Numerous business hire debt collection agencies or experts to help retrieve their receivables. Whether a loan, credit card payments or other financial services, a collection agency is employed to follow up with debtors and retrieve debt. The way collection agencies and business are operating has changed in the past two decades. Now, cloud telephony has made it easier for them to monitor, track and retrieve collections from consumers.
 

Modern collection businesses utilize software and cloud telephony to handle all the information about debtors, to carry out professional collection management services. While phone calls are very effective in contacting debtors, or handling clients, a robust framework is required to streamline workflow and save time on collections operations.
 

Cloud telephony solutions are ideal for a collections business and let’s explore 6 reasons why.
 

Benefits of cloud telephony for collections business
 

1. Increased probability of response from debtors
   By utilizing several phone numbers on a virtual phone system, you stand a better chance of reaching more people across countries and cities effectively. VoIP phone systems allow you to mask phone numbers so that debtors are not aware that you are calling for collections. This process saves immense time by providing collections agencies more access to the defaulters.
    

2. Call recording for evidence
   Using call recording features of cloud telephony can help you document each interaction with a debtor or defaulter. For example, you can store the payment agreements and other essential information for each contact. Call recording also enables automatic transcription so that the recordings can be sent to customers to keep them updated about the collections process. However, it is important to comply with the legalities of your country when recording conversations.
    

3. Flexible calling solutions
   Using cloud telephony services, you can use a computer or mobile device to make the most of a virtual phone system. This allows your team to contact debtors remotely, from any location or whether they are using a desktop computer or a mobile phone. This flexible integration of cloud telephony makes the job of a collection agency much easier. You can set up your own call centre on the cloud and contact debtors as if they were in the same office.
    

4.  SMS notifications, alerts & reminders
   The personalized messaging features of cloud telephony services allow you to notify clients and debtors about the progress of your collections. You can send a custom message to notify debtors about due dates and other agreements. These notifications can increase your recovery time and offer a vast array of communication tools to drive people to take prompt action.
    

5. CRM integration
   A CRM software integrated with a cloud telephony system can furnish a collection agency with agility. Virtual phone systems combined with CRM solutions have many development features to connect with clients and debtors in one centralized place. Keeping track of all the information, developing new applications and reducing manual data entry are among the benefits of CRM integration with cloud telephony services. The collection process becomes more organized and effective with the right software tools onboard.
    

6. Set up your real-time call centre
   Cloud telephony solutions can help you create a high-performance call centre with minimal investment and infrastructure. That’s because cloud telephony service providers take care of all the back-end operations while you can handle your collections business effortlessly. With a cloud contact centre you can analyze call information, handle large call volumes, improve client relations and bolster operational efficiency of your enterprise. With powerful data analytics, you can even evaluate the performance of your team and create a plan to skill your workforce with better resources and strategies.
    

Building your own cloud contact centre
 

A virtual phone system or cloud contact centre can help improve the process of credit and debt recovery, reduce costs and time on operations, increase control over business operations, and allow you to easily document crucial data for your business growth. You can expand your business to other countries or regions easily, with a highly flexible, scalable and affordable cloud telephony solution.
 

With iKontel, you can easily create, manage and administer your real-time cloud contact centre and virtual cloud telephony system effectively. With high-end features to improve enterprise functionality, cloud telephony is the most sought after communication system of the century. If you found these tips useful, you can check out our blog about “6 reasons why Cloud Telephony is for SME’s.”
 

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