Many business challenges can arise within a collection agency as you steadily build your client base. Not the least of these is the challenges that happen with a dependence on agent-assisted collections. Over time these challenges can become so entangling that they can slow business growth to a crawl. While it is important that an agency has trained and professional agents to assist clients, there are many tasks that can be automated, thereby freeing the agents for more productive tasks. One of those tasks is clients making routine and regular payments. If you are still depending almost exclusively on agents, you might want to think about adding some automation. Here are four areas of improvement that your business will gain when self-pay channels are installed.
Improved Employee Productivity. When your company is growing, every employee must be operating at optimal productivity. But if the employees are bogged down with inefficient processes it increases errors and takes time away from their more important core duties. Important processes such as payment collections, negotiation and account setup can take a lot longer to get completed and can be erroneous. For instance, your employees may be spending hours manually entering payment information into the accounting system when it could be done automatically. Such labor-intensive tasks reduce the agility that your company needs to grow.
Real-time Visibility. When collection duties are agent-assisted, it can be difficult to easily get a view of current account performance due to updates not being recorded immediately. Reports showing performance across all accounts and activities are crucial to delivering an integrated view of your client's accounts and activities. When information is manually entered and edited, critical data could be lost or incorrectly entered. An integrated and automated collections system delivers account visibility through ensuring correct account-assignment and data-entry via defined entry points and methods. Visibility is assured for both the collection agency employees for compliance reporting and monthly reporting. It also serves the client well; the ability to access the most current information about account status results in peace of mind for the client.
Improved Client Retention. Client acquisition and revenue growth are key pillars to your company's continued success. With fierce competition, it is essential that your company provide an exceptional customer experience for your clients or risk having them take their business elsewhere.
BillingTree helps make payment processing easy, which gives companies more time to spend on developing their customer base. With BillingTree’s suite of payment solutions, you can accelerate your payments and deliver convenient self-service to your customers. Streamline and automate payment processing and posting, any time of day with virtually any type of payment.