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The Top 2 Challenges Facing Today's Collections Agencies

Posted by VoApps on 11/7/18 9:00 AM

 There are many challenges facing today’s collection agencies. Other than new technology, ever-changing regulations, and the challenge of reaching consumers, there are many things that collection agencies must deal with regularly. It’s important to make the proper decisions for your business in order to ensure you’re staying compliant, reaching your consumers, and staying ahead of trends.

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While there are many other challenges you must face daily, we’ve narrowed it down to the top 2 challenges, along with ways that VoApps DirectDrop Voicemail can help.

 

Differentiation.

There are 4,100 debt collection agencies in the U.S., and like every industry, one of the toughest challenges for agencies large and small is differentiation. How can one agency stand above the next when they all seemingly offer the same services?

One answer is direct to voicemail technology. By employing this tool, which automatically places a voicemail in the debtor’s voicemail inbox – without ever ringing the phone – agencies have a huge leg up on the competition. It becomes a big selling point and area of differentiation. Statistics show these solutions enable agencies to reach thousands of more debtors a day, at a fraction of the cost of manual dialing. This leads to more dollars collected and higher liquidation rates, which can then be shown to land that new account, outcompeting those without it.

 

Timing.

There's almost never an ideal time to field a collections call. All of our lives are busy.

In the infrequent case of a live connect, you don't often catch a willing debtor ready to make a payment. What if we are eating dinner, driving, or in the middle of a business meeting? The fact is, these unpleasant calls never take place at a good time. They can’t. Any time is a bad time to receive a collections call.

Wouldn’t it be great to be able to listen to a collection agency’s voicemail on one’s own time when it’s convenient for us? Sure it would. This is what DirectDrop Voicemail does. It puts the power of convenience and reciprocation into the hands of the debtors – thereby increasing call-backs, improving interactions and ultimately, dollars collected.

Ready to get started with DirectDrop Voicemail? Let’s have a conversation.