As the economy starts to get back up to speed, unemployment rates are dropping, and more money is beginning to flow through the economy at all levels. Yet even with these positive economic trends, many companies are still carrying a heavy load of past due receivables on the balance sheet and now must prioritize efforts to restore cash flow to acceptable levels.
The challenge today is that due to the prolonged impact of the COVID-19 pandemic on so many people who were considered prompt payers before the crisis, now find themselves in challenging situations as they attempt to get current on outstanding payments.
Having Special Accounts Receivable Management (ARM) Solutions expertise can make all the difference. AI, datamining, and data analysis can help to segment accounts in different “buckets” in order to apply the most effective recovery strategies accordingly.
These are not collections agencies, but rather customer experience centers with a high degree of specialization in handling past due accounts and negotiating payment agreements to get cash flow moving. The CX first approach deploys specially trained Data Analysts with years of ARM experience that understand the complexities of the ever-changing regulatory environment and use data science to build individual profiles and segment accounts based on multiple factors. For example, some of the primary criteria used to develop and prioritize a unique account profile can include payment history, length of the relationship, amount past due, days past due, verifying correct contact information, and much more.
Using these methods, agents are taught strategies to communicate effectively with every account segment in the database. This training maximizes collection rates while maintaining the customer relationship while guarding and in some cases, enhancing brand reputation. In fact, we have a longstanding and proprietary Collect with Care training program that all associates must take and pass before interacting with real customers.
The goal is to keep these customers on board and maintain the brand’s good reputation while helping them get back on the right track. Yes, there will always be that certain percentage of chronic late payers, regardless of a pandemic. There are also closed accounts that are still on the books and we have ethical, compliant, and effective strategies to address these accounts as well.
What to look for in an Accounts Receivable Management partner:
- Track record of substantially increasing collection rates
- Excellent customer experience (maintaining your brand reputation)
- AI and human quality assurance oversight and scoring
- Ability to segment accounts from raw data and examples of targeted methodologies
- Optimized use of automated and digital channels
- Special teams to handle specific customer profiles
- Flexibility to staff for peak seasons and volume surges
- C-Level and VPs should have long & successful track records in ARM
Time is of the essence based on current events and having an outsourcing company on your side that has ARM expertise will help improve your recovery rates very rapidly.
About ContactPoint 360
ContactPoint 360 (www.contactpoint 360.com) is a Canadian based global customer experience company with eleven contact center locations in Canada, USA South America, Europe, and Asia.
Our CX brand ambassadors and ARM specialists build customer loyalty with genuine empathy, deep product knowledge, impeccable communication skills, and advanced technology. We believe that delivering constant customer experience excellence requires unceasing innovation and a steadfast commitment to being the best.ContactPoint 360 provides business process outsourcing (BPO), omnichannel customer experience solutions including voice, email, chat, SMS, and social media. ContactPoint 360 services major international clients across various business sectors, including Energy/Utilities, Fin-Tech, Retail, eCommerce, Home Warranty, Education and Healthcare.