If every single customer is unique, why do so many agencies still try to collect debt in the same way for all?
Their finances, debt, credit scores and likelihood to repay are all different. They’ll be using different financial products, with different bills, fixed outgoings and incomes. It’s the responsibility of collections businesses to understand the situation of the individual customer and provide the support and guidance they need to reach a resolution. It’s important to get results that get consumers out of debt and collect in a humanized way.
Debt collection agencies can help businesses achieve this by providing specialized collections services. In this article, we dive into why it’s important for businesses to use performance-based agency placements to distinguish the best one for their customers.
Choosing the right debt collection agency can make or break the experience
The key to agency placements is matching the right customer with the right agency. For you, it means a higher chance of collecting outstanding debt through the specialized experience of an agency. Better yet, you don’t have to commit additional members of your own team to create individual strategies for challenging customers.
For customers, it provides them with a team of people that better understand their situation. They can receive the right payment options, support and guidance from an agency that has an understanding of their experience. From there, they have a better chance at debt resolution in a humanized way, building brand loyalty because you’re conveying you have their best interests in mind.
Performance-based agency placements and why you should be doing it
You’re most likely already using DCAs to resolve outstanding debt. But the fact is, manual agency placement can be extremely time consuming and a compliance risk.
Not only do you have to analyze each agency against their performance, but you have to monitor them to ensure their processes are customer-centric and aligned with your company values. In terms of risk, you’re cariously responsible for the actions and processes used by DCA’s. This means if they breach any form of compliance with the FDCPA or consumer duty, you’re also held responsible.
Performanced-based agency placement uses data, analytics and AI to automate the agency placement process. It takes all key factors into account including type of debt, customer data, outstanding balance and more. Then, you can configure your own requirements to automate the best agency for your customers, monitor them in real-time and identify any discrepancies you need to correct. It does all of the hard work for you, so you can save time and ensure a humanized experience for everyone.
Find the perfect agency for your customers with Placement Plus
Debt collection agencies are a standard part of collections, helping you manage high volumes of customers and providing support for all. In order to find the ideal agencies for your customers, you need to utilize performance-based agency placement which is efficient, increases payment and saves time throughout the collection process.
Placement Plus is an innovative agency placement tool that incorporates AI, automation and analytics into one holistic package. It automatically analyzes agencies based on their data, provides real-time monitoring of their processes and centralizes communications into a simple platform. Placement Plus helps you find the agencies that will enhance your collections performance and ensure a humanized experience.
To find out more about Placement Plus and how performance-based agency placements can enhance your operations, contact a member of our team today.
