Reduced cost per £ collected
Strategic collections and debt management starts with intent to pay. The key here is to recoup as many debts as you can as quickly as you can, at the least possible cost. To do this, knowing upfront who will pay, and who won’t, is a serious advantage. Fraudscreen’s cipher:collections solution is designed specifically to bring the following benefits to your business:
Reduced volumes: By applying Fraudscreen coding at the earlier stages of the customer journey, your bad debt will be reduced significantly. Even for businesses looking at using cipher:collections for the first time, the volume costs associated with dunning letters can be greatly reduced.
- Build payment intent screening into your marketing activity to close the doors to fraud and likely bad debt.
- Choose accounts to close immediately, in line with regulatory commitments, reducing costs on contact attempts.
Improved resource management: Direct time, energy and money appropriately by tailoring your approaches according to the likelihood of a successful recovery.
- Manage power dialler queues in call centres with appropriate scripting and agent allocation.
- Reduce wastage with more accurate pre-collections activities.
- Pass identified non-payers on to professional debt collections agencies sooner.
Increased sustainability: The last thing a business wants in these tough times is to alienate a customer who can be appropriately assisted through a temporary crisis to become a good long term customer. Furthermore, nobody enjoys the reputational damage caused by a customer unfairly treated with heavy-handed collections management. Fraudscreen’s cipher:collections allows you to tailor your approach and communications appropriately.
- Identify long term good customers amongst your debtors and treat them appropriately.
- Amend the tone and content of your collections communications in line with Fraudscreen codes.
