Debt Collection Company

Debt Collection Company

Company X was established in 2003 to offer a range of consumer finance products for borrowers who are unable to access the high street banks. It has grown significantly since then and has a particular niche in the “guarantor” unsecured credit and personal (secured) loan markets. Company X is keen to offer a range of services to its customers to enable them to manage their accounts more efficiently. 24 by 7 automated payment was therefore an obvious choice for them: customers and guarantors can make payments at any time of the day without the need to interact with a human but with the option to do so at any point if they wish. Company X also observed that certain customers would prefer to give card data to an IVR rather than interact with an agent.

Pause and resume recording via the Difference dialler platform is one option of preventing the recording of sensitive data during call recordings.  But it is subject to human error.  This and the fact that agents  needed to free up time for other collections activities, meant that it made sense to remove the card data from agent interactions altogether and, in the process, offer payment processing 24 hours a day.

Within 10 minutes of going live with the payment IVR and without yet having proactively notified customers that they can now pay by phone, Company X had already received two payments. The Sales Director: “I am ecstatic about the solution. How often can you sleep and make money at the same time?”.

Company X has since gone from 100% of its turnover being collected with agent assistance to just 20% needing or wanting agent assistance.

I am ecstatic about the solution.  How often can you sleep and make money at the same time?

Sales Director, Company X

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