The objective of every debt collection agency is simple: collect more money faster, at a lower cost and with improved consumer satisfaction. Balancing performance while maximizing the payment collections presents challenges, however.
Comprehensive reporting of collection agency operations can help improve collections and drive down costs. By being able to collect, categorize and report all income and payments from all of the different collection methods, agency managers can develop and implement improved methods of collection and operations.
It can be difficult to optimize operations to match the volume and type of interactions with consumers, especially since the interactions seem to happen at random times. So monitoring and reporting individual transactions or agents is self-defeating. Transaction tracking and reporting takes a longer and broader viewpoint which can deliver a better overall picture. An effective reporting and analysis strategy acts as a compass leading the manager to better predict which consumers in the debt portfolio have the highest likelihood and ability to pay. A well-informed manager will be able to:
- Prioritize inventory to enable smarter decisions throughout the workflow
- Align agent skill with the likelihood of debt recovery at an individual account level
- Optimize operational efficiency by increasing speed to recovery
- Intelligently allocate fixed and variable expenses
So if you feel that your agency operations could be improved, look first to the reports your payment processor system produces. You may be able to modify the reports in a way that helps you extract the information that you need.
BillingTree’s payment processing system for collection agencies provides all the reports you need for smooth-running operations. In addition, the reports can be customized for your individual needs. To find out more, contact BillingTree or call us at 877-424-5587.