Improving the Debt Recovery Process
Interactive Voice Messaging specialist Qire has launched a business debt recovery solution to help creditors improve collection rates on unpaid bills and arrears.
The Voice CRM solution is already being widely used by credit management departments to improve consumer debt collection rates. By enabling more direct contact, the service also delivers higher average payments compared with traditional methods such as postal campaigns and dialler-based calling.
Qires Interactive Voice Messaging (IVM) technology provides a cost-effective and efficient means of achieving more direct contact with businesses in arrears. It automates the process of making telephone calls to named contacts, verifying their identity and then routing the call to a live agent to discuss their account and payment options.
By filtering out wrong parties before connecting them to an agent, IVM effectively turns an outbound call into an inbound call, significantly increasing agent productivity, to boost collection rates and improve debt resolution issues with businesses in arrears through more direct contact.
The solution can be used to contact businesses in arrears where a legal notice has been issued and the organisation has not paid, made an arrangement or been in contact, or where a business has missed a payment on an agreed plan.
A key benefit of the Qire solution is its ability to optimise call centre and agent productivity. Over 50% of agent time can be typically spent getting through to the right party using traditional methods, however, with IVM technology, wrong party numbers, dead numbers and answering machines are filtered out before an agent is connected, making them more efficient.
The solution also improves customer service, with call whisper functionality giving agents the customer details and account number when they are connected to help streamline call.
The Qire solution can be combined quickly and easily into existing debt recovery systems at low cost, for a more comprehensive and integrated approach to credit management. This enables account status to be updated in real-time, ensuring accurate and effective campaigns to be carried out, and guarantees agents have up-to-date information on calls handled.
According to Guy Cooper, CEO at Qire : IVM is already delivering real and tangible benefits in recovering consumer debt. Severn Trent has successfully recovered over 3 million in arrears in the first year of using the solution, with average payments being over 30% higher.