Many businesses hire debt collection agencies or attorneys to help them get back the money they loaned out for consumer debts, credit cards, and other financial services. These debt recovery companies need to know about the laws relevant to recovery processes, like the Fair Debt Collection Practices Act (FDCPA), that stipulate details like how many times a day a debt collector can call or what times they can do it.
Additionally, they must have the appropriate software and tools to handle all the information of the debtors so that, so they can carry out a professional collection management process. Phone calls are probably the most effective method to contact a debtor, remind him of his obligation, and obtain payment agreements. To achieve this, using the right phone system is essential. Virtual phone systems offer debt collection services different features that will help them be more effective in their recovery processes, achieving benefits such as:
- Increasing the probability of response: You can buy several local phone numbers in different countries and cities and change them for each call to prevent your customers from recognizing the numbers of your agency. Also, VoIP phone systems allow you to mask phone numbers so that the debtors can't learn or store your number.
- Use call recording for several purposes: You can record the calls you make to have evidence of payment agreements and essential information of each contact. You can also enable the automatic transcription for every recording so that you can send to your customers the recordings and the texts as evidence of the call. You should always keep in mind the regulations of each country for call recording.
- Calls from a computer or mobile devices: Virtual phone systems will help your team to contact debtors from almost anywhere, so they can make collection calls from their desktop computer or mobile device. Calling apps make it easier for you to create a virtual call center with debt collectors in different locations, who can call debtors as if they were in the same office.
- Send SMS for notifications and reminders: You can take advantage of the text messages' effectiveness to notify debtors about their due dates and agreements. These notifications can help you increase your recovery portfolio by providing you with an additional tool to push people to fulfill payments.
- Integration with CRM and debt collection software: Virtual telephony can offer native CRM integrations, and they can also provide APIs and development features that you can use to connect them with your in-house debt collection software, with the help of a programmer. Integrations help to reduce manual data entry and get continuous control of your agents' activities.
- Real-time call center control: You can use reports and dashboards to execute detailed monitoring of activities that your collection agents. You can analyze information about the calls, destination, duration, date, time, the result of the call, and much more data that will allow you to evaluate the performance of your team. The information will help you take action on time and better define your collection strategies.
- Expand your business to other countries easily: By being able to acquire phone numbers quickly and also making international phone calls at affordable costs, you can define a marketing strategy that allows you to offer your services to companies in other countries.
A virtual phone system will improve processes of credit and debt recovery services, reducing time and costs, increasing control of phone calls and allowing you to share recordings, transcriptions, and reports with your customers.
With Toky, you can easily create your own call center, with collectors and phone numbers anywhere in the world, having features designed to improve communication with your debtors and customers. Try Toky for free.