Collection Tips Sheet

How to Use Text Messaging More Effectively to Increase Payment Collection

We created a collections tip sheet that can help you get paid faster. Late payments have become an increasing concern for businesses across the world. For a long time, the debt collection process has favored businesses. Instead of creating custom processes that cater to the needs of each customer, collection tactics are more aggressive—like calling customers repeatedly.

Better experiences go a long way to retaining customers vs. upsetting and losing them once their debt is paid off. A report by Experian shows that “people with the lowest balances and the lowest amount past-due had the highest incidence of paying off their debt and closing their accounts.”

An optichannel approach to debt collection is customer-focused and does a better job of moving accounts from arrears to paid in full as quickly as possible. Instead of sticking to traditional methods like phone calls, emails, and letters that target one or two channels constantly, spread out efforts with an optichannel approach.

In a multi-channel environment, engaging with customers and getting the desired results can be challenging. Text messaging has proven to be very effective in engaging customers and increasing payments. This collections tip sheet can help you start or refine how you use SMS and other mobile channels ensure that your contact strategy is delivering the best results.