Commercial Collections: Is the Collector or Letter Series Bringing in the Money? Or is it Both?

It’s 2019, we have IVR systems that sound like you are talking to a human. We have AI technology that can analyze and form collections treatment. We can process payment via SMS messaging. Is it silly to think that the “right” letter strategy could possibly outperform a live collector? A letter series is delivered most commonly today using e-mail and/or through the customer’s account portal. Let’s dig in.

In my travels and conversations, a very succinct theme is the question, “Who collected the money? Did my collector’s efforts bring in the cash? Or was it something else?” 

Often businesses can’t be 100% sure if it was a collector’s efforts that brought the money in or not. Did the customer just pay the bill on their own because they suddenly could afford to? How much of the money was recovered by no one making a call? Could a letter strategy replace a collector, or should it enhance the collector’s efforts? These questions are normal things to consider. As a credit and collections leader, I think it’s always important to give your collectors the ability to utilize as many resources and tools to enhance their efforts.

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