Better Debt Collection Means a Better Customer Experience -- Here's Why
Debt collection should enhance, not harm your brand image. The days of debt collection run amok are over. Certainly,...
Debt collection should enhance, not harm your brand image.
The days of debt collection run amok are over. Certainly, federal compliance rules cracked down on overzealous and sometimes rude debt collection firms. However, it’s really been the internet that has changed what we consider best practices for the industry’s approach to A/R recovery.
Today, one bad phone call from a debt collection agency can land your company in hot water with the government, but it can also make your brand go viral for all the wrong reasons. Customer service should be a paramount goal for any of your third-party vendors that come in contact with your customers.
Here’s why working with a collections agency like TSI makes sense if your goal is to enhance the customer experience.
Debt Collection and Keeping the Customer Satisfied
TSI believes that your debt collection agency can recover past due funds without damaging the customer relationship. In fact, that tenet is a mainstay of our service delivery promise. Despite what you may believe, most customers understand the responsibility of paying their debts and will work with a collection firm that handles the relationship properly. In our experience, customers don’t leave because they owe you money; they leave when your debt collection firm mishandles customer service.
Debt collection can actually enhance customer service metrics that suggest each call or written communication should be handled with crisp professionalism and not bullying or scare tactics. Implementing debt collection best practices should be part of an overall effort to improve customer care and retain all of your customers long-term. Why is this important?
It costs more to attract new customers than retain the old ones — debt collection can help your corporate growth.
Whether your company is enterprise or small business, growth in the form of revenue comes when you: a) retain existing customers, and b) add new customers. When thinking about the amount of time and money spent enticing the average customer, most companies recognize that it costs more to earn new customers than it does to retain the old ones. This is true even when customers fall behind in their debt. A good debt collection firm can help retain customers while improving the relationship so that they will continue to support your brand. One bad customer service experience can be shared on social media, irrevocably harming your efforts to attract new clients.
The truth is that many times we find clients simply forgot to pay or fell behind. They are typically willing to collaborate with TSI teams that contact them for payment. Making debt collection a positive, simple customer service experience can improve your brand’s image while also maintaining the relationship you’ve worked so hard to build. A positive debt collection experience should start with correct information on the invoice, properly filed payments, consistent communication on past due debt, and easy online bill payment options that make it payment convenient.
TSI is the nation’s leading debt collection firm. Our turnkey solutions manage your clients with respect and professionalism, enhancing your brand while maintaining rigorous customer service standards. Small debt collection agencies simply do not have the experience, the technology, and the extensive training that our team offers.
TSI goes beyond debt collection to actually improve the client relationship. We can help enhance the bottom line of your business and extend the positive image of your brand in the markets you serve. Contact us today to learn more.