DEBT COLLECTION PAYMENTS | 7 MIN READ

Here Is A Method That Is Helping Collection Agencies Increase 50%  In Revenue This Year

Written by Michael Wise

We know that collecting debts is a problem, but if they are uncollectible the issue becomes more complicated every day. There are several reasons why some clients cannot pay their bills on or before the due date. Whether consumers fail to pay due to poor financial health, loss of employment or a bad customer service experience they can fall behind on collections and not paying the total debt at all. In fact, billions of dollars are owed each year to governments, health care providers, utilities, banking companies and businesses of all sizes. According to a recent Experian report, American have an average of $6,506 in credit card debt.

It may not always be easy to collect debt due to outdated client information, clients not communicating with you, or a lack of technology and tools to streamline your efforts to communicate with them and provide them with various options to pay what they owe you. 

Calling your customers in phone for unpaid debts doesn’t have to make you a bad cop and if you ever run out of words in the middle of the call, and stagnant with your result we have proven tools and tips to help you maximize your debt collection strategy and increase your revenue by 50% this year.

Interactive Voice Response

It is an automated customer service system. It presents different types of menus and uses the pre-recorded responses in order to guide the customers or callers towards the right information what they are looking for. This also allows the customer to pay the bills, request information and get a representative on the phone very easily and quickly.  Intelligent Contacts Intelligent IVR software process payments 24/7 with no agent required. Our software enables secure payment directly from any phone 24/7 and delivers real-time payment authorization.

Artificial Intelligence (AI Technology)

This trend won’t play out overnight but it is clear that AI will play a transformative role for many years to come. Based on Gartner, 15 %  of all customer service interactions will be completely handled by AI by 2021, an increase of 400 percent from 2017.

54% of executives say AI solutions implemented in their businesses have already increased productivity.

Artificial Intelligence application is very much important to help the streamline call centre and its overall experience for both the customers and agents as well. You need to establish more connection between various media channels and it will develop the overall experience and grow your business as well.

Gartner predicts that by 2021, 30% of all B2B companies will employ AI to augment at least one of their primary sales processes
Automatic Call Distributor

ACD is a telephonic system. It can handle the various calls from callers and determines their routes as well. It is the best-suited technology that can manage the caller’s needs. Through this technology, the company can meet the various needs of the customers more easily.

Intelligent Call-Back

This feature allows callers to choose the call-back option. It can enhance the overall business experience of your company. The callers do not need to wait in the queue. The caller can return to what they are doing and the call centre agent will call-back them as soon as possible. So, this can enhance the overall experience and make your business advanced and popular as well.

Business Intelligence

The call centre metrics and business intelligence can give the business organizations a clear cut standard of experience. It will help the agents to do their best and give good information to the clients what they are looking for. The best work of the agent continuously improves the experience of your business.

Through this, you can track these business metrics:

• Customer satisfaction ratings

• Average speed to answer the calls

• Numbers of active calls

• Number of waiting calls

• Holding times

Cloud-Based Call Centres

The cloud-based technology can provide a lot of benefits to the customers and it also grows your business module. It can increase the overall profits of your business. This technology can employ agents remotely. It also allows your business to hire the best talent from all over the world.

Voice Biometrics

It is a reliable way to identify a person’s authentication. It is unique and different from each other. Voice biometrics is very much important and unique as per different callers. It can also prevent frauds. So, you call centre agents can spend more time on the real customers rather than mere fraudsters.

Quality Management

This can give you an insight view of the employee performance. You can find any areas of weakness through this quality management system. It also ensures that the agents adhering the internal policies and procedures.

Two-way Social Media Conversation

It is very much important for you to ensure the effective social media presence. All the customers and callers want a place where they can give quick feedback and ratings. Customers are looking for two-way social media conversation. Responsive business can create a superb customer experience. You can check your feedbacks related to your business and services.

Outreach By Text Messaging

Agent SMS is very much important and beneficial for the customers to push out the information through text messages. So, it is another technology that can enrich your overall business.

Intelligent Contacts Cloud Contact Center technologies makes every business stronger, faster, and better. You can change the poor customer service through these advanced technologies and save money, time, and frustration. If you want to go in the right direction of your collection strategy this year, request a demo or call us today and let’s see how our hosted solutions can make your job so much easier!

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

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.

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