Collection

The Professionalization of Debt Collection

Professional Collections
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Over the last few years, the concept of professional collections services has been used to refer to a series of good practices in the industry.  

This concept is understood in different ways, like: 

  • Contact centers’ ability to map out self-regulating strategies where ethics and professionalism are the cornerstones of all collections activities. 
  • A set of specific tools for messaging and contacting debtors, which help to increase the quality of debt recovery and follow-up processes. 

Along with this technology, state and official regulations governing debt recovery play a major role in the professionalization of collections. 

They prescribe the schedules, terms, and conditions according to which debt collection contact centers must adapt their strategies and workflow. 

  • A change of focus, where collections professionals must channel their efforts into providing a more specific customer service. 
Debt Collection

Beyond the Collections Task

The service offered by collections contact centers entails more than just pursuing payments. It is also aimed at helping people to turn around their finances.  

When you understand debt collection as a service, you can carry out all the activities and develop all the strategies necessary to improve customer experience.

By doing this, you can achieve goals with greater ease, as you focus not only on results but also on the process whereby they’re obtained. 

Collections contact centers have become a sector that draws up strategies and plans for bringing delinquent accounts up to date. 

As a result, debt collection needs to be understood as:

  • A system of complex techniques
  • An activity focused on solving a problem rather than collecting money

In-depth Analysis and Improved Strategies 

In addition to designing new strategies and changing your service schemes, it’s important that you establish objectives aligned with your broader business plan. 

In other words, getting paid and achieving a high recovery rate will not be enough to make your service professional.  

So… What’s the Right Way?

The following are some recommendations for professionalizing collections:

  • Set objectives based on your business needs
  • Abide by a mission and philosophy 
  • Devise debt recovery plans accordingly
  • Encourage agents to act as assistants and not as collectors
  • Determine the communication channels to be used
  • Monitor the contact history of customers

Contact history is a crucial reference that lets you know when and how you can increase your chances of collecting payments, contacting debtors, and reaching your targets. 

When following the aforementioned guidelines, contact centers can carry out debt collection tasks with a higher level of professionalism.  

The Best Tool

In light of the growing demand for technology in the collections sector, there’s an increasingly large number of providers that focus on developing software that meets the requirements of collectors in terms of functionalities and speed. 

The software engineered by Nuxiba is among the best options in the industry as it streamlines the operation, analytics, and processes of contact centers while minimizing downtimes and calls forwarded to voicemail with a wide range of features like call and screen recording, chat, email, etc. 

CenterWare by Nuxiba is trusted by multiple leading contact centers around the world. To learn more about our product, request a one-month free trial and test all its built-in applications.  

Request DEMO

You can also download this article to get helpful tips on how to improve your collections strategy.

Three-Key-Points-For-an-Efficient-Debt-Collection


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