You want your collection agency to be more efficient—people typically want to pay their debts, they just don’t like being ambushed by a call.
That makes sense. People don’t like to be interrupted in the middle of their day by a collection call, but you still need to make sure people pay their debts. To do that, you need to be creative with how you contact people, and the way you talk to them, and you need to make it easy to resolve that debt as soon as they’re ready.
Here are five ways you can improve your debt collection process
- You have to update your contact strategy
You have to update your current contact strategy regularly. People don’t answer the phone anymore. But they may respond to an email or a text message, and we know they are more likely to respond to a voicemail before picking up a call. The point is that there are so many different ways to contact people, and you have to stay on top of what works best for your business. Having a clear understanding of your strategy and updating it regularly maximizes the reach your business has with your customers. What are you currently doing to reach your audience? How often do you contact them? Is it working or do you need to try something new?
There are also so many different ways voicemail can be used to reach your audience. We have healthcare companies that reach out to customers who qualify for Medicaid, colleges that want to remind students about the time to register for classes or even church groups that want to let their congregation know about their worship schedule. The opportunities are endless.
So, develop a strategy to send your message to customers via text, email, social media, or by using a platform like DirectDrop Voicemail to deliver your message via voicemail.
- Send frequent reminders about payments
We know from vast experience that leaving multiple messages over time will result in a much higher overall success rate. Set up frequent reminders and get on the consumer’s radar often enough to stay top of mind. Send reminders every 15 or 30 days, and give multiple options to resolve that debt.
DirectDrop Voicemail now gives you the option to include individual appended alphanumeric strings at the end of a voicemail.
When your voicemail is sent to a consumer, that voicemail is transcribed. If you provide a unique link for the user to go directly to their account to make a payment, they can click on it right in the voicemail transcription and resolve right on the spot without having to talk to a collector. The more touchpoints you have, the greater the opportunity that a resolution will be made.
- Be human
You’re looking to solicit a response, so be creative in how you speak to consumers, within the rules. Think of how you would want to be contacted, think about helping the consumer, smile and create a script that embodies all of that. People value someone who isn’t robotic in their request, who allows them to present their side and who is actively listening to what they say.
- Make sure your terms are clear
In a report from Zippia, nearly 75% of salespeople thought they effectively communicated to a prospect during a cold call, but in retrospect, only 37% of those prospects felt the salesperson provided the information they needed to address the prospects specific concerns. The same clarity is needed in collections.
You want to make sure you are clear from the start on what it is you need from your consumers. Some easy ways to do that:
- Create a script with bullet points that make sure you convey what it is you need.
- Use software like DirectDrop Voicemail to automate the way you contact people. You can create a clear, concise message that provides options for each person, and ensure that everyone gets the proper information. We say it’s your best agent on their best day with their best message, every time.
- Make collecting payments easy
You want to make it easy for your consumers to pay off their debts. We believe that everybody wants to pay off their debt, so give them many options and reduce friction.
DirectDrop Voicemail helps make collecting payments easier.
- Create a message that safely reaches an extensive list of customers in minutes
- Our transcription feature helps you say what you need and links the proper parts that you need. This feature is now available for you to use in your next voicemail campaign to help you deliver the clearest and most accurate message to your audience.
- You can also use our new Message Appendation feature to attach an alphanumeric suffix to the end of each message. You could attach that user’s account number at the end of that message, which can help lead to quicker resolutions because users can immediately be directed to that account’s portal.
Voicemail is still one of the most effective ways to reach your consumers. We also keep adding new features to our DirectDrop Voicemail platform to help you be creative with the ways you collect a debt.