Collecting debts or fees for services has always been arduous and painful for businesses. First of all, it is difficult to get hold of a live contact to deliver the message and if you are lucky enough to get one, you need to deal with their tantrums as they are either not willing to talk about this or make excuses to pay late. But, debt collectors have to keep their patience and provide the best value to their customers while still taking care of the collection processes.
In order to increase revenues and make the collection process easier and more effective, companies are turning to auto dialers or predictive dialers and other automated systems to reach out to more people effectively and at a lesser cost.
Below, I have listed down the benefits of using Predictive Dialers in Debt Collection processes
- Improve Agent’s Productivity by connecting calls to a Live Person only
A predictive dialer can definitely play a key role in the success of debt collection agencies. It helps in increasing agent productivity as it automatically dials from a pre-loaded list of numbers and only connects a call to the agent when a live caller appears at the other end, reducing the wastage of agent’s valuable time and allowing them to connect with more debtors each day.
Using “Local Presence Dialing” feature of a Predictive Dialer, increases the probability of the debtor picking up the call, thereby maximizing debtor contact rates .
- Instantly Notify Multiple Customers by Leaving Automated Messages
Integration of outbound dialing with smart automated messaging system can help you in leaving messages on answering machines, at a much faster rate and in a cost-effective manner. Using this, customers can be notified instantly for upcoming billing dates or past due invoices.
- Bypass Busy Signals, Outdated Numbers, and Dropped Calls
A predictive dialer discards calls that are unanswered or busy or numbers that no longer exist. It helps companies to increase the call volumes and ensures that the idle time of an agent is minimized and they are always speaking with customers.
- Support Intelligent Retry Strategies
One can not get connected to all the numbers in the lead list in the first try. But the advancement in contact center technology has enabled most of the dialers today to support Retry(dialing the number again) based on last dialer result. You can set different retry strategies in different occasions. For example, try a NO ANSWER after 3 hours, ABANDONED call after 72 hours, a BUSY call after 5 minutes and so on. It also takes care of the compliance norms and improves your right party connects by over 10%.
- Spot Best Time to Call
One can also identify the best time to call a debtor and enhance the chances of debt recovery with the help of Call Logging and Historical Reporting facilities.
- Suitable for any Business Industry
Dialer helps in debt recovery and management and performing billing tasks, be it for medical collections, consumer or B2B collections or for bad debt collections, thus helping companies recover more revenues.
- Ensure Fair Debt Collection Practices Act Compliance
The predictive dialer also ensures that the number of redial attempts gets limited automatically and that all calls are made within acceptable hours of the day, ensuring fair debt collection practices.
With an intelligent dialer tool in place, debt collection agencies can definitely maximize their connection rates, so the agents contact more debtors each day.