THE SECRET to debt collection success revealed | IAT SmartDial® Solutions

THE SECRET to debt collection success revealed

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Can you keep a secret? Most of us like to think we can, but how often do we share it with a significant other? Best friend? Or even perhaps a random stranger? We have all been entrusted with a secret at one point or another in our life. While some are really secrets, others are not really secrets at all. In fact, some you have already heard from someone else.

There are things we do every day in our lives, some over and over, day in, day out. Sometimes they become routine and we do them without even thinking about it. These tasks may seem easy because over time we have learned little tricks of the trade or “secrets” that can shorten or simplify a task.

I have been working for IAT for a little more than a year now. The debt collection industry was new to me when I started. During the past year, I have been learning all about the industry.

I have learned one secret.

What is it you ask?

Sorry, it’s a secret!

I have talked with agencies of all sizes. Some of these companies seem to struggle; they don’t appear to have a complete handle on their business. Others seem to thrive, and things just fall into place and run.

When I compare these companies, it seems that the most successful are the ones that keep current on technology. They take the rules and laws that always seem to govern technology in our industry and figure out how to stay in compliance, but still use the technology to their advantage. Predictive dialers and broadcast messaging are some of those technologies.

Some companies are shying away from this dialing technology. They say “We used to use a dialer, but have quit or scaled back considerably.” The reasoning usually goes something like this: “We used to use a dialer. It worked well. We had good success and loved it. Unfortunately, we had to quit using it because of the new laws restricting it and the fear of law suits. We’ve definitely seen a decrease in our productivity and profitability since we quit, but what else can we do? It’s just not worth the risk.”

Companies still using their dialing technology spend time and resources to keep it running at their peak – and even add options, features and functionality. They look at the laws and the technology, make any necessary adjustments to stay inside the law, and then continue moving forward.

So the one secret that I have learned – and it is not unique to the collections industry – is “change,” be it to technology, new rules, or whatever else. Sometimes it can be good, other times not. You can’t control it or stop it, so you best learn how to adapt and deal with it and let it to work to your advantage.

Dang it. I told you the secret.

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This article was written by Paul