This article discusses the evolution of debt collection. In the beginning, collections methods were rough and oriented solely to the pursue of payments.
With time and practice, collectors came to realize that being aggressive didn’t help them to reach their goals.
Little by little, they found that the key to positive results was understanding debtors’ situation.
As a result, they started to take on the role of assistants and provide debtors with different options to turn their finances around.
Nowadays, it’s common knowledge that high recovery rates are achieved through both exceptionally good customer service and appropriate techniques.
To learn more about these techniques, click here and get some tips on how to improve collections.
Evolution of Debt Collection Practices
In the past, recovering delinquent debts was a largely manual task.
Debt collection, just like the world, changes on a constant basis.
The way of approaching debtors evolved, and so did the way of seeking for payment.
Collectors would visit debtors to secure a promise to pay (PTP).
Fast forward to today, collections must be related to technology along with quality and security processes.
The use of technology does not mean that the experience delivered to debtors is overlooked.
When selected appropriately and put to good use, technology can bring considerable benefits to collectors.
Nuxiba developed a tool that allows you to contact customers with great ease.
Reminder is an advanced automatic contact system capable of sending thousands of text and audio messages over a secure network.
By developing debt collection strategies with this platform, you will not only increase recovery percentages, but also offer the latest in notification systems.