Outbound IVR delivers automated collections and Right Party Contact during economic slow-downs

Times may be tough for many businesses in the current economic downturn, but collections agencies are thriving as delinquencies no doubt increase. And as debt collectors mobilize to collect from their delinquent accounts, the competition will be keen. Smart collections agencies can gain the competitive edge if they automate the collections process and adopt a Right Party Contact strategy.

Naturally, collections companies attempt to collect debt from all their delinquent accounts. But a priority is placed on collecting from accounts with high balances, as opposed to smaller balance accounts that are less cost-effective to pursue. By using an outbound IVR to automate their recovery process, collectors can deliver a self-service option to lower priority accounts so that live agents can focus on the big fish.

Outbound IVR can deliver personalized and pre-recorded messages to delinquent contacts and offer a variety of self-service options including payment or promise to pay or to connect with a live operator.

And because the outbound IVR allows the call recipient to verify their identity, when they request connection with a live agent, the right party has been contacted and lends to significantly increased efficiency.