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.