Trying to figure out the best way to collect past payments? Is your current method failing to work as it should? Look into automated debt collection—a simple yet effective method of collecting that offers a variety of benefits, including time to focus on other aspects of your business.
ROI
Making the decision to automate requires less man hours, which means higher return ion investment. Since your investing less in manual labor to make debt collection calls, and debtors can instead pay via automated services, ROI should drastically improve.
More Time
Time spent on clerical tasks relating to automation easily results in decreased collector productivity. Such manual tasks include reviewing aging reports to determine who hasn’t paid, creating daily to-do lists, researching and collecting the right documentation before reaching out, phone call attempts, prioritizing contacts, and more. These activities are considered “non-value” and put undo pressure on collection activity and progress. Automated collection eliminates all of these tasks, allowing your agency to focus on follow-up activities and anything else requiring attention. Once automated collection is implemented, see if productivity doesn’t double, triple or quadruple.
“Best Practice” Approach
Collection often varies from one collector to another, particularly if an individual is new to the process. Automation makes it possible to create a “best practice” approach, thus reducing variation and potential legal problems. It also provides management with the opportunity to review collector performance and determine what changes are necessary to improve collection efficiency.
Improved Customer Satisfaction
Customer satisfaction improves when utilizing an automated system, as it reduces the number of people customers need to contact when resolving billing problems. Automated programs offer plenty of data and other information within their systems, which allows collectors to be “more responsive” to customers during phone calls. The instant availability of documentation again makes it easier for customers to deal with automatic collectors.
Making the Right Choice
It’s essential to pick the right system for your company, so remember to research each option thoroughly. Having a deep understanding of your agency’s current debt collection process is also necessary, as is knowing exactly what key features and functions you require in your automated system. Don’t rush when searching for the best system, as the wrong choice results in performance and financial objective failure. Make the right decision and be glad you decided to use an automated debt collection system.