Debt collections can be a stressful and tedious task for any business, but debt collection software offers an automated solution to manage your debtors. This post will explore the benefits of the best debt collection software vendors and discuss ways to improve your business.
– Automated Debt Collection Software Solution: Collect More from Less Effort
We live in a world where technology is constantly changing and improving. The omnichannel debt collection software industry is no different. It provides solutions for businesses to collect more from less effort, which increases revenue while also reducing costs.
In 2021 collection agencies have used automation to improve their methods within the workplace and with customers. With automated systems in place and via constant communication from collectors themselves, with a truly customer-centric approach, customer satisfaction rates are higher than ever before because they always know what is going on behind the scenes, which will decrease the collection disputes. Automated technology allows them to optimize the collection of overdue debts by communicating more effectively with clients while simultaneously decreasing costs incurred through improved decision-making processes focused on KPIs (key performance indicators).
Benefits of Automation – Collection Process
The idea of automated accounts receivable management software has been around for a while now, but it’s only recently that the technology is becoming more accessible. By utilizing an automatic call system to contact your delinquent customers and letting them know they have missed payments and payment reminders, you can follow up on these debts without spending any additional resources such as time or money from company employees.
The benefits of using this type of automation can be seen in four major areas: cost savings, increased efficiency with workforce management, improved customer experience through phone accessibility (rather than waiting by mail), and finally – the ability to get back some lost revenue!
1. Call Automation Scheduling
No more pesky telemarketers! With this tool, you can set the hours during which your callers are permitted to make calls. If a caller attempts to initiate contact outside of these designated times, they will be automatically redirected back into their queue and called at an appropriate time in accordance with your preferences.
To be TCPA compliant, you can’t make phone calls outside of certain hours. These are set by state and vary from time zone to timezone.
To avoid violating the TCPA (or Telephone Consumer Protection Act), when collecting debt for a company or organization one must only contact potential customers during these specific times: 8am-9pm EST; 9am-8pm MST; 10am-7 pm CST and then 6 am – 11 p m PST.
2. Agent Productivity
Automating the calling process can help you stay compliant and be more productive. With a tool like Auto Dialer for NOLA, you can control how many calls are made per minute based on what type of conversation it is: sales or recruitment. If it is sales, then they will call lots of people and talk to them. If it is recruitment, they will only call if someone answers the phone, and then they will talk to one person. This means that employees have more time to accomplish other tasks while still staying within compliance requirements.
NOLA’s predictive dialer will automatically call numbers and skip over busy ones. It will also answer calls from people who don’t want to pick up. The dialer connects these people to free agents to talk with more people in one day than usual.
3. Customer Assistance
Debt collectors are people who collect money from people who owe money. They need to follow the rules of a law called the Fair Debt Collection Practices Act. If they break these rules, they might get sued by someone or have bad customer service, leading to lawsuits and employees quitting because they feel picked on unfairly at work!
The automated calling system is the best way to get more out of debt collectors. These tools will help make their interactions with callers, whether they are trying to collect or solve a problem, all the easier and smarter!
4. KPI Analysis – Debt Collection Software
Your debt collection software is not just for collecting the money you are owed. It can also show you analytics that will help make better business decisions and save time, so you don’t waste resources guessing what will happen next! The automated system produces reports with key performance metrics like total calls made per hour, picked up in a given period of time, etc. This means there won’t be any guesswork involved when analyzing your data–all results come from real numbers backed by hard facts.
Automation – Debt Collection Process
We’ll show you the necessary things. CRM, call center, debt collection systems, and a script for your debt collectors. It would be best if you also had compliance checklists, TCPA, and FDCPA so they can follow regulations when making these phone calls on both sides of the border.
Debt collection software is one of the most significant investments a company can make. With that in mind, don’t rush into your decision! There are some key features to look for in an automated calling program:
– Must be able to send out real-time calls and alerts, so you never miss another opportunity;
It needs updating capabilities because technology changes quickly – if it’s not up with new programs, what good will it do?;
– It needs flexibility because sometimes business owners change their minds or need different solutions on the fly.
TCPA Compliant Dialer
If you’re using an automated dialer, then there is a risk that one of your calls can be considered spam. A TCPA compliant dialer operates differently and requires human intervention to make a call. So even if agents are not receiving consent from people on their list, they still have leeway regarding cell phone numbers because it does not use algorithms like other auto-dialers.
You need to control the speed of dialing on your dialer, but that’s just one aspect. Your contact list size is also a major factor in determining how you make calls because it will influence when and where you might have time to call campaigns like these.
Call Recording and Monitoring –
The speed of your dialer can help you meet the criteria for TCPA compliance. Speed is also important because it dictates how long it will take to go through all contact lists during a campaign.
The best dialers can offer control over both calling speeds and the size of contacts in each list so that you don’t exceed time limits, which often isn’t possible if these settings aren’t available in any other software out there.
Reporting & Analysis
Your call center tool should show you a list of your agents. It should tell you how many calls they made and if the call was answered, rescheduled, or busy. The time it was answered is important too. You can see what time people are around and when they aren’t on the phone. If someone asks to be added to the do not call list, that will also be shown. You can see if people have low numbers for a long time or not on their calls because they were busy doing other things like meetings or paperwork.
Many people ask you to add themselves to a “do not call” list when they have debt collection calls. That way, if they are on this list legally, then you cannot call them anymore. If your calling tool provides another way to stay in touch with these debtors, then that saves both money and effort for one communication method.
NOLA is a powerful app that will let you make a list of people who have signed up to receive text messages from you. This way, your texts are always personal.
Automation Document Management
So, it’s time to buckle down and get busy. But wait: you’re still doing everything manually! When handling overdue accounts, many manual tasks need to be done for an efficient workflow. Automate Document management is your answer; the document process will help eliminate manual work needed legal workflows and provide automation so receivables can flow into faster payments automatically.
Conclusion: Collection Automation
Utilizing a call center solution to make automating calls is an efficient way of covering more ground and recovering more revenue. The only thing your business needs to take advantage of these services is the right calling tool on hand, which NOLA can provide! If you’ve been considering debt collection software, but are unsure which vendor to choose or how it might help your business, then this post is for you. We outline the top five considerations when choosing a debt collection solution and provide some helpful tips on improving your business with an automated system. Click here to read more!