Predictive Dialer Support: An Indispensable Collections Tool
A fully-integrated enterprise phone system is a crucial component of communication, client experience, team collaboration, and more. For some businesses, however, phone calls are the main revenue-generating activity. Customer support and sales lean heavily on communications with existing and prospective clients, but debt collection companies live or die at the hands of their phone systems and require dialer support for success.
Today, debt collection is a complex process that requires a mix of thorough investigation, organized case management, and persistent connection through the phone. There are numerous ways to increase collections success once you have a debtor's ear, but making that connection is a crucial step.
Communication has evolved drastically over the past 30 years, often making a debt collector's job much more difficult. Just as technology has armed consumers with tools to screen telemarketers, it has also set up hurdles for telephone collectors. On top of this, regulations such as the federal Fair Debt Collection Practices Act (FDCPA) and similar state laws are an added layer of complexity. More than ever, debt collectors need automated, intelligent dialer support solutions that make calls more productive.
Collecting More Through Dialer Support
Predictive dialers, or power dialers, can help make the telephone debt collections process easier, resulting in increased collections success. How do these tools work? Through a combination and evolution of technologies, dialers are a Voice over Internet Protocol (VoIP) based add-on to a customer relationship management (CRM) solution. In its simplest form, CRM in the debt collections industry is a contact manager containing debtor names and contact numbers. Taken to a more sophisticated level, a full-featured collections solution might include fields for client notes, payment plan information, and other aspects of the collections process.
While CRM applications, or specific collections case management software, may be useful in providing a hub of information necessary for efficient collections, failure to connect with debtors is an ongoing struggle. A power dialer allows a collector to eliminate wasted time by ensuring actual connections and conversations. Opportunities for meaningful conversations increase when employees are not waiting for a call to connect. With dialer support, agents can weed out disconnected numbers, busy signals, voicemail answers, and other missed connections so that they can focus on productive calls.
How Predictive Dialers Increase Connections
Power dialers work by dialing multiple numbers simultaneously. To some extent, success is a numbers game. With a system that automates calls, agents can focus on having conversations, gathering information, and collecting. But, a predictive dialer takes automated calling to the next level. Not only does a predictive dialing system automatically call out to debtors, but it also intelligently determines how to best route answered calls to available agents.
Predictive Dialers are a Necessary Tool
Because of their ability to use metrics in determining agent availability, predictive dialers optimize call timelines. Caller identification and the increased use of mobile calls has made actual connections with debtors a precious commodity. Successful collections require more than just hard-working employees. For a successful collection, connection with debtors must be converted to payment, a promise of future payment through an arrangement, or gathering information that will aid escalation of the file in a non-payment situation. A predictive dialer helps agents actually make contact and enables meaningful conversations.
As necessary as dialer support is to successful collections, not all predictive dialer solutions are the same, and not every telephone system can handle the needs of modern debt collection practices. At 8x8, we offer call center tools that increase collection agent productivity by improving overall connection strategy. We understand that making collections requires contact, and the quicker and more efficiently an agent connects with a debtor, the more likely the debt is to be paid.
8x8's intelligent debt collection dialer solution improves contact rates by detecting no-answer calls and voicemail answers more quickly. The best way to ensure agent productivity is to remove them from the dialing (and waiting for an answer) process.
Most importantly, 8x8's VoIP-based predictive dialer solution is simple, with the ability to set up operations in minutes, not days. As a scalable solution, collectors can pay-as-they-go, making an intelligent power dialer solution within reach for many organizations.
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