The Art & Science of Collections
Consumers all over the world are experiencing massive changes in their lives, everything from enduring self isolation to loss of income to illness concerns. Proceeding with the business of collections will undoubtedly be one of the most uncomfortable tasks businesses will undertake, and worse, if it’s done incorrectly it may also result in irreparable damage.
So how does a business go about addressing this touchy subject in a world forever changed by COVID-19? At ContactPoint 360, we have a couple of thoughts on that.
What was true before is still true now
Collections is a triage business. There is no one-size-fits-all or quick fix solution. As before Covid-19, it’s going to take a very measured and human approach. Putting your outstanding debt into the hands of a highly trained, emotionally mature professional can achieve optimal results – without doing damage to a company’s reputation.
Collections is both art and science
Collections calls are a sensitive exchange for both the representative and the customer. Although more complex than other types of calls, the right tools can facilitate more comfortable interactions.
Before undertaking the sensitive challenge of collections, both during and after Covid-19, ask yourself if your business is adequately equipped to handle it or if hiring an experienced BPO is a smarter choice.
With a professional approach, your team can tackle collections with care in a compliant and effective manner. Top-notch software and training boosts your team’s collections strategy and doesn’t impact your customers adversely.
Compliance and the Human Element
Collections require a sensitive team that complies with the law. It is illegal to harass customers with calls, and it is not in your best benefit. Customers have families and may have few financial resources.
Successfully helping a customer pay off their debt through a plan and strategy is more effective than harassment and fear.
Top Tips for Successful Collection Calls
Meeting your collections target requires a team with professional training and the right software to assist and enhance their strategy—strategies employed to prevent people from becoming defensive or avoidant increase the likelihood of success.
The Art of Training
Nobody looks forward to a collections call, and not all employees have the right training to handle them. Intimidation and illegal tactics result in hefty fines and penalties, so sensitivity is essential. Proper training helps staff efficiently manage:
- Manipulative tactics
- Verbal abuse
Teams with intense and relevant instructions are more likely to get customers to commit to a payment plan. Since customers react by deflecting or making excuses, training your representatives lets them counter any scenario they encounter.
The Science of Software
The right software increases the efficiency of your collections process. Ample software exists to boost your team’s performance by centralizing data about a client.
Some offer automatic dialing services to save time instead of manual calling. Others offer auto-recording with each call, which is necessary for defense in case of a lawsuit.
How Collection Analytics Drive Improved Call Center Performance
Collection analytics measure your team’s activity and performance. Based on your targets and goals, you can make adjustments based on the data you receive. Collection analytics also reduce risk by monitoring how your team is delivering their communication.
Speech analytics software monitors how your staff speaks to customers and identifies problematic behavior. By highlighting potential risky behavior, the organization can re-train the employee.
Over time, this causes a noticeable increase in the quality of your staff. Team members who consistently perform well also receive recognition for their services through speech analytics.
By giving incentives on call quality and rewarding targets met, collection analytics lets your team perform collections with care.
Collections calls don’t have to be a low-performing segment in your company. With the right software tools and thorough training, your team is more likely to meet its target. By applying a professional approach and using technology to gather data, your representative’s task becomes more manageable.
Applying ethical and efficient collections standards for your company pays off in the long run. Proper software and training decrease a company’s legal liability and enhances its reputation over time. A “collections with care” approach is the best way to guarantee a smooth and efficient process for all stakeholders.
Want to learn more? Book a quick call with me today!
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