Posts Tagged ‘VCC Pay’

Come and Join VCC Live at the Upcoming Conferences We Are Participating in November!

Posted on: October 18th, 2019 by dorarapcsak No Comments

As we approach the end of the year, it looks like November will definitely be busy for VCC Live as we’re participating in four separate conferences.

The conferences will give us a chance to showcase our company, which, besides providing state-of-the-art technology solutions, also offers consultancy services using our extensive knowledge in the contact center industry.

We are working together with experts who are thought leaders with more than 10 years of working experience in several industries, including customer service, debt collection, banking and telesales.

Check out which conferences we’re going to be at and join us there!

Contact – Customer Service and HR Conference

Date: 6-8 November 2019

Location: Balatonalmádi, Hungary

Each year, CONTACT – the annual customer service conference – attracts industry leaders, customer service professionals, companies and anyone else who’s interested in the industry.

At CONTACT 2019, you will get an insight into the operations of the leading organizations in Hungary and worldwide. Innovative approaches, effective customer service systems, and new answers to the technical and human challenges of our times will be discussed by industry leaders.

We’re proud to confirm that Péter Málhai, VCC Live®’s Head of Business Development, will be amongst the impressive lineup of presenters. Péter will be talking about the integration of contact center and CRM systems. You will also be able to visit us at our stand where we will be happy to give you a guided demo of VCC Live.

Economic Leadership and Legal Conference – Vasivíz Zrt.

Date: 13-14 November 2019

Location: Sárvár, Hungary

The Economic Leadership and Legal Conference, organized by Vasivíz Zrt, Hungary’s leading Water and Sewage Works Company, takes place in Sárvár. Amongst other topics, one of the main focus of the conference will be the discussion of recent customer service trends.

Speakers will include our Customer Success Manager, Dániel Severa, who, on the first day of the conference, will present a general overview of our company, highlighting in particular VCC Live’s inbound and outbound features.

Banking Technology 2019

Dates: 14 November 2019

Location: Budapest, Hungary

November sees the fourth Banking Technology Conference, organized by Portfolio Conferences, taking place in the Hungarian capital. This year the conference will revolve around a number of important topics in the banking and fintech sectors, including digitalization, immediate and real-time payment solutions, artificial intelligence, data analysis and many others.

The conference will have six main topics: digitalization vs. business, digital banking innovations, digital banking in practice, payment solutions, wealth management, and fintech in Hungary.

As part of the conference, Dániel Severa will hold a presentation on our unique real-time payment solution, VCC Live Pay and other innovate features in our solution, such as Video ID. Definitely worth a visit!

11th National Congress of Credit Collection

Date: 19-20 November, 2019

Location: Madrid, Spain

The credit industry continues to grow at an accelerated pace, with companies trying their best to keep up with continuously-emerging technologies. This conference, taking place for the 11th time, will focus on the future of fintech, compliance and CSR in credit collection, artificial intelligence, blockchain, innovation finance and NPLs (non-performing loans).

With VCC Live’s solution including a unique feature that enables both self-service and agent-assisted optichannel debt collection with a high success rate, it was no question that we wanted to attend this conference. Look for our stand at the event, and ask for a guided demo or schedule a live demo with us!

November will be an exciting month for VCC Live. Each conference promises to be an unmissable opportunity to gain inspiration, participate in brainstorming sessions and leverage networking. We look forward to hearing our fellow contact center experts talk about their latest experiences and best practices. We hope to meet some of you there!

Real-Time Payment Technology Over the Phone as a Performance Driver in Debt Collection

Posted on: March 1st, 2019 by dorarapcsak No Comments

Immediate payment over the phone is still a new technology businesses are trying to get their hands on. Especially companies dealing with debt collection operations.

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 actual payments begins.

Over the past few years though, a unique real-time payment technology, VCC Live Pay, has gained significant ground in the European market. VCC Live Pay is a real game-changer, being the first real-time payment over-the-phone solution in the European region that allows agents at debt collection companies to collect actual payments during a single phone call.

With the increasing customer demand for speed and convenience when interacting with a company, instant and real-time payment solutions are rapidly becoming more and more popular around the world. And as with other industries, debt collection companies also need to respond to these new demands by providing their customers with solutions that let them settle debts via secure and easy payment solutions.

While by now it is almost second nature for customers to initiate real-time payments via web interfaces, the unique technology within VCC Live Pay is the beginning of a new chapter in real-time payment solutions. And what is it that makes VCC Live Pay stand out from the competition? The fact that it allows customers to settle their outstanding debts with an agent during a phone call.

Regarding VCC Live Pay, Péter Málhai, Head of Business Development, VCC Live®, said: “As an operator at one of our clients commented: “with VCC Live Pay, we are now collecting money, not empty promises”. Debt collection companies always struggle with the uncertainty of how many promises will actually turn into real payments. With VCC Live Pay, however, companies can now monitor in real time, hour to hour, how much money they actually collect during their phone calls”.

Using VCC Live Pay is easy:

  1. An agent contacts a customer via phone and encourages them to pay their outstanding debt during the phone call.
  2. The customer enters their card details via their mobile phone touchpad. Operators have no access to the data.
  3. The agent initiates the transaction and helps the customer during the process.

As VCC Live Pay meets the requirements set by PCI DSS, one of the strictest security codes in the world issued by the five largest credit and debit card issuers in the market (Visa, MasterCard, American Express, Discover and JCB), the payment process is not only easy but also 100% secure.

During the payment process, although an agent is able to see how the request is progressing, at no time do they have access to a customer’s card data. And as the agent remains active throughout the call, they can assist the customer at any time. “Allowing your customers to pay in a cloud environment during a phone conversation with agent assistance is still a very unique feature in the market”, noted Péter Málhai. “In fact, we were the first company in Europe to develop such a technology.”

“In recent years, we helped many of our clients accelerate their debt collection processes with the help of VCC Live Pay,” commented Szabolcs Tóth, Founder and CEO at VCC Live®. “Amongst others, after starting to use VCC Live Pay in 2016, UPC (European cable provider) managed to increase their debt collection rates from 18% to 43% within a year. Today, VCC Live Pay is the most preferred payment option for UPC’s customers to settle their debts, with the company initiating 4000 transactions per 10 operators in a month.”

To find out more about how VCC Live Pay can level up your debt collection processes, visit vcc.live/vcc-live-pay or call +44 2086380169.

Case Study: Managing Customer Data 100% Securely

Posted on: January 4th, 2019 by dorarapcsak No Comments

When it comes to making an online purchase, customers expect speed and convenience. Therefore, leveraging real-time payment is definitely the next big thing in customer service. Keeping customer data 100% safe, however, is a major concern for most businesses embarking on this journey.

You may not think so but customer motivation is at its highest during a conversation, dropping immediately after the end of a call. The greatest chance for successful conversion is thus during a conversation. And this is where VCC Live®’s real-time payment feature comes into action: thanks to VCC Pay, it is now possible for agents to initiate bank card payments during a single phone call.

The Case

Cloudagents, a global leader in providing multilingual call center services solely relying on remote agents, was trusted with the delivery of a customer service, telesales and technical support project in more than 80 countries. As the project required strict data security, the company decided to turn to VCC Live®.

Our latest case study describes how Cloudagents managed to carry out a 400 billion dollar project with the help of VCC Live®. In this case study you will learn:

  • how we helped Cloudagents make the most of their home-based workforce model
  • how we allowed them to initiate payments during a phone call in more than 80 countries
  • how VCC Pay enables them to initiate payments while ensuring their agents handle customer data in a 100% secure way

Introducing VCC Pay has made all the difference for Cloudagents, making their payment process quick and easy while guaranteeing data security at all times.

Read our case study and learn more about the benefits of VCC Live Pay!

International Debt Collection: Key Challenges and Best Practices

Posted on: August 23rd, 2018 by dorarapcsak No Comments

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.

As a result, however, cross-border debt is also on the increase. And what businesses often forget is that international debt collection is a complex process that differs from country to country.

Collecting international debt is no easy task, so it’s essential to try and rely on a number of factors that will help make your procedures easier.

In this article, using my experience of working with clients who have their debt collection operations in a number of countries, I’ll show you what the main challenges of international debt collection are, and what techniques you can introduce to make your processes easier. So, here we go with the Good, the Bad and the Ugly of international debt collection!

What are the main challenges of international debt collection?

There’s no doubt that collecting outstanding debt is a real pain in the neck – especially if you need to collect cross-border debts from foreign customers located around the world.

Considering some of our clients dealing with debt collection processes in more than 5 countries, one of the main challenges of international debt collection is definitely the ability to measure and compare the performance of debt collection between particular countries.

In fact, the methods of collecting debt, rate of willingness to pay, supported payment options, salary ranges and regulations vary from country to country, making it a very challenging job to measure whether a company’s debt collection operations are actually bringing in profit or instead making additional losses.

For example, in Hungary and Poland 40% of outstanding debts are paid over the phone, while in other European countries this method is rarely used. Furthermore, in certain countries debt collectors utilize SMS messages in order to notify debtors of their outstanding debts, while in other countries SMS is not considered an official notification.

Another major international debt collection challenge is that debt recovery process rules are regulated at a national level, and companies need to be aware of the different country-specific rules and regulations.  

For instance, in most countries, it is prohibited by law to pay outstanding debts by credit card as it means transferring debts from one bank to another. On the other hand, in other countries settling debts by credit card is allowed by law (although it is not recommended).

As if that were not enough, courts also operate differently in different countries, so when companies have no choice but to take a debtor to court they may face significant obstacles depending on the country’s individual regulations.

In Australia, for example, courts refuse to take action on outstanding debts that are older than six years. However, in Hungary, this limit can be five, three or even one year, depending on the type of outstanding debt.

In order to reduce the impact of the above-mentioned challenges, companies tend to carry out their international debt collection processes from one central point. In other words, they operate their debt collection processes in, let’s say, 5 countries from one premises.

In such cases, having debt collection agents who speak the language of the debtors well enough to be able to deal with financial and legal terminology is of the utmost importance. And of course, finding and hiring such a workforce is another great challenge for companies that cope with international debt collection, especially if the languages in question are not widely used.

Finally, if your company has debtors who are located in several continents, different time zones will also make your processes more complicated. Handling negotiations across a number of time zones and reaching a customer on the phone who is located on the other side of the globe can easily turn your processes into a never-ending nightmare.

As such, if your business wants to collect debts from customers based around the world, then you’ll certainly need to rely on debt collection agents who will also be available outside regular business hours.

Best practices that make international debt collection easier

I could certainly go on with my list of further challenges, but let’s instead look at some best practices that will definitely allow you to improve your international debt collection processes.

So, here are my top tips to turn your debt collection nightmare into a profitable business:

1. As we already discussed, finding agents with the appropriate language skills is not an easy task at all. Furthermore, there’s no doubt that being a debt collection agent is not on the top of the list of employees’ dream jobs.

These days, companies all around the world struggle with labor shortages, so you’ll really need to go the extra mile in order to lure the best-suited debt collectors to your team. And although it may seem a tricky task, with some smart HR tricks even debt collector jobs can be made attractive to employees.

For instance, it’s a great idea to set up your debt collection hub in an area that is considered relatively popular among job seekers. By outsourcing your operations to, let’s say, a Mediterranean country and covering the costs of relocation, chances are you’ll be able to attract skilled foreign talent to your debt collection team, with the subsequent benefit they bring to your processes.

2. Furthermore, in order to overcome the difficulties caused by different time zones, make sure to target the newest labor market members, namely Gen Z, and attract them to your team with special offers tailored to their needs. If you’re interested in finding out how to keep the newest generation motivated in the workplace, make sure to check out our article on it.

3. Technology can also play its part. Solutions, such as setting time zones in your IVR technology, as well as the close monitoring of domestic and international KPIs can also be a great help in making your international debt collection easier.

4. Finally, when it comes to debt collection, it is essential to find the balance between the time invested in pursuing outstanding debt and the actual amount of debt that can potentially be collected. As you all know, over time, it’s simply not worth continuing to endlessly chase debt, otherwise you’ll easily end up with extra costs.

There is, however, a groundbreaking technology solution that allows you to speed up your international debt collection processes. Real-time payment technology allows debt collection agents to initiate payment processes with customers during phone conversations regarding their outstanding debt. Thus, agents can combine two debt collection phases into one. With real-time payment technology, collecting debts has never been so easy!

International debt collection requires country-specific knowledge, thorough planning and the willingness to always look for better ideas to ease up your processes. Feel free to follow my tips and probably you’ll too be able to improve your international debt collection processes.

The Advantages of Debt Collection Using Real-Time Payment

Posted on: July 18th, 2018 by dorarapcsak No Comments

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…

In reality, the number of processed payments is always a lot less than the number of promises made. Not surprisingly, debt collection is often perceived both by clients and call centers as a costly and never-ending process.

But what if you could turn promises into immediate payments by allowing your customers to settle their debts during a phone call, rather than afterwards?

In this article, we’ll take a deep dive into the topic of debt collection using real-time payment, a technology solution that helps you make debt collection more efficient and convenient. Read on, and make sure your business is ready to take debt collection to the next level!  

 

Real-time payment during debt collection phone calls

If a company has a large number of outstanding customer debts, efficient debt collection is vital. Normally, such companies outsource their debt collection processes to call centers, who contact customers to remind them of their outstanding payments.

In such situations, phone is still the most preferred and used way to contact customers. Although debt collection with SMS can also be efficient, it is much easier to convey emotions and convince customers to pay their debts during a phone conversation.

However, as we all know, payment promises on their own are no guarantee of actual collected debt. Customer motivation is at its highest during a conversation, dropping immediately after the end of a call. As a result, customers often fail to settle their outstanding payments, and need to be repeatedly called back.

The greatest chance for successful conversion is thus during a conversation. And this is where debt collection using real-time payment comes into action: thanks to the latest technology, it is now possible for debt collection agents to initiate bank card payments during a single phone call. Yes, really!

This method of providing customers with the option of real-time payment during a phone call is a unique technology solution, and is readily available as part of VCC Live®’s software solution.

 

How does it work?

Real-time payment technology allows debt collection agents to initiate payment processes with customers during phone conversations regarding their outstanding debt. Thus, agents can combine two debt collection phases into one.

When using real-time payment technology during debt collection, the payment process is quick and easy. First, agents contact the customers and confirm an agreement with them via oral contract. Then, the customer makes an immediate payment by submitting their card details using the dial pad on their phone.

The system processes the entered card data and initiates the transaction.  Finally, the customer receives confirmation of a successful payment. Data security is guaranteed at all times. During the process, debt collection agents have no access in any way to the data entered by customers, but they are able to see how the request is progressing and intervene if necessary.

As such, using solutions such as VCC Live Pay, customers owing money can make instant payments when speaking to a debt collection agent on the phone. Collecting debts has never been so easy!

 

Why is it unbeatable?

It may seem like a big step to integrate real-time payment into your debt collection process, but it is a very exciting and invaluable step for any business striving to achieve better results in debt collection.

By offering the option of real-time payment to customers when reminding them of due payments, customers’ willingness to instantly settle their debts increases significantly. As a result, due to higher conversion rates, average debt periods are shortened. Real-time payment also helps decrease the overall amount of outstanding debt, as well as the average cost of debt collection.

Furthermore, by encouraging customers to pay their debts immediately during phone calls, the number of customers that need to be called back repeatedly also decreases. And as your call center agents are then able to contact new customers instead of repeatedly calling back those who did not answer their phones, your call center’s efficiency will also increase significantly.

 

Sum up

As you can see, debt collection doesn’t have to be a costly and never-ending process. With the help of real-time payment technology, it is far easier for debt collection agents to collect debts instantly, and significantly decrease the number of customers who promise to pay later but in reality never do.

So, stop spending so much time and money on collecting your outstanding debts and start speeding up your processes by using real-time payments over the phone!

VCC Live® receives Great User Experience and Rising Star Awards

Posted on: May 24th, 2018 by dorarapcsak No Comments

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.

The expert team of FinancesOnline examines and analyzes hundreds of B2B products and customer reviews to find the possible best solutions that allow businesses to grow. FinancesOnline contains more than 5,000 detailed business software reviews in 140 categories, and we’re proud of the fact that this reputable software platform featured our product in a detailed VCC Live® overview on their site highlighting all the great features our software offers.

VCC Live® is a top performer in FinancesOnline’s top 10 best call center software due to its feature-rich, up-to-date technology solution that empowers businesses to perform a wide range of call center related actions on a single platform, without any initial investment. The software review platform highlighted VCC Live Pay, our one-of-a-kind payment feature, allowing customers to handle payments over the phone while keeping their transactions 100% safe and secure.

The experts from FinancesOnline agreed that VCC Live®’s comprehensive software offers everything a call center needs while supporting work from more than 150 countries all around the world. Amongst other things, they’ve highlighted the following benefits:

  •      All-in-One cloud-based platform
  •      Powerful features, such as a predictive dialer and VCC Live Pay
  •      Variety of communication channels including phone, email, SMS, chat
  •      Excellent integration capabilities
  •      Multi-country operations

As discussed in the review, VCC Live® is more than just a software company: after the setup and training period, our support team and dedicated account managers continue to offer ongoing support as needed. Furthermore, our agile development methods ensure that our clients enjoy the benefits of a customized and state-of-the-art call center software solution.

All of these great features have allowed us to receive these two awards from FinancesOnline. Winning these two awards is proof of the success of our aim to keep delivering the latest technology solutions to the call center industry.

About the awards

Software solutions that provide an intuitive interface and well-designed tools are distinguished with the Great User Experience award by FinancesOnline. We are proud to have received this distinction under the best call center software category. The B2B review website also discerned us as a Rising Star for 2018, indicating that various call center companies all over the world believe VCC Live® is reliable in handling their daily operations.