The pursuit of debt recovery can be frustrating and time consuming. Telephone calls, letters, filing legal paperwork, and keeping track of data are labour-intensive tasks that cost time and money. But with the advent of automation, collection rates can vastly improve, and businesses can thrive by dramatically reducing the amount of time that needs to be invested in their operations. Here we outline four ways you can automate collections.
1. AUTOMATE YOUR COLLECTION WORKFLOW
Workflow automation is technology that uses rule-based logic to automate the manual work of debt collection. By leveraging self-operating processes that run manual tasks, workflow automation can help you save time and money, diminish errors, and most importantly dramatically boost your productivity. LATERAL is process driven. Its automated workflows can be specified by its user, thereby debt collection processes are built according to your unique and specific needs.
2. AUTOMATE PAYMENT OPTIONS
Today payment options can also be automated. Through 10 years of development, LATERAL’S software includes automated payment phone lines, SMS text payments, online payments via web portal and via barcoded letters, with all collection activities and results viewed in real-time via our online secure client portal. Why manage complex payment procedures yourself when it can be automatically handled for you?
3. AUTOMATE COMMUNICATIONS
The most effective collections campaigns recognise that consumers are more likely to respond to communication that arrives via digital channels they’re familiar with. If you can reach the right individual at the right time, the potential for successful recovery increases dramatically. The use of omni-channel communications is another innovative way to automate your collections process. LATERAL’S omni-channel communication system (including SMS, WhatsApp, Email and Chat), means you can deploy more effective correspondence, which is automated and optimised. It’s less prone to error, more professional, and will increase efficiencies.
4. AUTOMATE THE DECISION MAKING
You want to deliver the best results, and now when it comes to debt collection, you can even automate decisions in order to receive the best possible outcome. LATERAL’S decision-making automation uses advanced algorithms of dynamic machine learning to propose how you interact with your customers, thereby minimizing bad debt and more rapidly rehabilitating delinquent customers.
The proactive automation of debt recovery is critical to ensure your long-term financial stability, so BOOK A DEMO with LATERAL today, and find out how to stay ahead of the competition.