5 Activities Will Increase your Chances to Collect Debt Recovery

Jeffery

May 12, 2021

Collect Debt Recovery

The coronavirus pandemic has affected just about every business and government institution. It has resulted in cash flow and budgetary challenges. This is why it is crucial to recover debts effectively. Here at Nola Automation, we share the top 5 activities that will help boost your chances of debt recovery.

1. Obtain Accurate Data

One of the first things that you need to do is obtain accurate data about your debtors. Only when you have accurate and reliable data would you make effective decisions to allow for debt recovery. Besides, the data would supplement debt collection processes. When you ensure that the address, contact details, and financial status of customers are accurate, it will help cut down administrative costs. Besides, customers would be more satisfied with the service. It would be best to utilize the latest debt collection software to ensure that you have the tools needed to get the job done. 

2. Leverage AI (Artificial Intelligence) and ML (Machine Learning)

Next, you need to turn to AI and ML. Let them work in your favor to increase the recovery of debt. The future of debt recovery will focus on the use of AI and ML. Since traditional debt collection strategies are time-consuming and outright ineffective, you must use the software in place that leverages AI and ML.

3. Offer a Solution

Another activity that will increase your chances of recovery debt is offering a solution. Instead of wasting the time of excessive communication, it is a lot more prudent to approach clients with a solution such as a payment plan that suits their situation. A mutually agreed-upon payment schedule will work wonders. It will allow all the data relating to the customer to be used. A single view of the debt would ensure accurate reporting and the adoption of a holistic approach.

4. Be Compliant

The importance of compliance cannot be stressed enough. The coronavirus pandemic has only increased regulatory demands. This is why businesses have to remain compliant if they want to stay competitive. For instance, the Breathing Space Regulations provide people with more excellent legal protection from creditors. It is due to this reason that you need proper debt collection and debt recovery software. It will automate the debt recovery process to meet the regulatory and legislative requirements.

5. Adopt an Omnichannel Method

Finally, you need to communicate through an omnichannel method. When it comes to pursuing debt, the omnichannel strategy is easily the best option. It offers a digital approach that allows for the use of convenient channels to communicate with debtors. AI Interactive IVR, Live Chat, SMS, Email, Video Chat, Ringless Voice, and other channels will be automated to boost customer satisfaction and reduce reliance on time-consuming tasks.    

Conclusion

Once you have finished reading this post, you will know about the top activities that will boost your chances of debt recovery. It is about time that you improved your approach. Hence, it makes sense to follow our advice. 

 

BONUS TIPS!

Top 5 Tips for Pro-Active Debt Collection

The coronavirus pandemic has affected every sector. This is why it is crucial to adopt a proactive approach to ensure debt collection. The thing about being pro-active is that it requires you to create or control the situation instead of just reacting to it. Our top 5 tips for pro-active collect debt recovery will help ensure that your organization successfully navigates through these gruesome times.

1. Timing

One of the first tips that you need to consider is timing. According to Princeton psychologists, it was found that it only takes about a tenth of a second to get an impression of others. This means that the first seconds of the telephone call makes all the difference. Previous correspondence and vital information should be accessed by agents using debt collection software beforehand to view the debtor’s circumstances. This would help improve client relationships and improve the outcome.

2. Become Adaptable

The only way to stay ahead is by becoming adaptable. When you focus on becoming adaptable, you have an easier time utilizing the debt collection software to modify your Strategy for different customers, debt types, geographical locations, and cases. This only helps improve your collection performance.

3. Contact Strategy

A strong contact strategy is necessary for effective debt collection processes. In the past, agents have mostly relied on telephone calls, posted letters, sent text messages, and relied on emails. However, it is important to revamp the contact strategy for an omnichannel approach. A more digital approach is necessary for success. You should leverage social media and mobile apps to reduce labor-intensive tasks and reap the rewards of automation.

4. Single View of Debt

A single view of the debt portal will allow your organization to get a holistic view of each customer’s total amount of debt. Such an approach allows the organization to see the bigger picture. In fact, it can serve as a starting block to help you manage individual arrears. You can use it for making evidence-based decisions, transforming performance, and ensuring customer satisfaction.

5. Risk Detection and Forecasting

Finally, to be fully proactive, you cannot overlook risk detection and forecasting. Technology has come a long way. This is why you must unleash the power of AI (Artificial Intelligence) and ML (Machine Learning) for a truly proactive approach. With a customized machine learning prediction solution, you can expect to provide the organization with indicators that help identify risk early on to take the right actions for minimizing such risk. The tool would empower agents to stay ahead of payments and outperform competitors. Expect better decision-making by leveraging machine learning.

 

Does text messaging work for debt collections?2021-08-01T17:13:12-04:00

There’s no denying that text messaging is a powerful tool for debt collectors. It works as an added layer of security to make sure you’re getting your money, and it can even be used in conjunction with phone calls or email messages when the debtor doesn’t respond!

Suppose someone owes me money. I always like to have more than one point of contact at all times. Text messages are especially great because they don’t require any real commitment on behalf of my debtor; just reading the message requires their attention, so there’s less chance we will get ignored if our other methods aren’t working too well either–it really does work wonders!

How to create Press-1 campaign2021-05-31T22:42:53-04:00

At NOLA AUTOMATION, we know you are busy and time is valuable. We appreciate your time, so thank you for not making us wait on hold to speak with a representative… we digress 🙂

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Answer: The short answer is YES; if you intend on being effective, you will require some program to manage your freight brokerage organization. Many people who succeed at their freight brokerage recognize extremely early the worth of having an easy-to-use system for effectively handling their client’s freight, invoicing customers, and paying providers. In 2021 you should check out more a streamlined omnichannel solution that also offers phone, email, SMS, ringless, video, interactive IVR, and more to help automate your brokerage business; To learn more on how NOLA can help you with your freight brokerage firm reach out to us. 

What is a softphone? How does it work?2021-05-23T12:43:29-04:00

Sip softphone; What is a softphone? How does it work? SIP Phone uses the Open Standard “SIP” to set up and manage phone calls. IP-based network or “RTP . “

So, What is a softphone?

A Softphone is a software-based application that is typically readily available as an application on your smart device or COMPUTER. It is primarily utilized as the primary phone or an expansion of a desk phone.

Softphones have actually ended up being an extra prominent service to remote employees as it gets rid of the requirement to bring a physical phone with you when you function offsite. It is likewise a much more hassle-free and effective option to link onsite and offsite employees.

Exactly how Does a Softphone Work?

There are 2 primary types of softphones: Desktop softphones and also mobile softphones.

Desktop computer softphones enable individuals to accessibility UC includes right from their computer systems without a desk phone. Just download and install a devoted application from your computer system; attributes like conversations, aesthetic voicemail, file sharing, and extra will certainly be readily available to you.

What is Collection Technology?2021-05-16T23:02:39-04:00

NOLA AUTOMATION specializes in collection technology; we originally built NOLA for the debt collection and legal collection industry. Now we expend our software & services for all sectors & businesses all over the world. Business to People to Business

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