Benefits of Technology in Debt Collection Services

The role of debt collectors has evolved over the years and seen a lot of transformation. The fact is that with the advancing time, their role, their debt collection services and everything else has become better. A number of things have helped them in this transition and making their services better and one of them is the technology. Yes, technology has influenced the way these companies operate on a vast basis and here in this post, we take a look at how and what transformations have been experienced by this industry.

In Terms of Data Collection

• A debt collection agency can now collect and then, import the data in their database using .CSV or Excel files and this takes just a few minutes.
• There is another better method used by them that they have secured API links between two systems on a network for easy data transfer.
• The best feature of using API is that the work gets completed really fast and there are no chances of data duplication and above of all, there are no chances of data leak.

Monitoring Debt Collection and Control

Regarding Assignment of Calls

• Regarding education debt collection, insurance debt collection or of any other type, the admin of debt collection agencies can configure criteria on which the CRM software can automatically assign calls to the debt collectors.

Regarding Performance Analysis

• In terms of performance analysis, the technology can be really helpful as all the calls, Visits, SMS, Emails and other activities as done by every agent is available in the reports.

Debt Performance Analysis

Regarding Reporting to Banks

• Banks require different reports on different dates and here, software help by reminding the debt collector about the report to be sent.
• At the same time, report creation is also just a few clicks task and can be completed in a few minutes.
• Moreover, with the use of technology, data-privacy and data-security are much higher.

Using E-Mails in the Insurance Debt Collection Process

 

The process of debt collection is not easy at all and the best step you could do for this is availing the services of a debt collection agency. These companies use a number of strategies and tricks to make sure that the process becomes easy and the debts get recovered. One of them is sending e-mails and here in this post, we take a look at how e-mails can be very helpful in a debt collector’s profession.

Sending Pre-due Date reminder

• Emails can be used for sending friendly reminders prior to the due date of sending the instalments and an e-mail can be sent 3-5 days before the due date.
• In this e-mail, you can explain the details of the debt and what this payment is for and other than this, the details of how much is owed and detail the various payment methods that can be used.
• You should also use this email when a direct debit arrangement has been set up.

First Overdue e-mail

• According to the experts of debt collection services, the first overdue regarding information or notice can also be sent via an e-mail, but make sure that the e-mail is written in a friendly manner.
• However, don’t forget to clearly communicate that payment is now overdue and is required immediately and along with it, also include full details of the transaction.
• This should also include the products or services provided, the total and outstanding balance, a revised due date.

Second Overdue e-mail

• The second overdue Insurance Debts e-mail can also be sent by debt collection agencies, if the payment is still overdue after the first e-mail, but in this mail, you will have to be a bit firmer and strict regarding the payment.
• But stay courteous at the same time and remind them that the payment is now overdue for a ___ number of days and it has to be made at the earliest.
• Generally, they offer a time of two days to either settle the payment in full or contact to negotiate and agree on a payment plan.

Services You Can Expect from a Debt Collection Agency

Availing the services of a debt collection agency is often assumed as the last option for a number of companies who are facing the problem of defaulters. They seek these services because they often lack time to dedicate towards collecting money from their nonpayers. But with the help of these professionals, this task can be completed really fast and successfully because of the services that they can offer to their clients. A point to note here is that these services are not just related to the balance due, but several other things as well.

Overall, it can be said that hiring the services of these professionals is undoubtedly the best when it comes to getting the money you had given to your defaulters. In this post, we take a look at some top debt collection services that business owners can get once they hire these professionals.

• They will collect outstanding balance from your clients and with this, they will help you achieve your target very easily and ensure positive cash flow.
• They will maintain nonpayer’s book for you and this will help you get a correct and accurate status of the balance due and defaulters, every time.
• These debt collectors from a debt collection agency will develop reports related to aged debt accounts and they will also cater this service of maintaining day’s sales outstanding (DSO) reports.

• On your behalf, they will also monitor slow moving accounts and help you in identifying delinquent balance due. Following this, they will suggest you necessary lawful actions to recover the liability.
• They will also offer 24×7 services in a prompt and accurate manner.
• Other than this, they will also post customers’ checks and ensure timely credit transfer.
• Similarly, they will also review collection queue to perform collection activities accordingly.

• They will make sure that you adhere to customer policies and procedures.
• These debt collectors will contact defaulters and implement repayment schedules and terms.
• They will also lend their assistance to the company in taking legal action against debtors by providing necessary information.

Find a Reputable Debt Collector Agency with These Tips

Often it happens that companies get fed up of chasing the debtors and those who owe them money. In such situations, the only option that they are left with is of availing the services of a debt collector. But hiring their services is not an easy thing and if you are also looking to hire their services, you need to take following things into consideration.

These pointers will give you an assurance that you hire one of the most reputed debt collectors working in your region.

Reputation

• The first thing to determine after short listing some debt collector Sydney individuals and agencies is their reputation.
• This “reputation” can be traced easily with the help of the Internet where independent websites have the most honest reviews of different companies working in this industry.
• You can even look at the forums for a better idea of the reputation of the shortlisted debt collector agency.
• On these websites and forums, you’ll get enough information to determine the exact reputation of the shortlisted companies.

Reporting

• The next thing to determine is the method of reporting and you need to make sure that the shortlisted companies use the best systems for reporting.
• The companies that have an online reporting system should be preferred whereas those not using such systems can be discarded straight away.

Reputable Behaviour

• The next thing to determine is the behaviour of the shortlisted debt collector Sydney companies.
• You need to make sure that the shortlisted companies are using proper standards of behaviour, when they are out for collecting debts.
• You need to research on this and make sure that the companies shortlisted by you have never been in any trouble in the past.
• The reason is that no reputed company would want to be in trouble by getting involved in some legal actions because the hired debt collector agency used illegal means to attempt your debt recovery.