Outstanding debt can be crippling for many businesses, impacting your cash flow and biting into your profit margins as you try and recover outstanding accounts.
It can also be time-consuming, eating up valuable resources within your business and adding a layer of stress and anxiety to your existing workforce.
Of course, it can also be a tough time for your customer so finding the right balance to recover the funds owed whilst maintaining a positive experience with your brand is important.
Thankfully with the advancements in technology including big data, artificial intelligence, automatic diallers and customer analytics its never been easier to develop and execute effective credit management strategies that in many instances, can avoid having to use a contact centre agent altogether.
What to look for in sourcing a debt collector or credit management provider
When it comes to debt collection, experience matters.
Whether its simple outstanding bill calls or managing the entire collections process, finding the right partner with the skills, experience and technology will ensure you get the best outcome for your business and customers.
Location can also play a role - from using cheaper offshore solutions to onshore (within Australia), each has its pros and cons which the outsourcing provider can discuss with you.
Industry experience can also be important - whether its utilities, public sector, finance etc each industry can have its own nuances and your debt collection partners experience can help identify and implement the most effective collection strategy with you.