Debt collection is a numbers game. Most agencies have hundreds or even thousands of outstanding accounts to follow-up on, and the most important job a management team has is enabling their agents to make a higher number of successful connections with those debtors. Arguably the essential tool agencies can employ to achieve that goal is a power dialer – software designed to automate and enable outbound and inbound call handling to make the human phone operator’s job as comfortable as possible. Here are three of the primary reasons that good power dialer software is so valuable to the debt-collection process.
Reason One: Efficiency is Everything in Debt Collections
The more calls an agent can make, the more accounts they can successfully closeout. That means outbound calling rates are of the utmost importance in debt collection. Every second spent dialing a new number, waiting on a line, or manually leaving a voice mail is money down the drain.
A power dialer eliminates the problem of wasted time by automating the dialing process, connecting agents only to live callers, automatically dropping voicemails when appropriate, and keeping the calling process continually moving forward.
The result is that power dialers like the one built-in to CRMDialer can triple the number of leads that can be contacted in a given amount of time, enabling agents to work smarter, rather than harder.
Reason Two: Compliance with the Fair Debt Collection Practices Act is Crucial
The penalties for breaching the Fair Debt Collection Practices Act (FDCPA) or Telephone Consumer Protection Act (TCPA) are steep, so it’s imperative that debt collection agencies stay well within bounds. It can be tempting to move to a manual calling system to avoid potential violations, but the reality is that more human input means a higher likelihood of human error and expensive breaches as a result.
Using a power dialer gives collection agencies the power to automatically set parameters to ensure the FDCPA and TCPA are respected. Hard retry limits can be established; schedule can be programmed, permissions can be easily tracked, calls can be easily recorded to monitor employee compliance, and much more. The result has minimized the potential for human error, better compliance, and less worry about getting nailed with hefty fines.
Reason Three: Local Presence Dialing Increases the Number of Successful Connections
Out-of-state numbers can have an incredibly negative impact on answer rates. Using a power dialer allows agents to employ Local Presence, a feature that sends calls from a local number, putting recipients at ease and boosting answer rates by as much as 65%. More answered calls mean more progress towards account settlements.
It’s important to note that while the Truth prohibits phone number spoofing in the Caller ID Act of 2009, the local Presence feature included with CRMDialer is not number spoofing. Local presence uses real, legitimate local phone numbers – either your own ported numbers or numbers provided by CRMDialer – to make calls, ensuring full compliance with the act.
Efficient, effective calling is the key to successful collections, and employing a good power dialer is one of the best ways to maximize both the number and quality of calls that can be made by an agent in any given shift. CRMDialer offers an industry-leading power dialer that revolutionizes both outbound and inbound call handling. It supercharges agent productivity thanks to features like no-click automated dialing, click-to-call, voicemail drop, local presence, IVR routing, advanced tracking and reporting, and much more.
For more information on CRMDialer’s robust customer and lead management software, or on any of the platform’s built-in sales and productivity features. You can schedule a free demonstration, reach out to our team, or, better yet, start your free trial today!