- December 4, 2017
- Posted by: Phillip W. Duff
- Categories: Agencies, Compliance, Latest Post, Law Firms, Opinions, Security, Technology, Training
As the collection industry and collection agency strategies evolve many companies have not evolved their staff to meet the new strategies. Multichannel debt collection strategies are meant to provide the consumer multiple ways to communicate with the debt collector and multiple ways to pay. The new communication channels mean that the old school methods are less needed as there are now other ways to pay.
The industry has relied on letters and outbound calls for decades and this is still the main strategies for most collection agencies, creditors and collection law firms. The modern day collection strategy includes several other communication methods such as texting, emails, payment websites, voice mail drops and much more, so the question is how do we integrate them.
Well some of it is easy in theory such as adding the payment website to the letters you send out hoping the debtor will self cure at your payment site. But integrating that into your collectors talk off is not as easy. Whats the motivation for the collector to send the debtor to a pay site and possibly lose the commission and definitely show the owner operator that the money can be collected without the live interaction? There is no motivation for that collector to “cut his nose off to spite his face”.
So it’s not just saying you are going to start using multichannel collection stratagies its how do they fit into your companies culture and operational channels. How do they match your technology? How do they fit into your collectors bonus plan?
All of these channels must integrate with your staff not just your technology. Thats where Lighthouse Consulting comes in we start by evaluating your staff, company culture and management direction to determine how to fold in the new communication channels to be the most effective in YOUR APPLICATION OF THE STRATEGIES.
Give Lighthouse Consulting a call to learn how we can help build strategies that your company can not only support but can grow in your business environment.