Debt Collection

Let’s face it: No one likes debt collectors. But with collective household debt in the U.S. totaling more than $13.29 trillion, and approximately 70 million Americans with at least one debt in collection, it’s an industry that’s not likely going anywhere any time soon. And for those looking to get into the business, it can be highly profitable.

The challenge, like with many businesses, is to make your operations as efficient as possible. To achieve that, it’s essential that debt collection firms use a CRM. Here are some best practices for putting a CRM to work making a debt collection business as efficient as possible.

 

Keeping a finger on the pulse of the business

Debt collection is almost like a sales job in that it’s very much a numbers game. The more people debt collectors talk to, the more likely they’ll get someone who is willing to pay off their debt. So how do you speed up an agent’s ability to make calls quickly?

One way is to use an autodialier or a one-click dialing system. This technology dials numbers for agents, so they don’t have to waste time looking up and dialing phone numbers. It’s built right into the system, so all they have to do is either hang up from their previous call or click the call button on the prospect’s record. Not only does this save time between calls, enabling agents to run through their call lists faster, but it also essentially eliminates the possibility of human error in misdialing a number.

 

Call and task scheduling

How does an agent know when to call someone? Well, with CRMDialer, they don’t have to figure it out. Calls can be scheduled based on previously determined criteria such as last date called, for example. Additionally, paperwork and other follow-up tasks can also be scheduled so that agents never miss a filing or call deadline again!

 

Call transcripts

One of the challenges in debt collection is getting people to fulfill their promises. They might agree to paying a certain amount each month, only to completely miss their payment deadline and deny they even knew about it. Luckily, CRMDialer offers leading-edge voice to text technology. Every call can be recorded and then turned into a transcript, ready for use in any legal documentation.

 

Fast and accurate e-documents

We live in a digital age, and there’s no excuse for a debt collection business not to have all the best digital tools at their disposal. One core part of that is being able to send and received signed documents digitally. CRMDialer includes fillable PDF forms that can gather e-signatures in seconds, including any forms that require either a single signers or multiple signers. Getting signed documents quickly and easily can greatly speed up the time needed to collect a debt, while also ensuring that all the documentation needed is in order.

If you want to learn more about how CRMDialer can make your debt collection agency more efficient, contact us. We’re happy to show you all the benefits our technology offers.