Reports and metrics play a major role in making decisions and mapping out strategies. Contact centers cannot improve what they cannot measure. Therefore, it’s of the utmost importance that they obtain a considerable insight into their operation to develop business plans and processes accordingly. Although contact centers are used to produce general reports, they must […]
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Collection tools are a key factor in contact centers that specialize in resolving delinquencies. There’s more to debt collection than meets the eye. That’s why an increasingly large number of companies and centers in the debt recovery sector draw up integral management strategies. These plans of action focus on bringing delinquent accounts up to date.
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The measures taken to prevent bad debt expenses are referred to as debt recovery. This activity is crucial to any business in commerce. However, both companies and contact centers that manage account receivables need to have an area specialized in collections. Why is Debt Recovery So Important to Companies? Collections are one of the most
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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’
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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
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To improve the technique of your collections department, you must first understand what needs to be changed. There are different factors you must take into account to identify the processes where a strategy is required to achieve higher recovery rates. Some of these factors are: Key performance indicators Customer management Dedicated teams In-house methodologies Existing
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Accounts with less than 120 days past due are classified into the early stages of delinquency. In these cases, the debt collection strategy needs to be well-thought-out and immediate, right from the first day that balance is outstanding, in order to increase the likelihood of collecting payment. Apart from using appropriate tools and learning about
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In order to map out an efficient debt collection strategy that directs your efforts towards effective contact and high recovery rates, you must take into account a series of key and integral factors within your company. There is more to debt collection than meets the eye. It is a process that involves a large number
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Text and voice messages are tools that prove ideal for collections departments because they allow to interact with customers directly and much more economically. Technology helps to reach audiences in effective ways and branch out into new communication strategies. Therefore, it is a profitable investment for accounts receivable management firms, contact centers, and any other
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Debt collection and debt recovery are activities that require well-thought-out processes in order to achieve successful results and encourage the liquidity and solvency of businesses. Whether companies run an in-house department to collect their receivables or they outsource this task to a third party, such as an agency, they must develop a custom collection strategy
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