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Always Keep Your ARM In Check

Accounts Receivable Management

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Author: Spencer Peterson

The realm of collections and accounts receivable management (ARM) is a rollercoaster ride of contacting, collecting and compliance. At times, you may feel like you are being tossed from side to side and spun upside down from all the changes to compliance regulations, struggling to manage your contact center and improve your overall collections. TCN provides call center solutions to make your ride through collections smooth and worry-free.

What does my ARM collection agency need?

Two of the most important traits for every successful ARM/collection agency are to have professional/well-trained agents and to have the perfect software. To manage your agency correctly, you must manage your agents properly. Managing agents is a challenging obstacle in any industry, but it is critical within a collections contact center. Agents must know how to handle day-to-day tasks, solve problems and improve the efficiency and effectiveness of your contact center. 

Just as adequately trained agents help your operations run smoothly, the perfect software provides solutions to your contact center’s challenges. The base solutions that every collections agency needs are an IVR, compliance suite and a predictive dialer. Many different software options are available, but only one has robust and comprehensive solutions for any agency.

What does collection software do for me?

The right software solution is like grease in the gears of your business. TCN’s software immediately increases call capacity and answering machine detection rates while improving auto pacing, account penetration, agent screen pops and CRM integrations. Your agents’ time and skills are used to the fullest when they can immediately connect with consumers and have relevant and up-to-date information. Your software bridges the gap between hard work and your call center’s success. There are many solutions within TCN’s platform that agencies can use. 

IVR systems allow consumers to solve concerns themselves at any time of day or night — reducing agents’ wasted time on simple solutions and call redirecting. IVR solutions can also direct consumers to secure payment options to help increase overall collections. 

These secure payment options are a great way to remain compliant with regulations in addition to your suite of compliance solutions. A proper compliance suite ensures that your agents and collections agency remain safe from non-compliance fees while protecting your consumers and their personal information. 

While these solutions are invaluable and help you keep up on your collections, predictive dialers keep agents working at peak efficiency by ensuring they are constantly engaging with consumers promptly. This dialing system measures call patterns to predict when calls are ending to automatically start calling the next consumer and instantly connect them to an agent, reducing wasted time and improving consumer and agent experiences.

Even with the fancy gadgets, bells and whistles, the highest success rates come from call centers with agents that are managed well. These agents are trained using an effective training guide that focuses on fine-tuning agent skills, incentivizing success and adapting as markets and needs change. With these trained agents equipped with the best call center software, your business can expect a(n):

  • Increase in right-party contacts
  • Increase in agent talk time
  • Reduction in ready/idle time
  • Reduction in FTE (full-time-employee)

Additional tips for successful ARM

There are always improvements to make because of the fluid nature of the collections market. Request a demo to see how you can apply comprehensive cloud solutions such as Advanced Reporting and Analytics, Call Recording and Notifications with other automated tasks to bring your collections ride to the next level.

About the Author: Spencer Peterson

Spencer Peterson is TCN’s Public Relations Specialist. With a demonstrated track record of success, he leads TCN’s PR efforts in crafting compelling narratives and enhancing brand visibility. Spencer is always looking for new and impactful PR strategies to further the goals of his company.