In a continuation from last issue, technology leaders present their ideas to benefit the accounts receivable process based on their area of expertise and the impact of consumers having more money each paycheck due to recent tax changes.
Paul Gies, President of VoApps said, “Timing is the best it has been in the past few years for agencies who have been afraid of technology to try it with better ways to communicate with customers. Finding the ways they like to communicate empowers the consumer. It gives them choices about how and when to respond. Clients today like to be contacted differently. “The current administration is pro business. The message is, if you are a good actor you have nothing to fear. Non-intrusive delivery into a voice mailbox does not interrupt their day. They are calling you back on their timeframe, which changes the tone of the conversation. It results in a better conversation. The response is based on the age and type of the paper. Generally it is a 20% increase in contacts. The quality of the call is better because they are calling back to get resolution. It empowers consumers, which leads to better interactions.”
Chris Campbell, CEO of Simplicity Collection Software said, “It is better for the software to identify the debtors who are going to make payments and are going to continue to stay on a payment plan. On the legal collection side the payment plans are usually signed documents with incentive to pay or the amount goes up with alerts if they miss the eCheck or an ACH. Legal has the advantage of filing suit and getting a face-to-face meeting. Sign a plan or get agreement which enables them to get a judgement where they get garnishment or a levy on tax refunds.”
Chris J. Roberts, President/Chief Operating Officer of Sentinel Development Solutions, Inc. (eCollections) said, “The next generation prefers to address their obligations in a different way. They may receive a letter or email and take care of it without getting a call from a collector. “Time is of the essence; get your processes in place so when the account moves to collection status, because who knows how long this [economy] can last. Additionally there is a more favorable environment like changes in CFPB. Collections is an easy issue for politicians to speak about.”