Even the best debt collection agents are only as good as the tools that they have available to them. Giving delinquent payers flexibility in the way that they pay their outstanding invoices and the terms of payment can result in huge increases in collection rates in any industry. But, finding the right solutions for your collection agency is easier said than done, as not all payment processors are created equal.
At BillingTree we specialize in solutions that give your collection agents the tools that they need to be successful. Some of the traits that collection agencies should seek when choosing a solution include:
Today more consumers than ever are paying their bills through web and mobile solutions. According to a First Data report, electronic bill payment first surpassed all other payment methods in 2009 and has only continued to climb since that time. For that reason, it is more important than ever that collection agencies provide online payment processing options to payers in order to facilitate timely payments and increase collection rates.
Diverse Payment Options
Not all consumers are comfortable paying through the same channels. For that reason, it is incredibly important that collection agencies are able to offer a range of payment options to consumers. Our billing solutions for collection agencies offer a range of payment channels.
In order to improve your debt collection operations, your agency must ensure it is able effectively evaluate your efforts and find where improvements can be made. Our in-depth reporting suite gives you a birds-eye-view of your collection statistics and can provide valuable insight for improving your processes and growing collection rates.
Debt Negotiation Solutions
As a collection agency, you know how important it is that you are able to offer a custom payment plan for each consumer in real time. Being able to offer individualized payment plans on outstanding debts will improve the chances of collection and make your debtors more willing to work with your company.
Our debt negotiation solutions include environments that allow consumers to make payments and enroll in payer-friendly payment plans. This can help any collection agency reach agreements with low-balance and hard-to-reach debtors who may otherwise be difficult to persuade.