With margins generally well under 10%, the gap between successful and struggling collection agencies is narrow. Anything you can do to improve the efficiency of your agency’s operations is worth the effort. Unsurprisingly, debt collection CRM software has become a mission-critical tool across the industry thanks to its ability to streamline your agents’ workflows, provide them with better customer information, and automate many of their most repetitive tasks. If you haven’t already adopted a CRM, it might be the right time to start taking advantage of the many ways CRM software can improve all areas of your operations, from data access, to payment facilitation, to training and QA, time management, and beyond.
1) Supercharge Your Debtor Tracking
In the debt settlement business, it’s crucial that you document as much of your ongoing collections efforts as possible. Collection is rarely a one-contact job and the more detailed the data you have on each debtor and each interaction, the more prepared your agents can be for the next contact. Thorough data collection not only helps minimize the time it takes to close an account – it also sets you up for success in the case of additional disputes with the same customers down the road.
CRM software is ideally suited to this task, as it enables your agents to quickly and easily add notes on debtor accounts while automatically logging the key details of every phone call, email, and even SMS message for easy future reference and maximum agent preparedness.
2) Make It as Easy as Possible to Pay
The goal is always payment. So when a debtor is finally ready to settle up, it’s extremely important that your agents be able to close the account right then and there, regardless of the communication method. That makes the ability to take secure card payments over the phone or to send out a secure payment link immediately over email or text crucial. Failure to capture that moment creates time for the debtor to think twice – an unacceptable delay.
Advanced CRM tools like CRMDialer come with built-in payment suites that enable instant, secure payment by credit card, and in CRMDialer’s case by ACH/eCheck as well. That ensures your agents can close deals faster and secure settlements without worry.
3) Embrace Analytics
You can’t manage what you can’t measure, and the advanced analytics provided by CRM software can provide you and your management team with the insight necessary to ensure your agents are reaching their full potential, and that your agency is consistently profitable on the accounts you accept. CRM analytics make it easy for you to track everything from call time to agent close-rates to the status of debtor payments and beyond.
CRM Dialer’s easy-to-use analytics and reporting dashboard makes finding and sorting that key data a breeze, and ensures you’ll always have fast access to the analytics you need without having to sift through an ocean of data not relevant to your task.
4) Emphasize Constant Training
Closing out outstanding accounts is not easy. Mastering the process of convincing someone who previously wouldn’t or couldn’t pay their bills to settle up takes experience and task-specific training. There are also important regulatory aspects to consider, and staying within the bounds of the Fair Debt Collection Practices Act and any additional state laws is something your agents can’t afford to get wrong.
CRMDialer’s built-in power dialer represents an invaluable training and quality assurance tool because it enables your managers to maintain a constant sense of your agents’ on-call performance. Whether accessing a log of record calls or listening-in live, CRMDialer’s calling tools make it easy to develop ongoing training specifically targeted to each agent’s strengths and weaknesses. It also enables you to catch potential regulatory violations early before they become a problem.
5) Centralize Everything
One of the most important drivers of a successful collection agency is overall efficiency. The faster your agents can close out debts, the faster they can move onto the next account, maximizing your agency’s revenues and their commissions. Minimizing the length of the collections process is key to that efficiency, but so too is minimizing the amount of wasted time your agents spend in-between their direct contacts with debtors.
CRM software is designed to centralize all of your customer-facing tasks and certain internal administrative tasks to enable your team to manage most – if not all – of their daily workflows from one powerful, centralized tool. That centralization, combined with the system’s advanced automation, means less time spent jumping between platforms, less time spent on repetitive busy-work, and more time spent one-on-one with debtors.
If you’re ready to find out more about how CRMDialer’s full suite of customer management and productivity tools can help your agency operate more efficiently, close more accounts, and generate higher revenues, start your free 14-day free trial of CRMDialer today!