Debt collection is one of the most important parts of business and it needs to be done properly as many people have financial difficulties and will not pay their debts if they feel intimidated by the process. If left unresolved, this could lead to bankruptcy for your business.
So what are the reasons for outsourcing debt collection? The first reason is that there are some specialists who focuses in this exact area and you want their expertise to ensure that your business is successful. Another reason might be that you don’t have the time or resources needed to carry out this task yourself.
Debt collection is a sensitive issue. It can be a difficult job for any business to take on. In order to make it more manageable, it should be outsourced as soon as possible. This article will outline the reasons why outsourcing debt collection is the best option for you.
Outsourcing your debt collection project will allow any company to enjoy the benefits of hiring experts in the field, without having to worry about managing them themselves at all times. With outsource partners, you can receive an array of benefits including increased efficiency and lower operating costs that would otherwise not be possible by handling your debt collectors internally. The following are some other benefits of outsourcing your debt collections:
- Your employees can concentrate on other tasks.
- You can focus on your core business.
- You can take advantage of economies of scale.
- You can improve your customer service.
- Outsourcing firms typically have better and more sophisticated systems than you do.
The Philippines has a very refined system for dealing with debts and they have a large number of qualified professionals who are available for corporations who outsource their debt collection services.
These professionals can provide accurate information about unpaid bills and can also provide detailed reports, which means that there will be less risk of any mistakes being made by these professionals while they are working on your behalf. Their responsibilities include:
- Monitoring accounts to identify outstanding debts
- Investigating historical data for each debt or bill
- Finding and contacting clients to ask about their overdue payments
- Taking actions to encourage timely debt payments
- Processing payments and refunds if necessary
- Resolving billing and customer credit issues
- Updating account status records and collection efforts
- Reporting on collection activity and accounts receivable status
However, unlike other outsourced alternatives, an offshore debt collector becomes a permanent member of your staff, so they learn to know your company inside and out and treat clients according to your corporate regulations. You keep command of the process, and your local accounts team may focus on their work.
Additionally, rather than outsourcing the function to an expensive third party, you can keep your profit margin by outsourcing it. The best part is that those cost savings don’t come at the expense of service quality.
Debt collectors in the Philippines are among the best in the world. They are not only highly skilled and experienced in dealing with companies in the United States, Australia, Canada, and Europe, but they are also well-known for their command of the English language.
This is important because they must be able to detect subtleties in client interactions and speak assertively enough to convey information. Also, because the Filipino culture values civility and respect, they’ll use your strategy to collect those past-due payments with the perfect blend of firmness and kindness.
Adam Stewart, Director of Nova Team Solutions has over 12 years’ experience in the fields of motor vehicle insurance and debt recovery industries. Working with some of the largest insurance and debt recovery companies in Australia.
Adam says, “Having a team offshore has allowed us to grow our business three-fold. We don’t have to worry about finding staff, HR-related stuff, or supervising the team. All this is done for us by Nova. It frees up my time to concentrate on running the business.”
Here at Nova Team Solutions, we are focused and dedicated on creating exceptional outsourcing experiences for high growth companies in the legal services, finance and accounting, healthcare, professional services and many more.
Nova provides powerful, flexible outsourcing solutions that will help your company be more profitable. Here are some of the areas we can help with:
We have highly skilled and specialised staff who are perfect for your company. Nova provides powerful, flexible outsourcing solutions that will help your company be more profitable.
Allow yourself and your staff to concentrate on the high-value, skill required tasks that make a real difference to your bottom line.
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