4 Ways To Simplify Your Debt Recovery

Recovering money that customers owe your organisation – known as commercial debt collection is an inevitable part of every business. However, it does not have to be complicated or stressful for business owners. One of the effective ways to ensure a consistent stream of revenues is to strengthen your debt collection game. This also equips you to protect your business from any liabilities or losses. 

Thus, developing an effective, intuitive, profitable, customer-centric debt collection process is critical to ensure easy debt recovery and hassle-free business operations.

Here are a few ways you should incorporate to simplify your debt recovery process.

Sending account updates in real-time

Incorporating automated statement generation and sending payment notifications to customers eases off the task of debt collection. The automated reminder system features statement generation and sends payment notifications to notify your customers about their dues in advance. Personalising and automating these messages will also help your team ensure they are not annoying the customers who’ve already paid off their dues. 

You can also consider hiring a reputed debt collection agency as they are appropriately trained and equipped with the most advanced technology and resources to carry out influential debt collections

Integrate contract preferences and behavioural segmentation into debt recovery

Recording your debtors’ “how to contact them” preferences is another fruitful way to ensure effective communication and collection. For instance, communicating via digital channels is one of the excellent methods to get in touch with your business borrowers.

Use machine learning, advanced analytics, and automation to deliver tailored messages via your borrower’s preferred channels. Are you looking out for the easiest way to collect debts? Hire a well-experienced debt collection agency to integrate digitisation into your debt collection process.

Use scheduled tracking for follow-ups

Another way to simplify debt collection tasks is by using scheduled payment reminders. These can include emails and SMS texts to follow up with your borrowers. Ensuring systematic follow-up of borrowers’ accounts strengthens a sense of sincerity and urgency of the customers. 

Finding it difficult to manage your debt collection processes effectively? Consult and hire a debt collection professional to help you conduct follow-ups and take the burden off your shoulders.

Boost your self-service capabilities

Having a customer-oriented collection strategy uplifts your collection success rate drastically while lowering your operating costs. Thus, using self-service capabilities is an effective way to turn around and improve your debt collection processes. 

Incorporating such options lets your borrowers practice a DIY approach to check and clear their past due balances. Besides being a cost-effective method, such self-service capabilities boost your customers’ experience, further easing your collection process.

About us

Are you finding trouble in collecting your debts and looking for a way to conduct a stress-free collection of your business debts? Taurus Collections (UK) Ltd. is here to assist! We implement straightforward approaches to help clients and businesses with certain debt collection services. You can also use a Late Payment Calculator to identify your outstanding credit amount. Our services include:

Call us at 01332 565 350 (Derby) or 0800 069 8777 or write at enquiries@tauruscollections.com. Stay tuned on Facebook, Instagram, and Twitter.