Collections - prevention is better than cure
Collections - prevention is better than cure
A customer entering the debt collections process is never a good thing for a business – it is expensive to chase payment, and, if unsuccessful, a significant loss can be made too (in the US, the average price paid by the debt buyer is 4 cents per dollar of the debt face value).
This paper explores the issue of customer debt and how the latest advancements in customer service technology can be applied to reduce the cost of collections, increase
repayments, and prevent customers entering the collections process in the first place.
Content
- Introduction
- Two types of collections
- The collections path
- Removing the barriers to customers engaging with the debt process
- Why proactive (outbound) conversations transform the efficacy of collections
- Prevention is better than cure
- Conclusion
Solutions in your sector
Enabling a differentiated experience throughout the end-to-end customer journey for the world’s largest telcos
Transforming the citizen experience across federal and state government agencies
Collecting funds faster using dynamic engagement strategies and easy-to-trigger payment transactions
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