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Improve Debt Collection Strategy

Posted on by Revive Management

Debt Collection Strategy

Typically we find that our clients are looking for ways to improve their debt collection strategy.  After spending many hours as a consultant to our clients or perspective clients I have come up with the following top 5 tips to improve debt collection strategy:

Make it easy for customers to make payment

By opening up the channels and methods in which customers can make payment will immediately increase payments.  We are all individual and have our own preferences on how we want to pay and at what point in the debt collection process.  For example one customer may like to may payment without speaking to an agent using a self service payment line whereas another may like to make payment via online payment methods.  One size doesn’t fit all so the more you can offer the more customers will interact.

Use self service solutions

Allowing customers to make payment, wherever in the debt collection process, via Text Message, Online or via a payment line will allow customers to easily self serve without the embarrassment of speaking to a contact centre agent.  Customer preferences change dependant of their situation.

Challenge your incumbent solution

Many prospects that I speak to have the same mindset as to say “we already have all these solutions in place”.  Technology and debt collection strategy move on so quickly that it is always worth listening to what a salesperson has to offer.  We often find that there are issues with the current supplier that could be resolved with a more advanced and developed solution.

Use hosted software

Using hosted software allows large organisations to be agile and adapt to the external environment.  Typically there will be a lengthy change process internally for any IT changes so by using hosted software time and cost can be saved.

Encourage change

By encouraging change through test and learn type activity, improvements will be made to the debt collection strategy. 

Do you want to improve debt collection strategy?  

For more information on collection soltutions please call 0844 693 0244 to speak with a member of the team or click here to send us your details and a member of the team will call you back within one hour.

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