Expert support collects more debts, faster
A company that lets clients review and sign legal paperwork and communicate with their legal teams via an app struggled to collect debts from customers in a timely manner.
The longer the collections process takes, the less likely it becomes that the debt will be repaid, so lingering collections attempts were becoming a costly problem. As the company grew, its small in-house collections team couldn’t keep up.
We first partnered with the company by providing skilled collections associates, who were well-trained in providing empathetic yet efficient collections support.
Our associates were given leads from the company and focused on making outbound voice calls, as well as responding to inbound calls. They also provided support via messaging and email.
Fast results lead to a growing partnership
TTEC associates helped collect debts quickly. The team started by making an average of 35 outbound calls per day, a number that nearly tripled to 90 calls per day within a year.
Over a six-month span, the client saw collections grow month-over-month for six consecutive months, total collections grow by 162%, and ROI on collections efforts grow by 17 times.
Based on our early success, we’ve deepened our partnership with the company. Two months after we began our collections work, we added a second line of business, offering back-office payment support solutions. This work focuses on managing and completing tickets related to refunds and payment concerns. We also help with reimbursements, payouts, employment settlement, and ramp card requests.
We also added chat as an additional customer support channel.
A few months after that, the client sunset its internal teams that were focused on accounts receivable and payment support, outsourcing all of that work to TTEC.
The company also turned to us for help increasing associate productivity and, in particular, contact rates. When we began working with the client, associates were only able to reach customers who owed money about 30% of the time, but by increasing outbound calls and making other improvements the contact rate has risen to 45%. The higher the contact rate, the better chance the client has to collect on debts.
