Personal debt tends to increase around the holiday season thanks to traveling, shopping and similar activities. Implementing an effective debt collection process is particularly important during this time of year, especially with people frequently out of town and maximizing holiday budgets.
The FRBNY reported in its Quarterly Report on Household Debt and Credit that the percentage of U.S. consumers with at least one account in collections rose to 13.9 percent last quarter. It was the same percentage in the third quarter of 2013. The New York Fed found “only a small proportion of collections are related to credit accounts, with the majority of collection actions being associated with medical bills and utility bills” when analyzing its collection data.
Such information indicates the importance of making debt collection improvements. Let’s review a few improvement options:
SMS
Utilizing an SMS mass texting platform makes sending a message to anyone with past due accounts easy. Most people have their phones on and with them at all times, and are very likely to read each new text message as it comes up. Sending a friendly message reminding customers about their bill along with a number for calling and paying is cost-effective and simplifies the paying process for customers.Voice Broadcast
Send pre-recorded messages about past due accounts to customers with Voice Broadcast. This option seriously reduces employee time making calls, as one employee can record the message and send it to hundreds if not thousands of customers quickly and easily. Voice Broadcast also allows customers to pay by phone or be connected to a live agent with the simple press of a button. Another highly cost-effective option, Voice Broadcast streamlines the debt collection process.Cloud Call Center with IVR
Implementing a Cloud Call Center with IVR eliminates hand-dialing, busy tones, leaving voicemails, and more. Set up outbound messages using a simple keypress and connect with customers on a whole new level. Record calls for later use, track results, collect responses, route incoming calls to an answering service….all of these features lend themselves to the debt collection process, and once again save you time and money.
Don’t let past payments pile up as the end of the year approaches. Find the best option that work for your company’s needs, ensure debts are collected in a timely manner, and see if you don’t notice a difference immediately when trying Voice Broadcast, Text Messaging, or another automated solution.