Debt collection software is a crucial part of modern collections. The days of Rolodexes and Excel spreadsheets are long gone, and today, collections agents rely on advanced systems designed to make managing, tracking, contacting, and closing debtors faster and easier. CRMDialer is one such system, offering your collections agency the advanced tools you need to manage debtors better and secure payment faster.
Maintaining Better Awareness Over all Debtors
Getting accounts closed out means staying on top of them, but with dozens of accounts on the go at any given time, it can be very difficult for collections agents to keep track of where each is in the collections process. Losing track can result in delayed closes, rework, and a lot of wasted time. As a result, any tool that makes it easier for agents to maintain complete knowledge of what’s happening with each of their debtors is a tool worth using.
CRMDialer’s database makes it easy to store an unlimited number of debtor accounts and enables agents to access them and quickly find any relevant information they’re looking for in seconds. The system also automatically tracks key details of customer interactions via phone, email, and SMS messages. It can even log a debtor’s visits to your website, showing what pages they visited and how much time they spent on each. The result is that your agents will have immediate, on-demand access to more complete debtor information, and a more complete picture of where each of their accounts is in the collections process.
Scheduling and Setting Deadlines
Deadlines are an incredibly important part of debt collection. Debtors often try to delay payment for as long as possible and will throw every excuse in the book at your collectors to try and get out of the conversation in the moment. The key to keeping things moving forward is always setting a hard deadline, whether it be for the next call, a decision, partial payment, or full settlement. The best collectors know that scheduling the process tightly and sticking to that schedule is often the difference between success and failure.
One reason customer resource management systems like CRMDialer make ideal debt collection software is the ability to centralize scheduling and tie it to the CRM’s database. CRMDialer enables agents to easily sync and manage Gmail or Outlook calendars, enables debtor accounts to be accessed and updated from within calendar events, and provides agents with automatic reminders of upcoming deadlines. CRMDialer can also send out pre-scheduled communications to keep debtors on track and ensure they have no excuse to miss a call or deadline.
Collecting Debts Over the Phone with Debt Collection Software
The telephone is one of your agency’s most important debt-collecting tools. Speaking with a debtor one-on-one gives your agents certain advantages that just can’t be achieved through letters. For instance, the “strategic pause” – using silence to make a debtor so uncomfortable they volunteer information – is an incredibly powerful way to cut through excuses and advance a collection. Calls are also far more difficult for debtors to simply brush off or ignore than written communications, as there’s something about the human touch that ramps up the pressure and knocks down defensive walls faster.
Debt collection software should be designed to make telephone collections more efficient and more effective, and CRMDialer does both. The built-in power dialer makes calling far more efficient by enabling agents to automate their daily calling, moving from one call to the next without the need to manually dial a single number. The local presence feature enables your agents to quickly toggle between different outgoing phone numbers, making it easy to beat intentional call screening or number blocking. Maybe most importantly of all, the dialer’s direct integration with the rest of the CRM enables your agents to seamlessly use the information stored in a debtor’s account while on the phone, or to add new information as it comes up, ensuring better preparation and more effective conversations.
Collecting Debts by Email
Email is not as effective as one-on-one conversations, but it is an extremely low-cost way to make contact and send reminders, and there isn’t really any reason not to use it as part of the collections process. CRMDialer integrates and syncs both Gmail and Outlook, enabling agents to manage all of their email communications within the CRM. Centralizing more tasks means fewer platforms to juggle, fewer errors, and less wasted time. CRMDialer also offers email automation that can be set to send out messages to debtors, either in advance of upcoming deadlines or once a certain amount of time has elapsed without a contact. Finally, the system’s mass email tools enable blasts to be sent out en masse in any instance your agency or an agent wishes to reach out to a large number of debtors all at once.
Using Debt Collection Software to Maintain Fair Collection Practices
The Fair Debt Collection Practices Act (FDCPA) outlines how your collections agency can and can’t operate when contacting and pursuing debtors. Ensuring your agents stay compliant is an important part of your agency’s success. CRMDialer’s reporting and call monitoring tools make it easier than ever for you to review agent performance to ensure your team is doing everything properly at all times. You can quickly check on call times to ensure they fell within limits or listen back to recordings to evaluate agents’ on-call practices. You can also monitor calls in real-time. Finally, the system makes it easy to record and reference important debtor information like permission to call after 8 PM, refusal of at-work calls, and more. With CRMDialer, you’ll be able to ensure your agency is always FDCPA compliant and not at risk of lawsuits or penalties.
To find out more about the many ways CRMDialer can help your collections agency, reach out to a member of the team or, better yet, start your no-commitment free trial of CRMDialer today.
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