Debt Collection Done Right
There’s a right way and a lot of wrong ways to effectively manage debt collection. Knowing how to communicate with customers and how to control collection operations requires unique skills and resources. Luckily, these resources are available as outsourced services.
Business Process Outsourcing (BPO) gives your business the power to collect debt, retain customers and improve your revenue cycle. Learn how to manage a successful debt collection process with these 10 debt collection tips.
10 Collections Tactics for Businesses
- Do Your Homework
Be prepared. Know everything about the account. Know the customer history and habits. Know the ins and outs of the transaction. Know as much as you can before you even begin.
- Expect the Unexpected
This is chess, not checkers. Think ahead several moves. What will your customer say? What will they do? Anticipate the outcome of the debt collection. Have protocols in place to mitigate any hiccups or challenges. You do not want to be caught off guard and scramble for a solution.
- Open the Lines of Communication
If you know your customer, you know how to reach them. Armed with the right customer information, it’s time to use the right channel or method of communication. Radius Global Solutions uses state-of-the-art Contact Centers to connect with customers via phone, text, email, web chat and more. To get results, make sure your communication strategy is convenient for the customer.
- Respect the Customer
Your communication strategy must be authoritative, but also respectful. Be pleasant. Be professional. Be sympathetic. And listen to the customer. Hear their concerns and challenges, and stay involved. Successful debt collection starts with a conversation, not an attack.
- Remain in Control
Be calm. Be informed. Be ready. The agent reaching out to the customer must always be steering the conversation and driving to the destination. Radius Global Solutions relies on our highly-trained, experienced agents who know the right way to communicate with customers.
- Collection is a Negotiation, Not a Battle
Provide realistic payment options. Let customers know that you understand their challenges and be able to provide workable solutions that get you to your goal.
- Respect the Process
The revenue cycle is not something you can pick up and manage for a few minutes at the end of the day. It must be woven into all aspects of your business and you must provide the proper amount of time to make effective collections. This is why using a skilled BPO partner is critical. Radius Global Solutions gives your business dedicated account recovery experts without using up your time and resources.
- Talk, Listen, Repeat
Recap the terms of the collection with the customer. Go over it several times. Make sure all parties understand the account recovery process. Always be upfront and honest.
- Leave a Paper Trail
Keep records of everything. Backup everything. Have a full understanding of compliance regulations. You can never be too organized. If you don’t have the in-house resources to do all of this yourself, it’s time to partner with a BPO service committed to compliance.
- Rely on a BPO provider such as Radius Global Solutions
To ensure effective debt collection, you need an experienced and dedicated team. Learn how BPO manages your revenue cycle with cost-effective, high-quality outsourced debt recovery services. We know debt recovery. We know your customers. We know your solutions.
We Understand the Fine Art of Successful Debt Collection
Your debt recovery solution starts and ends with customer engagement. From knowing how to communicate, to understanding the technology, the right team of experts help you quickly recover debt.
At Radius Global Solutions, we work collaboratively with our clients to exceed their customers’ expectations within a highly secure and compliant environment. We attract the best people and empower them with next-generation technology in order to consistently deliver superior results. Let us improve the revenue cycle and grow your business.
Learn more about our customer BPO solutions. Let’s connect to discuss how we can provide you with a high quality, reliable solution designed especially for your needs and your customers’ needs.