Our Formula for Impactful Debt Collection
In trying times, when the entire world is reeling under the impact of a pandemic and resultant financial stress, unpaid dues can become doubly worrying as the possibility of default increases. However, these are the precise moments when certainty of recovery becomes essential to ensure continuity of business.
Debt collection can be tricky waters to navigate. Pushing too hard can result in soured customer relations in addition to low recoveries, while lax measures can mount up losses. Striking the right balance comes from experience. Given Allsec’s two decades’ worth of exposure to BPO clients all over the world, our approach to debt collection is formulated on four aspects that have proven to increase collectibles hit rates: contact management, inventory management, segment analytics and technology.
Globally, one in 10 invoices are paid late because of customers who are unable or unwilling to make timely payments. When it comes to collections, communication can reduce delays and stymie defaults. Our proprietary contact management analytics determine the best time to establish contact with customers to encourage punctual payments. Effective strategies, such as determining the preference of contact number and mode, filtering depending upon response, and robotic messaging improve penetration and contact rates.
Thousands of data points on customers can make inventory management difficult. Allsec’s inventory management tactics, from data cleansing to segmentation, helps build a foundation for effective dialer strategies. Our dedicated team of experts use a combination of online tools and skip trace partners to collect and verify debtor data with a strong focus on the most-useful information to drive higher recoveries. For instance, our team verifies payment methods like inspecting post-dated cheques to ensure their authenticity. In times of special situations, like natural calamities or an economic crunch, Allsec’s specialized suppression strategy invites collectors to exclusively handle the issue at hand so as to improve work allocation and boost results.
Segment analytics dive deep into existing data to come up with trends that can aid with recovery. Our debt profiling strategy takes into account a number of factors such as age of account, billing cycle, total dues outstanding as well as contact history and payment trends to categorize debtors into buckets based on their propensity to pay. Effective analytics can identify possible hiccups and suggest ways to navigate them, thereby slashing the time required to collect payments. Allsec’s analytics, powered by a strong team and advanced technology, provide meaningful insights that become the basis for superior collection approaches that improve hit rates.
Having a technological advantage in debt collection can simplify the process by integrating various steps in the cycle and reducing the time taken for each. Allsec’s business intelligence tools, smart analytical software, and advanced skip trace technology not only improves debt collection but also assists with better compliance with legal requirements. Our unique offerings, like return mail search and robotic messaging, improve customer relations.
The Last Mile
Allsec’s deep domain expertise and years of experience has resulted in a collections strategy that is effective at optimal costs. Our results speak for themselves – 100 percent compliance with no legal problems, 100 percent penetration due to our Human Call Initiator program, and 60 percent market share among vendors are just a few feathers in our hat. At Allsec, we are dedicated to providing the best for our customers.