Automated Natural Voice Reminders in Debt Collection Processes
Household debt in the Eurozone has been problematic for years. Though many companies are engaged in intense debt collection efforts, sending letters and emails, many find that customers aren’t very receptive, and conversion rates remain low.
What if there was a better method to establish a personal connection with debtors and improve the odds of getting paid? Well, there is, and it’s called Natural Voice.
In this article, we discuss why Natural Voice is an often overlooked yet very effective dunning tool. But first…. Let’s talk definitions.
With debt levels remaining high in most European countries, companies operating in this market have no choice but to employ various debt collection techniques and try to ensure outstanding invoices are paid. The act of reaching out and methodically communicating with your customers to remind them about an outstanding invoice in order to ensure payment can be described as one – dunning. We have covered this topic in one of our previous blogs, so if you are unfamiliar with it, we highly recommend that you read it!
Recommended reading: What is Dunning and How Does It Improve The Billing Process?
What is A Natural Voice Reminder?
When considering natural voice reminders, people should imagine a phone call arriving at a recipient and politely greeting and explaining the purpose of the call in a pre-determined language, tone, order, and general manner. Later, the natural voice guides the person through the entire call, reminding them of the unpaid invoice and offering payment options. What’s great about this dunning channel is that businesses have virtually limitless options for customizing their approach. Depending on the audience, businesses can seek to generate the most sufficient and accepted phone calls, which in most cases result in successful payment settlements.
Voice Reminders in Debt Collection
Nowadays, businesses can choose from a variety of communication channels to contact their customers regarding outstanding invoices. In this article, we will discuss the advantages of one of the most popular payment reminder methods – automated voice reminders.
|Benefits of automated voice reminders|
|Empathy – According to an HBR study, an emotional connection may be the key to increased customer satisfaction and higher payment success rates. This is why hearing a natural human voice is so effective. Most recipients of a voice reminder perceive it as a more emphatic approach, compared to SMS or Email. Due to a lack of perceived empathy, these text-based methods may sometimes result in lower payment recovery rates. Voice, on the other hand, allows for a more personal, softer approach.|
|Cost-effective – Voice payment reminders are significantly less expensive than traditional call centres. If compared, robots never sleep, thus, get more calls done than call centre employees. Of course, human-to-human interactions are sometimes unavoidable due to complex cases; however, automated voice payment reminders can be used the vast majority of the time. Businesses are significantly reducing costs and increasing overall efficiency by using automated voice reminders.|
|Eliminated human error – Because humans are not perfect, call centre employees may occasionally make mistakes, such as providing misleading information to the debtor. Automated voice reminders, on the other hand, eliminate human error and accurately provide all necessary information, preventing misunderstandings and maintaining customer satisfaction.|
|Automation – A call centre, no matter how efficient it is, can only handle a certain number of people. In other words, it is not scalable and instead restricting. However, automated voice reminders can easily reach thousands of debtors, resulting in 95% of debt cases being settled without the assistance of a call centre.|
|Reporting – Businesses can gain insights from the reports generated by automated payment reminder solutions in addition to having their invoices paid. Reports allow you to analyze user statistics and gain a better understanding of connecting users. Following that, businesses can use their findings to develop a better strategy or simply improve certain processes.|
|Variety of payment options – Consumers frequently refuse to pay because they do not have enough payment options or they are already experiencing difficulties. Smart voice reminder systems can provide customers with a variety of payment methods, plans, or simple payment postponement, which usually results in increased customer satisfaction and the likelihood of getting an invoice paid.|
Collectmaxx Automated Payment Reminder Solution
Because not every business is capable of performing dunning operations in-house, there is always a possibility to outsource it. Collectmaxx is a cost-effective debt collection payment reminder solution. We have extensive payment collection experience, which has led to industry leaders selecting our solution for their dunning operations. By connecting with half a million users, we were able to collect over €65 million in open invoices in 2022. Furthermore, the solution is so effective that as low as 4% of calls were forwarded to call centres.
In addition to voice reminders, we also provide SMS, Email, interactive video, QR code, and digital assistant reminders. All communication channels are effective, and they can be used in combination to increase the likelihood of a payment! We accurately identify your needs and offer the best solution for your unique case during our simple, yet effective onboarding.
Recommended reading: Collectmaxx – Mass Payment Collection Made Personal
Did you find this blog interesting? Do you believe you could benefit from including voice reminders in your dunning strategy? Then don’t hesitate any longer. We are always ready to assist businesses in overcoming challenges in today’s complex world. Contact us to learn how we can help your company grow and profit!
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