If you aren’t getting paid, you’re out of business. Soft Collections is the first line of defense between your company and unpaid invoices. Although obtaining payment from your clients is a pivotal part of your business, repeatedly reaching out to your customers uses a company’s resources. This effort often ends up without a return on time spent, causing a lull in workflow.
One of the best ways to combat this sore spot is by outsourcing Soft Collections to qualified agencies. That way, your employees can focus on producing quality work and not get bogged down with unpaid invoices.
Here are ways in which outsourcing Soft Collections is not only a time-saver but gains back funds in a big way:
1. Managing Collections Receivables in House Is Difficult
From start-ups to established businesses, companies across the board have issues staying up to date with Collections Receivables. Not only does your business have to comply with federal, state, and local regulations, you may suffer penalties if not done correctly or not updated continually.
Another difficulty with collections is technology. Sending out and managing invoices is more than just a quick email. There are many current technologies and best practices that need to be put in place for things to work efficiently and to receive payments quickly.
Outsourcing Soft Collections to an agency will ensure that not only are they complying with current rules and regulations, but they will also have the latest technologies to handle customer invoices and inquires.
2. Increased Customer Service Satisfaction and Retention
If the focus of your company isn’t in customer service exclusively, you may get a negative response when reaching out to clients for delayed payments.
Outsourcing your Soft Collections to qualified customer service representatives not only means your customers will have a higher likelihood of positive interactions (even when it has to do with money!), they likely will return for repeat business.
Soft Collections isn’t just about reminding people of their overdue payments; it’s about helping the customer set up payment plans or offering customizable options. Experienced customer service representatives open lines of communication with your customers, without needing to resort to official debt collectors.
3. Customer Information Outreach
It’s difficult building a tried-and-true process around delayed or lost payments. Contacting customers for late payments is often more than just a simple phone call or email. Customers may have moved, changed contact information, or emails may have gone into spam. There are many reasons why it might be hard to get in contact with someone and it involves time and energy to keep on top of it.
Outsourcing Soft Collections lets the agency handle the outreach and updates contact information accordingly.
4. Increased Profit Margins
There is an overwhelming list of reasons why a company would increase profit margins when outsourcing Soft Collections. For one, outsourcing centers can be up to 70% less expensive than in-house staff. Another more important reason is experience and focus. A Soft Collections agency is dedicated to debt recovery and collections, meaning they will devote the time and procedures necessary to receive collections on time. Having a team dedicated to outstanding payments means reducing delinquency rates for your company tenfold.
Centris provides quality Soft Collections services for your companies needs. For over 30 years, Centris has mastered the customer service experience for clients around the world. Want to be paid promptly? Providing bilingual customer support, Centris can discuss payment options or customizable solutions in their native language, ensuring payments are finally on time.
Do you have additional questions about Soft Collections? Contact us, we’d love to help.
