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4 Ways TCN’s Software Helps With Debt Management and Collections

debt management and collections system, debt collection software

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Author: TCN

Collection agencies are continually searching for the best ways to maximize bill collection effectiveness and increase agent morale. TCN’s cloud-based debt collection software increases revenue and can drastically boost recovery rates with an intelligent, predictive dialer system. Agent productivity can then significantly rise while eliminating downtime, wasted time on manual and in-between calls that allow agents more time to spend on live, meaningful calls. Overall, smarter connections forge tremendous success in collection efforts. TCN’s debt management and collections system is leading the pack when it comes to call center efficiency.

The following are just four ways TCN can help your business achieve optimal success for your debt management and collections:

Maintain TCPA Compliance

One of the most effective ways TCN helps collection agencies achieve maximum success is by assisting them to stay TCPA compliant. As recently as 2015, TCPA regulations have attached hefty fines for each violation. Avoid the penalties and the misinformation with TCN.

Staying compliant and keeping new and existing call center agents educated on the latest TCPA regulations is always challenging. Still, with TCN’s built-in software features, experience, and attention to detail, agents and call centers can achieve TCPA compliance.

Most collections departments don’t even know where to start the evaluation process when considering TCPA. Fortunately, TCN has created a useful online resource called the complete guide to TCPA compliance to help your organization know how to act.

Agencies need to understand what the TCPA regulatory guidelines are, but more importantly, they need to know how to avoid breaking them.
Start improving your call center’s TCPA compliance by learning and applying the laws that affect your business efforts. Create accountability and improved best practices with TCN.

Over-The-Phone Billpay (IVR)

If you are like most consumers, you probably don’t want to interact with a debt collector. Call centers that endlessly try to contact customers that never answer their phone are wasting time and money. TCN’s debt management and collections system allows customers to pay over the phone without ever talking to a live agent. TCN’s Interactive Voice Response (IVR) software frees the customer from ever talking to another agent and lets them pay their bill at the press of a button.

The best part about this feature is that customers aren’t stressing over who might have access to their sensitive financial information, and the call center doesn’t have to pay an agent.

Close More Delinquent Accounts with Automatic Call Distribution

Another way TCN is helping collection agencies and call centers is to provide a cutting-edge solution that allows customers who want to interact with agents to do so in the most effective way possible. Lots of customers prefer to skip the IVR and wish to speak with a real person.

If a call center deals with all kinds of customers that need to be siphoned and funneled off to different people or departments, then our Automatic Call Distribution (ACD) is here to help! TCN’s ACD can read the customer’s information in the CRM, see what their payment status is, and then transfers the call to an agent who specializes in handling that specific issue.

Decreased Roll Rates

Typically, roll rates help predict a business’s monetary risk. They are used to plot if a particular debt will roll over from 30 to 60 to 90 days late or if the client is delinquent. Part of what TCN’s debt collection software does is assemble and examine essential data to better predict roll rates and any associated risk. With TCN, agencies can track promises to pay, collection amounts, correct numbers, income, etc. Then, it assembles it to optimize the most transparent view of each contact.

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About the Author: TCN

TCN is a global provider of a comprehensive, cloud-based call center platform for enterprises, contact centers, business process outsourcing firms (BPOs) and collection agencies. Founded in 1999, TCN combines a deep understanding of the needs of call centers with a unique approach to pricing – no contracts, monthly minimums or maintenance fees – that supports rapid scaling and instant flexibility to changing business needs. TCN’s contact center platform, TCN Operator, features a holistic set of easy-to-use, automated agent tools and advanced apps for omnichannel communications, workforce engagement, compliance & data management, integration & automation, intelligence, reporting & analytics and collaboration & accessibility. TCN is trusted by Fortune 500 companies and enterprises of all sizes in multiple industries in many countries.