Are You Managing The Debt Collection Process Using The Best Tools Available?
When you're running a business, maintaining a positive cash flow can be the difference between success and failure. Debt collection is often overlooked as a vital part of your business process, as it has a reputation for being a thankless and awkward task to get right. Thankfully, the digital age has ushered in a new wave of debt collection technology that makes debt collection more effective and seamless than ever before.
With the right automation and business communication tools, you can manage the debt collection process efficiently, maintain positive cash flow and sustain a good relationship with your clients.
MANAGE YOUR RESOURCES
Time and money are both scarce resources that are vital to any operation. You need them for vital, forward-looking initiatives. They should not be wasted on following up on outstanding revenue. By using an automated, intelligent debt collection dialer solution, like the systems offered by 8x8, you can achieve your goals of increasing revenue and recovery rates, while also lowering the costs of collection and freeing up your time to focus on moving forward.
These challenges need to be addressed proactively. It's no use burying your head in the sand and hoping that unpaid debts never threaten your business. Nearly all organizations go through periods where they find it difficult to service debt, and it's almost guaranteed you'll find yourself in a situation where you're waiting for money to arrive in your bank account. The responsible business owner takes that into consideration and invests in debt collection software that can minimize the risks.
Large organizations can usually absorb the costs of unpaid debts, but in a small business, a lack of cash flow can affect your ability to purchase stock, meet your own payment obligations, and reduce net profits. If you don't deal with it, ultimately it can lead to your demise.
DEPLOYING TECHNOLOGY TO SOLVE BUSINESS PROBLEMS
One of the biggest obstacles an entrepreneur faces when trying to address debt collection is getting hold of the right people to speak to. Effective call-center technology automates the most time-consuming parts of the process using tools like predictive, preview, and progressive dialing, in order to maximize the amount of time spent solving the problem.
Four reasons why VOIP Business Phone Systems are the single most effective way to improve debt collection:
- They boost call productivity: By using a predictive dialer, your call team can increase talk time with clients by over 400%.
- They improve contact rates: A lot of time is wasted in getting hold of the right people. A smart dialer system detects and skips voicemail answers, and focuses instead on securing real human interaction when the time is right.
- Quick and easy to set up: By utilizing cloud-based software, you eliminate the need to buy hardware that can take time to setup correctly.
- Pay-as-you-go: You are able to customize the system to your exact needs, scale up and down as you need, and only pay for what you use.
Visit our blog to find out more about how Business IP Phones Can Help Small Businesses.
The good news is that this technology seems to be working.
InsideARM, an organization dedicated to 'shifting the conversation' on debt collection reports that 2017 was the first year that complaints around debt collecting were down significantly. 'While still representing a little over a quarter of the complaints," they explain, "the year-by-year comparison shows that debt collection complaints are decreasing. It’s also nice to see debt collection no longer wear the crown for the most-complained about product; the new king is credit or consumer reporting."
The 8x8 Long-Term Strategy
Debt collection is a delicate matter for both parties. If it's not handled in a courteous and professional manner, it can poison the relationship between business partners and threaten future projects. 8x8 believes that your strategy should include predefined call scripts to guide live conversations, as well as prerecorded voicemail messages, ensure consistency. These initiatives can go a long way towards protecting the relationship for both debtors and creditors.
8x8 is able to boost fund recovery by deploying strategies that makes a real difference to your bottom line. The cloud-based communications provider delivers faster notifications to customers about missed payments in order to help them better manage their finances, offers a range of options to help them avoid default, and improves your relationship with customers, while minimizing overhead and maintenance costs.
Get in touch with us today to discover how we can help you better manage the vital debt collection process and help secure your cash flow in an ongoing, professional manner that allows your business to thrive.