Using Ringless Voicemail For Debt Collectors
Ringless voicemail has emerged as one of the most valuable tools available for debt collectors today. How can it be used?
The debt collection industry is currently both enjoying great times and many challenges. Ringless voicemail technology could be exactly what is needed to capitalize on current and future opportunities, without risking compliance issues or struggling with declining competitiveness and profit margins. Used well this tech can be applied by all sized firms, across every industry and help squash losses upfront and well beyond when accounts may be traditionally written off.
Challenges for Debt Collectors Today
Debt face plenty of challenges today. There have been years of high default rates combined with weak economic activity, credit scores, access to credit and jobs and wages. Those dynamics appear to have been enjoying a great turn around over the past year or two.
While debt performance in general may be improving greatly, the demand for yields and investments has depleted discounts on traded debt. Debt collection departments and companies must operate more efficiently than ever in order to remain competitive, profitable and in business.
Yet, during this time increasing regulations and compliance demands have made it harder and more expensive to collect on debts. There have been new legal processes and protections put in place for borrowers and more restrictions on contacting debtors and attempting to collect on debts. Consumers have become far savvier about how to protect themselves and work the system.
Ringless voicemail services have the potential to change some of these dynamics and empower debt collectors to operate much more efficiently and profitably.
Debt Collection Industries Ripe for Using Ringless Voicemail
Almost every sector can benefit from and is ready for adopting this technology:
- Mortgage debt collection
- Credit card debts
- Mobile phone service collection
- Business loan debt
- Medical debt
- Auto loan debt
The Advantages of Ringless Voicemail for Debt Collection
There are many benefits of utilizing ringless voicemail technology and services in the debt collection space.
- Generating a predictable and scalable flow of conversations for call center staff
- Lowering operational costs
- Finding a compliant means of reaching mobile phone users
- Elevating connection and response rates
- Lower cost of outreach
- Extending the ability to reach debtors earlier and longer, affordably
Ways to Use Ringless Drops in Debt Collection
There are a variety of applications and strategies for using ringless drops that can have company wide benefits.
Timely Reminders & Connections
Ringless voicemail drops mean being able to customize or batch voicemail drops on mobile devices right when debtors are likely to have the best ability to pay. In contrast with manual dialing or even most sales dialers this makes it possible to reach far more accounts on time. For example on payday, around end of year bonuses or tax refund season.
Break Down Initial Barriers To Collecting
Ringless certainly helps by circumventing the common issue of rejected calls by debtors. It also means lowering the typical barriers to creating resolutions. Traditionally when agents do get a connect on the phone they are almost immediately hung up on because of their approach or the anticipation of what’s coming. Phone agents often don’t get the chance to get out a sentence or plead a good case for continuing the conversation. With voicemail drops uniform messages can be sent out. They can be used to direct respondents to a website for helpful information and friendly solutions for dealing with their debts. Or they can be directed to an IVR system or AI which enables them to provide updates or dispute charges without the inconvenience and hurdles that come with human interactions. Or allow them to connect right with the right department for their situation, streamlining conversations and resolutions. For example, if they are in bankruptcy, or have a date in mind they hope to get back on track, or to set up an automatic payment plan.
Enhancing Staff Performance
The ability to generate inbound calls and warm conversations versus cold outbound calling can make a dramatic difference in performance metrics. Teams spend more time on productive conversations than dialing and updating stale accounts.
Reducing Employee Turnover
With more valuable conversations and resolutions achieved, staff will experience less burnout and frustration with debtors. That’s not only good for enrolling debtors in repayment plans at higher ratios, but happier employees also mean longer term employees who can build stronger relationships with accounts and debtors and are less likely to quit so soon. That can have a huge impact on the bottom line.
Gaining New Client Accounts
Prospecting for new accounts and clients is another use of this technology beyond following up with debtors. Use ringless to feed your sales team to win more and better collection accounts and debts with better profit margins.
Connecting Before Collection Status
Ringless is also great for reaching customers before they go too far into delinquency. It makes it much more likely you’ll get through to late payers and be able to get a winning message across that can save the account and avoid costs before turning the debt over to a collections company or attorney.
Long Term Collection Efforts
Mountains of legacy debt accounts are still out there from the wake of 2008. Yet, limitations on the powers collectors have can seriously degrade over time. Aged accounts cost money to keep chasing with direct mail and outbound call agents. Yet, with more affordable and efficient ringless technology collectors can keep pursuing those accounts with little cost, and then may be able to reach them once they are back on their feet and have the ability and desire to pay up.
Get started with ringless voicemail drops and its advantages by choosing a good software solution or service partner, organize and clean up data, and optimize messaging for this powerful revenue generating and cost saving tool. It could make all the difference in your own financials in the months and years ahead.