Increasing cash flow with collection calls
In this technology-driven world, automated text messages and email campaigns are commonplace when following up with slow-paying customers. Some forward-thinking companies have incorporated chat-bots for common questions while others employ artificial intelligence, directing customer inquiries to the right operator within the company.
All these tools work up to a point; however, if your customer is willfully ignoring your automated communications, the receivable will age out to the point where other strategies must be employed.
Enter the old school telephone
When faced with the option of physically calling customers for money, creditors have two choices: hire and manage a team or contract the work to a qualified vendor. Developing a team of credit analysts to make calls and collect your money gives you a sense of control. You can hear their calls. The staff is trained as ambassadors for your company and you have a direct “ear” to your customers. You also have the human resource issues that go with staff such as lease space, training, professional development, and vacation pay accruals.
The second option for telephone contact is to engage a team of professional negotiators who have access to highly sophisticated contact management tools. Only pay when their services are required and engagements are scalable based on your workload.
If contracting out your customer contact campaigns, we suggest monitoring performance indicators such as dollars recovered, customer complaints, customer service issues discovered, service issues resolved, and client satisfaction scores. Professional credit management firms are highly motivated to do good work and meet all of your requirements. If they do not meet your requirements, invoke your 30-day notice and go back to doing yourself.
Ultimately, automated processes such as dialer campaigns and artificial intelligence can be very helpful tools if used in conjunction with real, live-bodied collection calls.
At PCM, we can provide qualified candidates for your open positions or a team of in-house contract credit professionals or a hybrid of the two where we place our staff at your office location to do the work using your systems with PCM responsible for the management of the role and monitoring key indicators.