Well, your next collector should be a computer, not a live human capable of making mistakes that end up as CFPB complaints. Using automation to drive consumers to self-pay options is the future of debt collection. Yes, your next and best collector should be a robot.
Using a payment site to allow your consumers to self-cure their debt is the most compliant and least expensive way to get your portfolio collected. The only problem is how to drive the consumers to your self-cure payment portal.
Let’s quickly break this down. So, you’ve been using this payment portal for 2 years now and you consistently put up the self-cure link on all your outbound letters. Great, But the results are just fair at best. You tried getting your staff to recommend the site when calls did not end in a collection, but the staff did not see a benefit, so they were not bought into the process. Frustrating.
Next, you decided to step up your game by using emails to get consumers to go to your payment site. So you contacted your letter vendor and started getting consent from consumers to send them emails. But, your opt in consent grew so slowly that you were unable to send enough emails to get an appreciable lift because the collectors were not bought into the strategy sufficiently enough to get the consumer to accept communications this way.
What you needed was a smarter email tool…one that could not just send the mail but track its lifespan. To track its open, read, clicked, what device viewed it, opened again and so on. You need to build a “story” around each person that you emailed. You need to know what happens at every action from when that email was sent out. It’s the only way to learn how that single person engaged, or abandoned and then figure out where and why and “fix” accordingly, building an effective strategy without guessing or wasting money.
There’s help. There is a full feature Marketing Automation Platform designed with the needs of the collection industry in mind. More than just an email system, the SoftWave Collections platform is an intelligent email marketing system that applies rules-based logic to email campaigns designed to optimize your results. These messages often take the form of emails and texts, although other media can also be used.
Soft Wave campaigns are distinct in two ways:
(1) the timing of the messages follows a pre-determined course, there’s a focus.
(2) the messages are sent in an automated fashion that speaks best to a specific behavior or status of the consumer.
If you are looking for a COMPLETE solution and less frustration and guessing, contact me today.
Phillip W Duff / CEO