For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time …
Chargeback Prevention Tips for High Risk Businesses
Your staff works hard during the busy tax season and throughout the year to settle past-due accounts and collect payments for your debt collection agency. Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Agencies and other high-risk businesses can go months or years without experiencing the stress caused by …
A Strategic Approach to Debt Settlement Campaigns for Tax Season
Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax refund season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase …
Understand and Develop Conversational Intelligence in Debt Collection
“Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a quote from Leslie Bender, Senior Attorney of Health Privacy and Consumer Financial Privacy during her presentation at Collector Live, a yearly event hosted by Mike Gibb of AccountsRecovery.net. The virtual conference for frontline and upper management debt collectors hosted several experts including debt collection …
Setting Up a Successful Debt Collection Validation Notice Email Campaign
Most modern debt collection agencies are starting to use email for collection, or have it on the roadmap to implement soon. Consumers like the convenience of email and companies prefer advantages like: The cost savings of using email compared to traditional mail The possibility to reach consumers you otherwise wouldn’t Faster collection on accounts Even with the positive aspects of …
Data-Driven Debt Recovery: A Proven 5-Step Email Strategy
Email for debt collection is more popular than ever and there are good reasons why. A thoughtful debt collection email strategy: Makes right party contact faster and easier Drives more traffic to self-serve channels, freeing up employees to do other work Saves money on operating costs by reducing postage costs Gives you more visibility into consumer engagement In an era …
Text and Email for Debt Collection: Reaching Consumers Where They Are
In a recent PDCflow sponsored webinar on accountsrecovery.com, a panel of digital collection experts sat down to discuss the differences they’ve encountered in text messaging and email for debt collection. Shawn Farris, Brandy Rouselle, and Chris Repholz discussed which channels they each prefer and the strengths of each. They also covered how using SMS messages together with email for debt …
Digital Operations Impact on Debt Collection, from Team Structure to ROI
Justin Franklin, Vice President of Global Strategy and Execution at Cedar Financial recently sat down for an interview with PDCflow’s Dawn Updike. They discussed how digital operations impact team structures and revenue, measuring ROI and more.Like other Accounts Receivable professionals, Franklin found his career by accident when he accepted a collection job after college in 2005. He has a wide …
4 Key Metrics for Measuring Digital Campaigns in Accounts Receivable
Every debt collector knows the struggle of getting consumers to answer their phones. Digital campaigns can better engage people who want to pay without requiring them to answer a call. But you need to collect certain key metrics to know these new tactics are working. Collecting and analyzing your data will help you understand how your business is performing and …
How to Create and Measure an Omnichannel Strategy in Debt Collection
Creating a digital omnichannel strategy for debt collection is essential for the future. Technology is readily available and there are compliant ways to use it to better connect with consumers. How do you know what you’re planning (or what you’ve already set up) is working as well as it could? Three digital collections experts, Pran Navanandan, Halsted Financial Services, Dianne …
Don’t Wait! Adopt Text and Email Communications, Grow Agency Market Share
Do you pick up the phone when a stranger calls? Most of your consumers don’t. So why keep trying something that doesn’t work? Three digital technology advocates and ARM industry professionals spoke with AccountsRecovery.net to share why text and email are now more than necessary. Megan Bryant, Credit Collection Partners, Wade Isbell, Professional Credit Services, and Chris Repholz, The CCS …
Experts Answer 7 Questions: How Digital Strategists Fit in Debt Collection
Digital channels for communication are common, cost effective, expected – and perhaps most importantly – wanted by consumers. But for years, debt collection has been trapped between trying to propel their agencies forward with new technologies and being held back due to compliance fears. Now, with permission given through Regulation F, those who haven’t dipped their toes into digital strategy …