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!
Resources
More Articles Related to Patient Communication
How Cloud-Based Contact Center Software Can Solve Challenges of a Remote Workforce
As companies assess how well they were able to adapt to the work-from-home mandate caused by the COVID-19 outbreak, a logical place to look would be to an industry that’s already addressed the major challenges of managing a remote workforce—contact centers.
Make a Proactive Billing Strategy Your 2020 Resolution
Billing is the most important part of your business. If you don’t do this process well, you may have difficulty charging for your services. And that may mean that in a few months your accounts will be in the red flag.
10 Tips That Will Make Your Customers Happy to Pay You
In the world of B2B, it is particularly important to maintain trust between employees, which requires good business relationships.