For decades debt collection has relied on telephone calls and paper letters to contact and collect unpaid debts from consumers. In today’s reality, research has shown that consumers prefer to be contacted through new technology. Some methods used in digital debt collection include Email, SMS, Push Notifications, and Voicemail Drop. Some debt collection agencies may consider themselves “digital” when in actuality the only digital channel they employ is Email. While Email is a crucial collection strategy, combining it with other channels of digital debt collection creates a well-rounded multi-channel strategy.
Recent advancements in debt collection technology have made methods such as the most common “call and collect” strategy less effective. This is due to call blocking and screening making it easier for consumers to avoid talking to a collection agent. Not only this but in today’s world of spam and scam callers it is unlikely that a person will answer the phone simply because they do not recognize the number. Debt collection providers must embrace an approach that includes several channels in order to allow the consumer to respond at their own convenience. One example of a multi-channel approach could begin with a payment notification upon signing into an interface, this could be followed by an email reminder that the account is past due, and if the account remains unpaid it would go down other channels such as SMS or push notification reminder to their cell phone. Typical collection strategies such as paper mail and phone calls would be implemented as well at certain points of delinquency.
Consumers have become acclimated to doing everything on their computer or cell phone, today it is common for people to do their shopping and most of their communicating through digital platforms. Therefore, a smooth and intuitive experience in debt collection is expected as well. Implementing methods for consumers to digitally access their accounts and make payments empowers them to self-serve.
Find out how Account Resolution Team can use cutting edge technology to collect your debts. Call 423-586-7613 or visit www.accountresolutionteam.com