The COVID-19 health crisis has indubitably led to difficult times for both individuals and a host of industries over the past few months. Spaces such as the debt recovery industry have found themselves walking a tight rope because of the need to continue settling debts while remaining empathetic of the situations debtors may be going through. Improved Data Services knows that patience and flexibility are virtues while communicating with individuals that are having difficulties making payments. In this article, Improved Data Services discusses some ways that debt recovery agencies can continue towards their goal of coming to debt payment solutions during uncertain times for us all.
Utilize Messaging That is Context-Aware
Improved Data Services acknowledges that, while it is important for debt recovery to be streamlined and efficient, this efficiency should not come at the expense of empathy. The current health crisis has been a tough situation for many, and it is important that outreach keeps this fact in mind as agencies seek to settle debts. Not only will the use of context aware messaging ensure that your communications are properly optimized and increase the odds of receiving payment, but it will also show consumers that you understand the complexities of their situation. Remember that optimizing content for a context-aware approach does not mean that an agency needs to increase the frequency of outreach attempts, as this is sure to anger consumers and make them less amenable to coming to a payment solution. Instead, tailor the tone of messaging to the situation at hand and maintain a level of breathing room between attempts.
Include Flexible Payment Options for Debtors
Improved Data Services acknowledges that providing flexible payment options for debtors can be mutually beneficial for a variety of reasons. For example, flexible payment plans can be representative of high-level customer service that can dramatically increase payment plan retention. The psychology behind this is clear- debtors are much more likely to pay down their debts when they feel as though the agency is working with them. This is particularly relevant when acknowledging that some consumers are currently experiencing unpredictable cash flow during the pandemic. Flexible payment options can make the process appear much more manageable in times of crisis, and companies that utilize them often find that the empathy instills a high level of trust. Improved Data Services recognizes how these facets of customer service make debtors feel more inclined to pay down balances.
Consider Online-Self Service Models
Online banking has been on the rise for several years, and the COVID-19 pandemic has influence has led to even more users coming to accept it as a necessity in this age. Because of this, debt recovery agencies can benefit from payment portals that allow debtors to make payments online without needing to communicate to agents to pay down their debt. While Improved Data Services does offer outreach via phone for its clients, the company also acknowledges that some debtors may be put off by back and forth communication to reach a payment solution. Matching the convenience of online banking by facilitating actions such as adjusting length of payment plan, disputing debt, or deferment can streamline the process of hearing back from those who owe. From there, agencies can get a better idea of how to drive communication moving forward as necessary.