By now, you should have a fair idea of the ‘Fight for One Wallet’ and the small strategic changes you need to win it. We hope you remember that it is not just about who gets to the wallet first. It is about competing with large, well-equipped resourceful agencies and coming out on top.
In this article, let us take a quick look at why phone calls aren’t the best approach to recovering debt and discuss an effective modern tool to help you collect more, save more, and be compliant.
Why do phone calls no longer do the job?
- Do borrowers even want to talk to a debt collector? Think about it from a borrower’s perspective. If you have fallen behind financially, you do not want to relive your unfortunate financial situation over the phone with debt collectors. So, calls are mostly ineffective.
- Since the arrival of Robokillers (software that blocks calls from all unknown sources), debt collectors are ignored easily without much thought or effort. Robokillers, combined with the fact that no one wants to answer a phone call from an unknown number, a number that appears “scam likely”, or “spam likely” on their caller ID has made reaching the right parties even more challenging.
- Are you calling at the right time? If the customer is not available to answer the phone when you call, the communication starts and ends at a voicemail.
- Calling is an expensive approach. It requires costly debt collection agents with training, skill, and tact to engage with customers correctly. This process increases your cost-to-collect and limits the number of collections attempts you can profitability make on an account.
- It does not matter what language the customer uses to communicate with you. If a customer cannot speak English, the whole process of the collection becomes chaotic and often concludes without results. Remember, language barriers can cost you money, disrupt the collection process, and waste your time.
As discussed in our previous articles, these are the factors that can hinder the growth of your collection agency. You need to deal with these challenges head-on and strategically plan your calls to make the most out of them. However, it is a complicated approach that demands a lot of time and attention.
Even then, the results may seem bleak. Remember, every failed attempt puts more pressure on debt collectors, who already have the stress and burden of achieving performance objectives and avoiding lawsuits. So, the best way to grow your agency fast is by ensuring positive employee morale and an effective approach to collecting debt.
What you need is a Virtual Collector and Debt Negotiator.
A virtual collector can outperform your staff and deliver better results at a fraction of the cost. An AI-Powered virtual platform for debt recovery and management can function without supervision and handle the entire collection lifecycle smoothly. What sets a Virtual Collector apart is its capability to handle an unlimited workload, function flawlessly in your absence, and help you drastically reduce extra expenses.
How can get your own virtual collector?
TotalCollectR – Our virtual debt collector and negotiator is designed to complement and enhance your existing process. Through Total CollectR, you can connect with customers rather than merely attempting to collect from them. TotalCollectR is the gateway to a hassle-free debt collection powered by next-generation AI.
Why choose TotalCollectR?
Traditional debt collection strategies involve countless telephone calls, repeated failed attempts to collect a debt, and mounting costs. We offer a win-win situation for you and your customers. Throughout their journey, customers will benefit from a solution that meets their needs while helping to meet yours. Our platform connects with your customers and empowers them to resolve their delinquent accounts.
How does TotalCollectR help you to win the Fight for One Wallet?
- Total CollectR puts the customer in control of the collection process. The idea is to make customers feel empowered to resolve their accounts. Our platform provides alternative communication channels for your customers of preference at the right time.
- TotalCollectR provides the correct options to the right customers. Our platform is known for its accessibility. It is easy for customers to resolve their past due balances on TotalCollectR. Our platform keeps things simple instead of adding complexity to the collection process.
- TotalCollectR can communicate in more than seven languages (with room for more). It can connect with your customers in the language they speak. We welcome you to a collection process devoid of communication gaps.
- We know that customers do not want to provide payment information over the phone, especially if your phone number appears as a “Scam Likely” on their Caller ID. Total CollectR offers our customers a secure outlet to resolve their balances.
- The customer can manage their account, connect with lenders, and arrange payment on their terms. TotalCollectR is the one-stop shop for all your collection needs.
Get it now!
Resolving a collection account using traditional methods is costly for both the customer and the debt collector. TotalCollectR is a modern solution that redefines the debt collection process. Our solution is capable of delivering maximum results at minimum expense. Visit the Total CollectR website to learn more or if you would like a demo of our digital solution, click here.