--- title: "What An Omnichannel Collection Approach Looks Like" url: "https://intelligentcontacts.com/what-an-omnichannel-collection-approach-looks-like/" type: "post" published: "2022-12-30T15:02:11-06:00" modified: "2022-12-30T15:02:17-06:00" author: "Michael Wise" --- #### **OMNICHANNEL** | 5 MIN READ # What An Omnichannel Collection Approach Looks Like #### **When it comes to accounts receivable management, what does an omnichannel collections strategy look like?** While phone calls and letters remain the most common methods for contacting and collecting on past due accounts, changing consumer behaviors are requiring businesses to adopt a more omnichannel approach. Collecting from today’s consumer often requires multiple touch points that may start with a call or letter, but also includes email, text messages, or even a web chat. Sure, there is a segment of your accounts that will answer a phone call or respond to your letter with a payment, but there’s still a significant number of consumers who are motivated more by convenience and flexibility. This group represents a growing slice of collectable debt that ends up unpaid when you overlook the power convenience has on consumer behavior. [dsm_text_divider header=” What they're asking ” divider_style=”dashed” text_gap=”15px” _builder_version=”4.18.0″ _module_preset=”default” header_font=”Montserrat|300|||||||” header_font_size=”24px” width=”86%” global_colors_info=”{}”][/dsm_text_divider][dsm_typing_effect typing_effect=”Can I set up my own payment plan?” typing_cursor_color=”#3D3D3D” disabled_on=”on|on|off” _builder_version=”4.18.0″ _module_preset=”default” header_text_color=”#74C04F” header_font_size=”26px” custom_margin=”55px|8%||17%|false|false” global_colors_info=”{}”][/dsm_typing_effect][dsm_text_divider header=”**********” divider_style=”dashed” text_gap=”15px” _builder_version=”4.18.0″ _module_preset=”default” width=”86%” custom_margin=”55px|||||” global_colors_info=”{}”][/dsm_text_divider] #### Can you communicate or exchange information through digital channels? There was a time when the idea of sending debt-related communication via text or email caused compliance managers to wake up in a full sweat. There was also a prevailing thought consumers would recoil at receiving a text or email from a debt collector. However, times have changed on both fronts.   #### **Can consumers resolve their balance without speaking to anyone?** An omnichannel approach in accounts receivables encompasses both communication and payment channels. But today, simply providing consumers a way to pay online isn't enough. They want flexibility in how they resolve their balance. In the past, this may have included working out a fixed installment plan over the phone. But what today's consumer really wants—and what actually motivates them to resolve their balance—is full payment autonomy.   [dsm_icon_list _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||7px|||” global_colors_info=”{}”][/dsm_icon_list] [Most Recent](https://intelligentcontacts.com/category/featured/) [Company News](https://intelligentcontacts.com/category/company-news/) [Press Releases](https://intelligentcontacts.com/category/news/client-press-releases/) [Debt Collection](https://intelligentcontacts.com/category/accounts-receivable-management/debt-collection/) [Compliance](https://intelligentcontacts.com/category/compliance/) [Digital Collections](https://intelligentcontacts.com/category/accounts-receivable-management/digital-collections/) [FDCPA & CFPB](https://intelligentcontacts.com/category/compliance/debt-collection-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [Regulation 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Processing](https://intelligentcontacts.com/category/payment-solutions/no-cost-processing/) [Automated IVR Payments](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/)   [FDCPA & CFPB](https://intelligentcontacts.com/category/compliance/debt-collection-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [TCPA](https://intelligentcontacts.com/category/compliance/tcpa-news/) [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/) [Data Security](https://intelligentcontacts.com/category/compliance/data-security/) [Most Recent](https://intelligentcontacts.com/category/featured/) [Company News](https://intelligentcontacts.com/category/company-news/) [Press Releases](https://intelligentcontacts.com/category/news/client-press-releases/) [Debt Collection](https://intelligentcontacts.com/category/accounts-receivable-management/debt-collection/) [Compliance](https://intelligentcontacts.com/category/compliance/) [Digital Collections](https://intelligentcontacts.com/category/accounts-receivable-management/digital-collections/) [FDCPA & CFPB](https://intelligentcontacts.com/category/compliance/debt-collection-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/)   [Healthcare Billing](https://intelligentcontacts.com/category/healthcare-billing/) [Healthcare Communication](https://intelligentcontacts.com/category/healthcare-billing/healthcare-communication/) [HIPAA Compliance](https://intelligentcontacts.com/category/compliance/data-security/) P2PE (Point-To-Point Encryption) Auto & Predictive Dialing [Text Messaging & Email](https://intelligentcontacts.com/category/contact-center-solutions/text-messaging/) [TCPA](https://intelligentcontacts.com/category/compliance/tcpa-news/) Stealth Voicemail [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/) [Statements & Letters](https://intelligentcontacts.com/category/statements-and-letters/) [Payment Portals](https://intelligentcontacts.com/category/payment-solutions/payment-portals/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [Credit Card Processing](https://intelligentcontacts.com/category/payment-solutions/no-cost-processing/) [Automated IVR Payments](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/)   [FDCPA & CFPB](https://intelligentcontacts.com/category/compliance/debt-collection-compliance/) [PCI Compliance](https://intelligentcontacts.com/category/compliance/pci-payment-compliance/) [TCPA](https://intelligentcontacts.com/category/compliance/tcpa-news/) [Regulation F](https://intelligentcontacts.com/category/compliance/regulation-f/) [Data Security](https://intelligentcontacts.com/category/compliance/data-security/) #### **Can they pay you with just a few clicks from a mobile device or a QR code?** Using a QR code you can quickly turn your paper statement into a mobile payment. With QR code readers built directly into mobile device operating systems, this functionality is now mainstream. As you see in the video on the LEFT, a QR code is the quickest and most frictionless way for a consumer to pay you. This is omnichannel on STEROIDS.   [dsm_text_divider header=” What they're asking ” divider_style=”dashed” text_gap=”15px” _builder_version=”4.18.0″ _module_preset=”default” header_font=”Montserrat|300|||||||” header_font_size=”24px” width=”86%” global_colors_info=”{}”][/dsm_text_divider][dsm_typing_effect typing_effect=”Can you just email or text that to me?” typing_cursor_color=”#3D3D3D” _builder_version=”4.18.0″ _module_preset=”default” header_text_color=”#12A98B” header_font_size=”26px” custom_margin=”56px|||25px|false|false” global_colors_info=”{}”][/dsm_typing_effect][dsm_text_divider header=”**********” divider_style=”dashed” text_gap=”15px” _builder_version=”4.18.0″ _module_preset=”default” width=”86%” custom_margin=”58px|||||” custom_padding=”||164px|||” global_colors_info=”{}”][/dsm_text_divider] #### **A phone call? *No thanks.* Just text or call me.** Let's face it, people barely answer the phone anymore. Most even prefer that a friend or family member text a quick reminder to them rather than call. Why should a payment reminder be any different. Personal preferences aside, here's a few important facts about texting today: - Virtually no one has to pay for text messages anymore - All age groups communicate via text - CFPB's Reg F Final Rule approved its' use for debt collection   [dsm_icon_list _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][/dsm_icon_list] # Want to know more? Whether you're looking to upgrade one part of your communication or payment process or the whole enchilada, we can help!A leading third-party accounts receivables company was searching for a more profitable way to engage consumers with special discounts and settlement offers.Is your company missing its' revenue numbers and you have no idea why? Well-defined KPIs allow owners to measure and track the underlying operational objectives critical to business success. #### Resources ## Related Articles & Blogs