Debt collection is a challenging task as it requires reaching and communicating with people who are not always going to perform the assumed duties. Though you need something to help you save your time, and energy, and make the work more effective and productive. What is this?
As debt collection is all about cold calling, the best solution is to purchase a hosted auto dialer software. A dialer for collection agencies is an all-in-one software that can cover all your needs and offer a wide range of features for workforce management, call monitoring, call recording, several modes for auto-calling, and much more.
So what is the debt collection dialer and how does it work? What benefits does it offer?
Let’s find it out.
What is automated debt collection calls software?
A dialer for collection agencies is a cloud-based software that includes three distinct algorithms for automated calling, call reporting and monitoring features, and intelligent redialing capabilities. It is called a hosted auto dialer software because it is cloud-based and all infrastructure that makes hosted dialer solutions work properly is located on the service provider’s servers or third-party servers that are paid for by your vendor. Thus, you don’t need to pay for any hardware, maintenance, or setups.
How do the debt recovery tools work?
As we have already discussed, hosted dialer solutions are cloud-based and it is the most cost-effective solution on the market – especially if we take into consideration that all benefits are on your side as you save money on infrastructure, not the vendor. Moreover, the debt collection dialer works via VoIP technology. Therefore, it needs nothing more than an Internet connection and headphones to perform calls. No landlines or desk phones, just pure efficiency.
What features of a hosted dialer solutions can boost the debt collection agency?
We have already stated that hosted auto dialer software is multifunctional and universal. Despite the fact that the debt collection dialer has its main purpose to perform cold calls, you still can enjoy numerous options for controlling your agents, overall campaign performance, call recording features, and other pleasant features that can improve your operational effectiveness and productivity.
Three dialing modes
Hosted auto dialer software has three diverse dialing modes – Predictive dialer, Power dialer, and Preview dialer. There can be nothing better for debt collectors than a Predictive dialer – over 100 dials per hour, 75% of response rate – 4 times faster than manual dialing! Moreover, the Predictive dialer can ignore unsuccessful calls and move further, but it offers flexible redialing rules for all unsuccessful calls.
Anyhow, the Predictive dialer needs at least five agents to work appropriately. But there’s a way out – a Power dialer with around 75 dials per hour, but with the ability to work with one agent only and leave voicemails – a feature that isn’t offered by the Predictive dialer.
Preview dialer can show the debtor’s data from your CRM to communicate with him more thoroughly. All types of hosted dialer solutions also provide you with deep insight into each campaign’s results.
You can’t collect debts without working with a CRM, and a hosted auto dialer software offers this feature to you without a need to switch between different apps and spend time gathering and processing data from different sources. Integrate a CRM system with a debt collection dialer to make agents more prepared before each call and reach each debtor with a personalized approach to boost the chance of success.
Call recording and monitoring
Need to get some additional control over agents’ work? Use call recording feature – an option to record calls to analyze them and point to agents’ mistakes or wrong approaches to debtors. Call monitoring allows you to take part in live calls – in hidden mode, in whispering mode(only the agent will hear you), or in barge-in mode(both parties hear you).
Local Caller ID
It is not a secret that most people just don’t answer calls that are marked as non-local – they consider them scam likely and avoid spending time on them. With the help of a dialer for collection agencies, mark all your calls with Local IDs of call receivers(in accordance with your CRM), or in other ways – an absolute flexibility for your decisions.
It is needed to make at least eight tries to reach a call receiver in a cold calling campaign, and when it comes to debt collection, a situation can become even more challenging. Nonetheless, with the assistance of hosted auto dialer software, you can easily leave cold voicemails – their callback rate can be over 20%, and that’s a great deal. And don’t worry about unsuccessful calls – customizable redialing rules will deal with any number of needed redials.
Debt collection needs agents to keep their focus on the purpose of the conversation and leave no chance for any conflicts or non-constructive communication. Call scripts can greatly help them to perform call flow management and keep each conversation in the right direction to make sure that the result will be satisfactory for you and your business. Use the internal script editor and constructor in the interface of automated debt collection calls software to construct, edit, or use ready scripts for each campaign and make vital notes exactly during the call.
Live reporting and dashboards
How do we detect if our cold calling campaign goes on in either right or wrong direction? We use stats and reports to take a closer look at what are the call volumes, average call duration, agent occupancy, response rate, and other metrics which point us to problems and mistakes performed by agents. Hosted auto dialer software is a tool with strong reporting features, such as live dashboards with all needed information about the campaign – see all agents’ performance and their personal stats to see who woks as a pro, an who fails the competition. Use data for further analysis and make wise and effective decisions to increase the performance of your agency.0