One of the most important departments of any business is its accounts receivable branch. Not only is this group responsible for making sure that debts are paid to a business, but it is also the lifeblood that keeps any business functioning. Without it, money flutters out of the business in unpaid debt, stifling business as budgets tighten. Yet, collecting debt can be an unpleasant experience for you and your clients; nobody likes receiving collection calls or seeing late notices in the mail. But business is business, and your company needs to collect to keep running.
A good deal of businesses however, make the mistake of spending upwards of tens of thousands of dollars on expensive systems that make collection call after collection call or mail out paper payment reminders every day in the hopes that someone will be respond. Often these systems barely pay themselves off. Luckily, there are more efficient ways to boost collections.
From Text to Collections
By using mass SMS messaging services you can send helpful reminders to your account holders when payments are due. There are many benefits of using mass messaging services that you won’t find from robocall programs. A mass business text is designed by your company, allowing you the freedom to design your message before sending it out.
Adding a Personal Touch to Collections
In addition, setting up a voice broadcasting system for your collections department will give you an added dynamic that allows your client more options for choosing how to handle their account. Voice broadcasting allows your collections team to increase debt recovery rates while reducing operational costs and improving agent effectiveness. Making automated phone calls to your clients aid your agents by offering a means to access important account information to better help the client and your company. This helps your team make more calls while increasing the level of customer service you are able to provide.
So, how does voice broadcasting work to your advantage? First of all, it can be used as a simple reminder to your clients and link back to your agents for escalation and payment. In addition, you can set the pace and tone of your campaign to truly customize it to meet your needs. Every account will get a call and it will supplement your workload by creating more inbound calls for your agents to generate results.
Finding a Strategy that Works for You
While mass calling does a lot of the heavy lifting instead of having to make all of your calls manually, you still need to be mindful of crafting your message in a way that is going to get the results you are after. Whether it is with phone calls or a hosted SMS system, be sure to change things up every so often to show your clients that you care. You can use a rotation of voices for your calls and a variety of different messages for your texts to ensure that you can reach your clients and collect the money you need.
In order to run a healthy business, your collections department also needs to be healthy. With mass SMS messages and automated voice broadcasting you will be able to keep diminishing returns at bay and stay fresh in order to meet your collection goal of 100 percent.
Featured images:
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Written by Tamila Brown, a stay-at-home mom and guru blogger. She enjoys going to the park with her two kids, hiking and biking, and spending her nights writing. She recommends CallFire for companies seeing quality voice broadcasting and mass text messaging services.