Improving Collection

Virtual Collection

A fascinating technology, virtual collecting, is making its way into collection offices across the country. Virtual collecting takes advantage of the internet to help consumers resolve their debts without person-to-person interaction.

There are a range of implementations but the most intriguing are those that allow a customer to go online, authenticate themselves as the right party, and proceed to negotiate a payment plan. Once the customer has suggested a payment amount, the collection system presents the customer with a number of payment options based on pre-defined criteria established by the collection office.

The customer can choose a repayment option, update their contact information, and make their payment without speaking to a collection staff person.

The benefits include:

  • Customers can access their account and payment options 24/7/365.
  • Multi-lingual screens assist customers of varying ethnicities.
  • Pre-screening and authentication features ensure that no policies or laws are violated with regard to third party contact.
  • Personal information, arrangements and payments can be updated and loaded into a pre-existing collection software package.
  • Embarrassed customers can conduct their business with no personal interaction.
  • Collection offices can communicate with more customers, during expanded hours, with fewer agents.