A new policy recently put forward by the US’s Consumer Financial Protection Bureau proposes allowing debt collectors in the US to only be able to call debtors up to seven times a week. I talked to Richard Blewis, Digital Debt Collections Manager at VCC Live, about this new regulation, as well as global trends currently dominating the debt collection industry.
Self-service is trending upwards in debt collections and now over 50% of customers prefer self-service and more than 20% look to resolve their debt out of hours. One thing is certain: digital debt collection helps increase collection rates and make your business more efficient while improving your ROI.
Real-time payment technology is definitely a hot topic these days, with instant payment technologies becoming more and more popular with customers around the world, and innovative businesses competing head-to-head to be able to provide their customers with the latest real-time payment options.
Every day, customers promise debt collectors that they will pay their debts in the next few days. There’s only one problem: these promises are not usually kept. When this happens, debt collectors have no other choice but to repeatedly call back customers and remind them of their outstanding debts. And so the vicious circle of empty promises and no concrete payments begins.
These days businesses provide their customers with the option of purchasing their services worldwide with just a single click, but ensuring that customers pay on time seems to be an uphill battle.
When it comes to debt collection, agents always agree on one thing: they receive a lot more promises than actual payments. The most common thing customers say to agents during any debt collection-related conversation is that they will pay their debts in the upcoming days. If only these promises were kept…
Exciting things are happening at VCC Live: we’re more than delighted to announce that we have been awarded the Great User Experience 2018 Award and the Rising Star 2018 Award delivered by FinancesOnline. We’re proud of the fact that this reputable software platform featured our product in a detailed review on their site highlighting all the great features our software offers.