DEBT COLLECTION PAYMENTS | 7 MIN READ
5 Tools to Maximize Debt Collection Revenue During the 2020 Tax Refund Season
Although last year’s average refund of $2,869 was down 1.4% compared to the previous year, it’s still a sizable sum that provides many families a much-needed boost heading into summer.
It’s also a time to pay down credit card balances and settle past due balances.
With many creditors and debt collection agencies competing with summer vacation plans and the newest iPhone for this sudden influx of cash, timing is everything.
But to truly take advantage of this short tax season collection window, you’ll need to have your strategy in place.
Increasing call volume and mailings isn’t a strategy—you need the tools and technology that allow you to work smarter, not harder
Here’s 5 tools that act like “people multipliers” and every agency should have at their disposal
Propensity-To-Pay Model—predicts whether payment is likely from a delinquent consumer.
Liquidation Model—analyzes historical data to inform the expected value of accounts.
Omnichannel Model—Identifies the highest-yielding form of communication.
Time-Of-Day Model—matches each consumer with a preferred time to be called.
Every collection agency increases phone calls and mailings (on average 25%) during tax season. That’s standard operating procedure—it’s not a strategy. A strategy is optimizing this increase in activity to take full advantage of the tax season window.
Ready to collect your money?
Whether you’re looking to improve one area of your debt collection department or the whole enchilada, we can help!
More Articles Related to Patient Communication
How Machine Learning and Speech Analytics are Automating Agent Training and Contact Center Compliance
Self-service, or digital collections, has moved beyond just a set of buzzwords in the ARM industry to become a major shift in operational strategy. High employee turnover and a difficult labor market has also forced many businesses to approach collections differently.
Tax season provides a unique opportunity to reach consumers at a time when they may be considering using a tax refund to resolve a past due debt or remove a negative account from their credit. Here’s a guide to help you reevaluate this year’s strategy.
Stealth messaging is a technology that bypasses a consumer’s mobile phone device to place a recorded audio message directly in their voicemail inbox. This delivery method means the consumer’s phone doesn’t “ring”, but they receive a notification of a new voicemail message.