Your goal is prompt and successful debt recovery, but what methods or processes might be inhibiting you?

1. YOU DON’T HAVE SCALABLE AND FLEXIBLE PROCESSES

Advanced debt collection software, such as LATERAL, has been engineered to adapt to any changes within your business. It is scalable, flexible and can grow with you. Your debt collection processes are not static or fixed, they’re ever-evolving. And you need software which understands that. One of the greatest strengths of LATERAL is its ability to automate tasks on your behalf. Repetitive tasks are managed by the software, saving you time and increasing your debt collection success rate.

2. YOU’RE NOT COMMUNICATING EFFECTIVELY

Today chasing debtors via phone calls is highly ineffective and a waste of valuable labour resources. Instead focus on omni-channel digital communications. Digitalization has transformed communication when it comes to debt collection processes, and consumers now expect to receive streamlined correspondence via convenient channels they’re familiar with; email, WhatsApp, SMS or Live Chat. These new methods of communication build greater loyalty and are more likely to reap rewards for you.

3. YOU’RE WAITING TOO LONG

With each passing day you don’t receive the debt you’re owed, the more likely you are to not get paid at all. Some businesses wait too long to contact customers when they fail to pay an outstanding debt, and ultimately this can have a profoundly negative impact on their immediate cash flow, and the long-term success of their business. Automation software, such as LATERAL, informs your customers when their payment date is approaching. Communication channels are clear, professional and perfectly timed, and the time-consuming process of manual follow-ups is removed.

4. YOU DON’T HAVE ACCURATE DATA

If you’re working with spreadsheets your data may not be up to date or accurate. Advanced debt recovery software offers up real-time, accurate data. You don’t need to double-check payments and you have information which you can count on. Mistakes are reduced and the debt collection process is streamlined and more accurate.

Your goal is successful, low-cost debt recovery. And debt collection software is the means by which you can ensure exceptional recovery rates. Get in touch to learn more about how LATERAL can help you.