DIY-technology trends are the latest innovation in collections.
DIY-trends in technology have largely opened the door to consumers seeking the power to control everything from shopping to what they see in their newsfeed. Web-based technology has enabled personalization and a hands-on approach to just about everything. Of course, debt collection practices have also been affected by these trends.
Rocket Receivables uses cutting-edge technology to ensure that it provides the best debt recovery services at an affordable rate. This service is much different than other solutions because it’s a self-serve platform that was designed specifically for small businesses.
Self-service is the new way that banks are seeking to give their customers with past due balances the option of taking care of their debt. This blog covers why companies like Rocket Receivables will continue to provide a much-needed service.
Debt Collections as a DIY – Two Case Studies
Banks and other financial institutions have been slow to jump on the self-service bandwagon. But American Banker reports that BBVA Compass, in Birmingham, Alabama, has leveraged technology to build a self-service portal for delinquent debtors. The portal lets consumers request to set up a payment plan, and schedule payments from the site. It’s a convenient service for customers that allows them to never have to have the embarrassment of speaking with a human being about their situation.
The bank calls it a “kinder, gentler collections” process. It also gives consumers a chance to feel in control of a situation that has rapidly spiraled downward.
However, if they fail to follow their DIY payment schedule, traditional collection agents are standing by to get the job done.
Now, here is the bad news: This soft approach relying on consumer self-service may not work as well on debt 120-days or more past due. Studies have shown that the longevity of this debt pretty much ensures that only the diligent effort of a human being will help companies recover the seriously delinquent account.
But, there’s good news. Rocket Receivables not only offers self-service options, but we offer a variety of solutions that will work for long-term delinquent debt – without breaking the bank. We have upfront pricing for both our early and late state collection solutions.
Rocket Receivables – Self-Service Debt Collection for Companies with an A/R Problem
Rocket Receivables has embraced the technology revolution by bringing a software-as-a-service model to the age-old field of collections. Rocket is a web-based platform that allows the small- to the mid-sized company the opportunity to take advantage of some of the big tools enterprise organizations use – but for a fraction of the cost.
Rocket Receivable’s self-service client portal puts you in control.
Rocket Receivables embraced web-based services by creating a unique collections approach designed for the small- to mid-size business that wants a proven solution. Rocket works through a two-stage debt collection process for your past-due receivables that boosts cash flow while staying compliant and maintaining valuable customer relationships. The process includes a series of communications and a self-service client portal that gives you control; you can decide when to start, stop, or suspend collections letters. You can view the status of the accounts and access daily reports as well as archived records.
In Stage Two, hard to collect accounts are met with a traditional contingency collections approach with highly experienced collectors ready to collect on your behalf. Finally, when necessary, Rocket offers access to a team of attorneys that can recover what you’re owed.
To see what a self-service collections approach can do for your business, buy now.