Automation to Improve Your Asset’s Value

How are you using the time of your most expensive asset – your agents? It’s important to find ways to maximize this resource.   Because broken promises tend to be an issue every collection agency must deal with, it is worth investigating how they are dealt with in relation to your agent’s time.

Keep agents focused on newer rather than easier
An agent doing payment reminder calls means less time working accounts requiring their attention.  Not carefully monitored, certain agents can prioritize payment reminders too much.   Focusing on what is perceived as “easier money” to collect means lost opportunities elsewhere.

To mail or message?
Mailing payment reminders may save time out of your agent’s day – however, the cost of postage may not make this an attractive long term option.

For the cost of one letter, you can play multiple IVR broadcast messages.  These are intended to be soft, friendly reminders after right party verification has been achieved.  If you include a transfer to agent option, debtors can deal with the payment immediately.  Offering payment options via check or credit card over the phone automates the process further – your agent does not need to be involved at all!

Friendly reminders – something everyone could use
Automated payment reminders can also serve as a customer service tool. Today’s tough economy has increased the need to be first on a debtor’s list to repay.  Who among us can say straight faced we’ve never forgotten a promise made weeks ago in the midst of life’s other demands?

Everyone can use a little reminder sometimes. Showing the willingness to provide “courtesy calls” can help separate you from other agencies calling the same debtor with the same demand for payment techniques regardless of where the account lies in the collection cycle.

Courteous behavior turned profitable
Reducing the percentage of broken promises each month equals more revenue.  The additional time awarded to your agents means an opportunity to work higher volumes of accounts to increase your bottom line even more.