of their customers and has user centric user dashboard that helps customers keep track of their collection history, consumer behavior along with getting live updates of the revenue recovered. The dashboard also comes with an integrated capability of claiming multiple collections at once that facilitates in saving time as well as streamlines the workflow for the end user themselves which is a must have customer-friendly debt resolution.
What are the people saying?
Customers across all industries have the tendencies to gravitate towards debt recovery solutions that have seemingly worked for others as well. For collection agencies to keep facilitating their customers, the task of keeping an eye of what their previous customers are saying is a must.
A competent debt recovery agency, such as CollectCo, prioritizes their customers even after the respective collections have been dealt with, which can create a positive name for the company in the consumer space.
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Certain avenues to consider include user testimonials, social media comments, reviews, and ratings. For an in-depth overview of the consumer perspective, collection agencies can interact with the users to fill out feedback forms and surveys where they can express their overall collection journey with the agency. Not only this, but companies can also collaborate across multiple departments and teams to formulate more effective debt recovery services.
Streamlined Payment Solutions
Whether you are in search of first party collections for your business or require the assistance of a debt recovery agency to better facilitate your customers with a positive debt collection experience, a concise and easy to understand payment solution can go a long way when it comes to debt recovery solutions.
In cases of account receivables, delinquent accounts can be better managed with the implementation of a user centric payment plan that offers flexibility as well as easy adaptability. CollectCo offers the best of both worlds with their Two-Phased payment plan. These pricing options accounts for maximum ROI while keeping the delinquency age of the accounts in view so that users can get the most out of their buck without breaking their bank.
Provide Result Driven Efforts
One of the best ways for companies to amass positive debt collection experience is to give the people what they need and more. This comes into play by facilitating customers with additional services and options that can better help customers throughout the whole debt collection process. In many instances, customers may not even be aware of the solutions they have available at hand that the agency is At CollectCo, we keep the user requirements at the top of our list and provide debt recovery solutions tailored to their needs that can optimize their collection rate for account receivables. Such solutions include:
- Litigation Support
- Asset Investigation
- Credit Reporting
- Deceased and Bankruptcy Screening
- Debt Validation
- NCOA Database Screening
- All in one Client Online Portal
Guiding Users Through First and Third Party Collections
Either to go for first party or third-party collections can take multiple meetings as well as brainstorming sessions to provide the best possible debt recovery solutions to the users. The metrics and criteria for such decisions can be better scaled by a proper workflow assessment of the current account receivables the users are facing.
Therefore, it falls upon a debt collection agency to better guide the consumers at every step to ensure that they are getting proactive solutions for their problems. This in turn instills a sense of security and confidence in the end-user that the agency is by their side throughout their debt collection journey.
At the end of the day, whether you are having a positive cash flow or not when in comes to your account receive bales solely depends on the way your customers feel about the services you are providing as well as the communications that are taking place. Therefore a positive debt collection experience is a vital part of all debt recovery solutions that can help achieve these results in an optimal manner. At CollectCo, we take immense pride in delivering the best and beyond when it comes to debt recovery solutions to our esteemed customers as we feel honored to be a part of their journey. Contact CollectCo today to choose the best AR partner for all your debt collection needs!