Debt collection takes place at various times in the customer experience. It can be something that happens early on in the journey, or it could take years. This varied timeframe requires a varied approach.
It’s important to consider different types of techniques to collect, taking into account the nature of the customer’s situation and your relationship with them. At DCA, we have robust first-party and third-party collection approaches, making interactions both direct and effective. Here’s a look at what each could mean for your business.
First-party recovery programs
With first-party programs, your own accounts department can work with a company such as DCA to collect and manage debtors. It’s especially a good idea if you want to have a specific tone with clients, or if you have a particularly loyal customer base.
Often using phone techniques, first-party recovery usually happens early on in the debt cycle. With this technique, it’s also important to have a specified time limit on when the debt will be collected, so you can know if you need to move on to the next step.
Third-party collections
And often, that next step may be third-party collections. This is where a business decides that they have done all they can to collect on their own, and now need the services of an agency such as DCA.
For many businesses, there are some advantages to going to the third-party route, depending on your debtor base. Debt recovery can improve with the extra resources. Other technology not available to a company can be used in the efforts to collect.
And, you’re able to instead dedicate your own resources to operations or planning instead of debt collections. This becomes a solution that may not be as obvious at first glance but will yield dividends for your overall business over time.
Technology and techniques working hand-in-hand
While either first- or third-party collection may be needed for your business, it’s critical to work with experts who understand how they can be optimized for your precise needs. That’s what we can do at DCA.
Our programs increase efficiency as well as boost engagement for your debtors. We build our brand on privacy, security, confidentiality, integrity and — above all — responsiveness. We’re focused on providing the most positive experience possible for your needs.
Visit our website to learn more about how our debt-forward solutions can be an important part of your company’s debt collection plan: http://debtcontrolagency.com