Tips and Strategy to Improve Collection in Collection Centers

Collection agencies need to take care of the tough job of reaching out to the people and ask them to pay the EMIs by the due dates. The collection agents are like assistants for many people that help them pay their EMIs on time for loans, credit card bills, etc. Collection agents give reminders and also help customers pay with convenient payment options such as on-door cash or check pick-up, online payment processing help, etc. However, in many cases, people do not pay their EMIs on time. In this case, the collection centers or companies need to face several challenges. Customers don’t attend the calls from the collection centers and they need to apply a strategic way to increase collection.

We have been offering the best contact center solution to collection centers and companies. We have also developed a specific module, called the collection module for collection agencies. The collection module automates several operations and helps with different jobs, too, so results can be enhanced.

Based on our years of experience as a call center solution provider for collection companies, we have a strategy and tips that can help collection centers to increase collection:

1. Use the right technology tools

  • The first thing collection centers need to do is upgrade their technology tools.
  • These tools have to help collection agents to work more efficiently. Moreover, they must automate certain manual operations.
  • One of the must-use tools to save a lot of time is using a collection module. This module has many features and it makes collection campaigns faster and more efficient. For example, one of the jobs of payment utility feature is “skip numbers” that have already paid EMIs or given PTP (Promise To Pay) date. There are many similar features that can empower the operations of collection centers.
  • The call center collection integration integrates the collection module into the call center solution. Therefore, all amazing features of the collection module will be available within the call center software. To know how the collection module works, book a free demo.

2. Classify leads in groups to run personalized campaigns

  • Usually, collection centers practice this, but still, it is necessary to make this point.
  • All leads need to be classified into different groups, called buckets. For example, customers that pay on time would be in bucket 1, customers that have multiple pending EMIs would be in bucket 2, etc.
  • Use the contact center solution campaign, call script, and other features to personalize the collection campaigns depending on the type of lead group.
  • This can make conversation crisp and help in increasing collection or even redefining strategy.

3. Reach leads multiple times

  • This is another important part of the strategy to increase collection.
  • The same lead needs to be contacted multiple times.
  • You can use a custom caller ID to reach the customers that are not answering calls. Custom caller ID is one of the features available in the best call center solution.
  • You can reach customers via multiple communication channels to give reminders for EMI payment and due dates. For this, you will need to use an omnichannel contact center solution.
  • Using the right features such as the predictive dialer, CRM widget in the call center solution, etc. can help in reaching leads multiple times

All these efforts will help in increasing collection.

If you require the right technology tools for your collection center or company such as a contact center solution, collection module, CRM widget, call center widget, etc., then contact us.

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How to Improve Results of Collection Calls?

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Collection calls are not easy. Often people give various excuses or try to trick the agents calling for collection. Of course, collection agencies, invest in training agents to handle collection calls more effectively and get the most advanced call center solution.

But, is this it?

Getting a call center solution and giving the training is sufficient to increase collection and debt payments?

Well, the answer is no.

There is something more a collection agency and all collection agents need to do to increase debt payments. In this blog, we will share the top 3 tips for collection agents to improve results.

1. Furnish your agent with the required information

Collection calls are not just to give a reminder to pay the upcoming EMI. They are to compel debtors to pay EMIs at the earliest possible. Just putting what a debtor said in the disposition message cannot help the collection agency to go far. They are put into action to collect the debts. For this, collection agencies need to furnish agents with concrete facts and information as well as more advanced tools.

  • Call center collection integration is necessary. This integration adds more features, which help agents performing better and take over the control. For example, it filters all leads, which already paid the EMI. Therefore, if a debtor argues that he has already paid the EMI, then your agent can have a counter-argument to handle that customer and all that kind of client.
  • Call center CRM integration is also necessary. During live calls, agents need to have all information about the customer to lead the calls in the right direction. Minimum information, which has to be shown:
    • Exact amount to be paid
    • Payment due date
    • Number of reminders given
    • Number of pending EMIs
    • Product purchased
    • Other terms related to the debt.

2. Your agent should know how to handle excuses

Excuses are common. To increase the results of collection calls, agents need not have knowledge of giving a counter-response based on facts. Call center CRM integration will definitely show the required information to the agent. On the other hand, the collection agency should also make a list of common excuses and arguments along with effective rebuttals. The call center solution has a feature, called call script. This feature can be used to add excuses and rebuttals to help agents take control of the calls.

3. Keep the conversation under control

One of the most tips for agents to improve collection call results is to keep the conversation under control. To do so, here are some tips:

  • Be attentive to what the customer says
  • Take a pause about five seconds after listening to the customer. This will encourage the customer to fill the void.
  • If a customer asks for a callback or promises to pay, ask the exact date and time.
  • Keep tone low
  • Do not be rude

We have been helping collection agencies by offering technology advancements and solutions. Our call center solution with integrated collection modules and CRM solution can help collection companies. We offer it in different models. Contact us for more information.

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Call Center Best Practices to Enhance Collection

Call Center Best Practices to Enhance Collection

Different call centers run different campaigns and one of the most widespread campaign types is a collection. Some call centers focus completely on collection campaigns. Thus, they are commonly known as collection agencies or companies. Usually, collection companies have their strategy to increase collection, but there are some tips that can help increase collection and performance in a better way. Let us share how. (more…)

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How Can DialShree Help in Increasing Debt Collection for Healthcare Industry?

DialShree Helps in Increasing Debt Collection for Healthcare Industry

People are more conscious about their health nowadays. People invest in health insurance, mediclaim, etc. People also get regular body checkups to stay healthy and fit. Moreover, the healthcare industry has become quite advanced now and therefore, there are many offerings along with traditional healthcare services. From annual health checkup plans to cosmetics, healthcare membership, and many other healthcare products are available for regular customers. (more…)

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Collection Analytics That You Must Know

Collection Analytics That You Must Know

Collection agencies specifically work for debt collection to collect EMIs for loans, credit card bills, mortgages, etc. Along with having skilled agents, the collection companies also need the best tools such as a contact center solution.

The contact center solution offers features like predictive dialer, lead grouping, etc. to speed up the process of collection calls. However, still, this is not it. The collection companies will also require add-ons. We have developed a specific add-on, called the collection module. (more…)

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How Auto Dialing Features Can Empower Collection Agencies?

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Collection agencies need to work on various aspects and one of them is handling debt collection of the leads they have. One of the major tools used by collection agencies is definitely a call center solution. The call center solution comes with some amazing features that help collection agencies to work more efficiently, so collection can be increased.

In this blog, we are going to talk about one of the most important features available in the call center solution, which is auto dialing. (more…)

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Which Are Must Have Tools for Agents Working from Home?

Must Have Tools for Agents Working from Home

The pandemic has started taking a turn and the new strain of the Coronavirus has proven to be more dangerous. It is spreading the disease faster and there is much happening across the world because of COVID 19. Many countries have started shutting down their borders and many businesses have again switched their operational models to remote. If you are running a call center and going to operate remotely, then there are some tools, which your agents need to work productively. (more…)

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How to Reduce Call Drop Rate in Call Centers?

Tips to Reduce Call Drop Rate in Call Centers

In recent years, customers have become increasingly conscious of the product they purchase. Consumers want to know about a product and its functionalities in detail before they finally check out. Call centers play a major role in providing these consultation services to customers. However, a high call drop rate indicates the inefficiency of the call center solution to handle many calls which the call center receives. This can cause the call center to fall short to meet the demands of the customers and ultimately impact the sales of the product. To better tackle this problem, here are 6 ways that can help to decrease the number of dropped calls in your call center and enhance the efficiency of the call center software.

1. CRM Integration to Increase Efficiency (more…)

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Major Call Center KPIs You Must Measure in 2021

Important Call Center KPIs 2021

Key performance indicators are the parameters that define the performance of campaigns, agents, and the call center itself. Call centers nowadays are more conscious about the growth and development and for that improving performance is needed. Identifying the right KPIs and focusing on them can help call centers to improve performance.

In this blog, we will help you identify the right call center KPIs by briefly describing, which KPIs will be important in 2021.

Customer satisfaction (CSAT) (more…)

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What to Keep in Mind while Selecting Call Center Software for Collection?

Call Center Software Selection Tips for Collection Agencies

While looking out in the market, there are many options for a call center solution available. All call center solutions will have the same basic features, but what makes them different are the advanced features or add-ons they have to offer. While you are looking for a call center solution for a collection agency, you need to be even more meticulous. Selecting yet another call center solution would result in limited features or added expenses, so it is recommended to select the right call center solution for collection agencies. (more…)

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