Advances in call center automation increase collections productivity

Article Abstract:

Several advances in call center technology are improving collections productivity of credit companies. The typical automated call center features advanced, high-speed telephone switches that transfer calls to and from agents; monitoring, reporting and workforce management systems for monitoring performance; interactive voice response units that screen and route incoming calls; data networks; trunks or telephone lines; and workstations. Call centers are becoming multimedia contact centers and are increasingly using client/server systems and open systems. Advances in organizational and functional technologies are also noted. The emergence of the virtual center, the popularity of outsourcing, the simultaneous consolidation and proliferation of call centers, and the inclusion of telemarketing in collections call centers are just some of these innovations.

Innovations, Equipment and supplies, Credit and debit card industry, Credit card industry, Technological innovations

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A double-edged sword: the advantages and disadvantages of collector commissions and incentive plans

Article Abstract:

Credit collectors are usually compensated with a combination of salary and commission. If managed properly, commission-based compensation plans can motivate collectors very well and can help generate substantial income for both the collector and the agency. The single most important advantage of the collector commission is that it encourages employees to perform as best as they can. However, this compensation strategy also has several disadvantages, including the greater probability of poor customer service, undesirable collector behavior and more client complaints. Collectors eager to win a commission may become more aggressive and less concerned about how they achieve their objectives. An alternative strategy that can avoid the pitfalls of the individual commission plan is to pay commission to teams.

Compensation and benefits, Compensation management, Commissions (Compensation), Commissions (Fees)

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Listening + training + negotiation = successful collections

Article Abstract:

Professional collectors should be sensitive to the concerns, goals and emotions of customers to be successful in collecting bills. With the advent of consumers' right, it is no longer acceptable, legally or otherwise, to raise one's voice and threaten a person just for the sole purpose of forcing that individual to pay. To ensure the success of today's collectors, training and education should be included in their orientation. Training is important because it teaches collectors how to set their goals, communicate properly, negotiate and evaluate. Moreover, it encourages collectors to listen to other people, discerning their emotions and sensitivities, which will ultimately motivate customers to pay.

Training, Collection (Accounting)

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