Michael Wise
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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.
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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.
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.
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P2PE (Point-To-Point Encryption)
Auto & Predictive Dialing
Stealth Voicemail
P2PE (Point-To-Point Encryption)
Auto & Predictive Dialing
Stealth Voicemail
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.
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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:
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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.
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