ChaseData Call Center Software Blog

Why Collections are More Successful with Debt Collection Call Center Software

Posted by Ahmed Macklai on Jun 5, 2018 7:30:00 AM

Debt Collection Call Center Software

Would you be surprised to know that some collections call centers are still working with paper files and 3”x5” index cards? In fact, some small collections agencies are still operating with little more than OEM software that came with the desktops – that are still running on Windows 7. They’ve cobbled together apps and workaround that work, but might not work together, resulting in extra steps to make sure everyone is on the same page regarding a collection. The big problem is that none of these approaches specifically address the needs of a modern call-center that needs to reach out repeatedly, often through multiple channels, to contact clients and maintain a file of their interactions, recording calls, and keeping track of transactions. When a call center brings in debt collection call center software, the focus is taken off the agent and correctly retargeted to the client.

Debt Collection Call Center Software Tactics Vs. Strategies

Even experienced business people often confuse strategy for tactics. Putting it simply, tactics are short-term plans for attaining a particular goal, while strategy is taking a longer view. A strategy is developing resources and using short-term plans (tactics) to achieve a longer-term goal. For instance, using scripting in agents’ interactions with debtors to bring about better results is a tactic. Using debt collection call center software to track these interactions and continue positive results is a strategy that over the long term will help agents attain a higher rate of contact, interaction and collection. The tactics used in this overall strategy include developing and carrying out approaches to clients that are effective, efficient, and compliant with FCC and FTC regulations.

Why Change Your Software?

Updating call center software doesn’t have to be complicated. Cloud-based software is scalable and modular. Adding and removing features is easy and offers a custom fit that out of the box software simply can’t replicate. Scalability allows for expansion and remote call rooms or workers, not to mention being able to add workers at a moment’s notice. With intuitive interfaces, it is possible with training to increase agent productivity, service quality, and thus increase revenue. Using top-quality software also offers the ability for supervisors, managers, and C-level executives to have different levels of access and can monitor agent performance and critical KPI from a dashboard interface.

Debt Collection Call Center Software

Debt Collection Call Center Software Features to Look For

Debt collection is an industry with particular requirements when it comes to call center software.

  1. Inbound/outbound call management.

  2. Compliance management. Call centers have multiple layers of regulation with which they must comply. Rules set down by the Consumer Protection Agency, the FTC, and the FCC only to be studied and implemented. Make sure that the software can handle compliance updates.

  3. Call logging. Call logging is part of an overall documentation strategy. Part of the regulations that govern debt collection agencies includes a prohibition against harassing phone calls and violating the Fair Debt Collection Practices Act.

  4. Call recording. Under the law, anything not documented is subject to be called hearsay. By aggrandizing client and advising them that call is being recorded, it makes it far less likely that the client will claim in court things that did not happen. At the same time, it preserves a record for regulators.

  5. Call routing and escalation management. Complex issues to develop the can’t be handled by your tier one agents. Escalating a call and routing it to correct tier and person should be at most a point and click away. Information should be transferred along with the call to eliminate repeated questions that only bring further irritation instead of resolution.

  6. Supervisor live chat. It’s hard to be on the front lines of a call-center, especially when an inexperienced agent meets with an intractable customer who will not be satisfied. It’s at this critical time a supervisor or a more experienced agent can listen in on the call and communicate with an agent using a live chat app in the dashboard. Sometimes a little coaching is all anyone needs, but live chat is a priceless tool when the customer moves to, “I want to speak to your supervisor!”

  7. Payment processing. Payment processing is no longer limited to debit cards or credit card. There are multiple channels by which a client can pay their balance. Opening payments to PayPal, direct carrier billing, bank transfers, direct debit from a bank account, and even e-checks gives clients more ways to pay. In the case of reloadable debit cards, including them in payment options means that without a bank or PayPal account will still be able to conduct transactions. It’s all about the options when it comes to getting paid.

  8. Third-party integrations. Everyone has their favorite apps. Application programming interfaces – or APIs – make integrating apps easy. Whether it’s Zoho CRM, Oracle CX, MailChimp, Dropbox, or Google services such as Drive, Sheets, or Docs, software needs to work with agents are comfortable using.

  9. Multichannel contact tools. It used to be a PSTN world. Telephones and fax machines ruled the business world. However, many collection agencies have failed to account for expansion in communication wrought by the Internet and mobile device. Contacting clients by email or text, or discreetly messaging them on social media allows you to create more points of contact and open a dialogue.

  10. Security. Data security compliance protects the client’s information and decreases the chance of a data breach. Don’t be Equifax! Make sure that PCI-DSS is a security factor in the software.

  11. Multiple dialing options. Offering agent click-to-call option allows them to control the flow of clients over the course of the workday. While predictive and progressive dialers make sure that every contact reaches a live agent.

 ChaseData’s debt collection call center software deploys rapidly, sets up quickly, and has a free try-before-you-buy period. Test drive the Bentley of call-center solutions and find out what ChaseData can do to bring your company into the 21st Century. For more debt collection agency strategies that will benefit your company, check out this ChaseData e-book: Call for a free demonstration of ChaseData’s debt collection call center software and see what the debt collection call center software can do for your earnings.


Topics: Call Center Software