Efficient debt collection: tips for bypassing answering machines and down time

To endure for a long time, a company must give attention to its debt collection rates. When the number of missed payments becomes too big, the risks are high and can affect the cash flow of a company. To avoid reaching this point, it is essential to implement efficient tips in order to be the most productive possible in this domain. From regular monitoring of payments to the use of a predictive call software, many solutions can help you reverse the situation right away.

How can you improve your debt collection rates?

Before needing to go to court to settle your legal cases, different tips can revolutionize your debt collection rates. By following our advice, you should be able to quickly notice progress in the management of your customers’ unpaid fees.

Do regular monitoring 

Before anything, it is certainly essential to take the time to monitor invoices in real time. You must not delay in reaching out to your customers a second time, as you risk lowering your debt collection rates drastically, and—consequently—the financial health of your company. To achieve this, your teams must regularly monitor customer accounts and call those who are at risk of causing your company problems. This monitoring can be largely assisted by a CRM, as well as a call center software solution. Customer information can be found, structured, and sorted more easily for the management of debt obligations. 

Implement a recovery scenario

Customer recovery is an essential step that can be done on many communication channels, such as email or over the phone. In order for it to play out under the best conditions possible, while ensuring a satisfactory customer experience, it is preferable to prepare and adapt one’s recovery scenario according to your contact person. From your customer history, you can easily find all the important information with the goal of choosing the most appropriate combination of channels: SMS with a payment link, WhatsApp, email, call, formal notice letter, etc.


Use a predictive automated call dialer 

As you know, the management of unpaid invoices takes up time. In a company, it is not always easy to monitor every invoice and avoid down time when software programs are not up to the task. To improve your debt collection rates, it could be useful to use a predictive automated call dialer. This omnichannel tool offered by Vocalcom is capable of bypassing answering machines since it is based on intelligent features that allow you maximize contact rates. The productivity of your teams will only be better!

Use a script editor 

Whether it is regarding customer experience or debt collection, it is always advised to prepare scripts ahead of time. To do this, we recommend the use of a script editor. From your own data (KPIs, reportings, CRM data, etc.), this intelligent technology will help your agents draft arguments that are personalized and compliant to each debtor before placing recovery calls. This way, customer service will be better perceived and your debt collection rates will take advantage of this positively. 

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