What if you could head off the need to transfer people for Collections solutions? Wouldn’t that provide a true win-win for company and customer alike?
This would preserve and even strengthen relationships with customers, while also benefitting the bottom line. However, many are probably wondering why this hasn’t already been done effectively? There is an answer.
People’s lives are busy. Families are balancing work, school, meals, commutes, vacations, household bills, pets, home repairs, birthdays, holidays, and more. That means everything in their lives is constantly competing for wallet share, and mind share.
So how can companies get people to prioritize debt repayment?
The answer is simple, though the collections solution is a bit more complex. The answer is to remind them. A company may choose to remind everyone or just a targeted audience. It could be those customers who demonstrate a pattern of late payments, simply because of a busy lifestyle. It could also be a bigger portion of the population, like those who have propensity of paying and therefore worth sending a reminder and will not need a phone call. These intelligent strategies are powered by an advanced, predictive modeling methodology while also targeting the customer’s preferred communication channel. Not only that, the reminder message offers an immediate processing option by linking them directly to a payment portal. Just one click away-to-pay, anytime, anywhere. Isn’t that just convenient?
This winning combination aligns our TP Recommender’s predictive modeling with automated workflows and digital channels like SMS, WhatsApp, email, voice bots to reach any customer, any time – before they become past due, when they become past due, and a reminder for a promise to pay that becomes due.
Why is it a win-win scenario? For the customer, they will enjoy uninterrupted service and avoid any penalties and charges that can be billed due to late payment. It’s a private message that can be responded to anytime when convenient. It is interactive, Customers will get the support they need. For the company, it results in increased receivables and a cheaper transaction spend, thereby improving their bottom line.
A comprehensive collections strategy should consider the entire process, not only when an account is already overdue. It should include end-to-end service, increasing loyalty by proactively anticipating the customer’s needs.