No one stops to think about how many unresolved “customer service” issues go to collections. We see as many as 1/2 of the accounts in certain portfolios being sent to collection due to poor communication. If you excel in customer experiences and employ people that solve problems, then undoubtedly, your delinquency will drop.
The more you talk to customers and solve problems, the cleaner your receivables will be. Remove the hurdles your company places in the way of communication and you will improve customer service and recoveries. Yes, humans still play a critical role in delinquent accounts receivable!
Why do we talk about customer service when our primary business is third party collections? In our industry, the value of speaking directly to people has never been higher. Think that all agencies are the same? It just isn’t true – there are so many agencies stuck in the past. When we reach people, we must quickly find commonality in a solution and path forward. In the old days, you might have several conversations with customers that owed money. Now you only get one chance!
Not all businesses dot their “i”s and cross their “t”s when it comes to customer service. They may not have addressed every problem. XcelRev is all about sorting through customer service issues. Many clients take our feedback and make improvements to their internal processes. It’s one of the founding principles of our client partnerships; assist in identifying and solving root causes of delinquency so that clients’ AR can improve!