8 Reasons for Outsourcing Debt Collection to BPO Service Providers
Businesses stop performing when their money is at stake. Recovering debt is one of the most daunting tasks a business takes care of. Recruiting a complete team for debt recovery only surges the business cost. Why risk your business revenue when BPO companies like UCC are available to support you in the face of crisis?
Payment collection is no easy task. It takes a foolproof strategy, a business process, and a knowledgeable team with expertise in debt collection. Many businesses in the UK have accepted late payment recovery as a part of their regular business operation. But they fail to realise how outstanding payments affect the usual business flow.
Debt recovery under inexperienced staff is never feasible. Eventually, it damages the business infrastructure. When debtors delay the payment, avoid contact, ignore invoices or break the clause mentioned in the original agreement, it’s time to outsource your debt collection to a reputed BPO company that offers similar services. For most organisations, outsourcing comes as a boon. The compliance skills of the specialists working for a debt recovery agency and the technology & software they use for streamlined data collection are one of a kind. If you are a business that needs to collect a debt from clients and has not considered outsourcing the recovery operations, you are slowing down the business process.
Here is a list of benefits that businesses enjoy by outsourcing debt collections:
Minimised Collection Costs
Fund recovery is a long, tiring process. A company planning to do it without professional assistance may need to build an in-house team for the job. This also includes training them for the job or business-specific requirements and allotting space for them inside the office. When a third-party vendor like UCC comes into play, companies can relax knowing the HR-related costs (hiring and training) become null.
Majority of the BPO companies operating in the field of debt collection work using a robust dialer technology that simplifies the recovery operation. Thus, businesses get to experience the fruits of this new invention without investing in it.
Greater Chances of Recovery
This is one of the primary reasons behind the growing number of service bookings UCC is receiving. A debt collection expert has training, experience, and knowledge of such collections. Debt recovery is not a job of a novice who has been just newly trained to collect a debt many BPO companies have been offering for over a decade.
Lower Delinquency Rates
Hiring a third-party debt collector is always the best approach toward debt recovery. It also works wonderfully in reducing delinquency rates. The full-time employees of the recovery company are the brains behind the collections. So don’t panic! Let UCC recover your past-due funds following the best practices.
Time is Money
It’s a universal truth that both businesses and debt recovery agents believe in. Running and expanding a business is not easy. It necessitates investment, late-night thoughts, and a brain with the mighty power of decision-making. When a company is chasing the debtors, it’s investing its resources in the chase rather than making the best use of funds/assets.
Enhanced Productivity
Time spent in debt collection is not invested in sales and lead generation. When BPO companies like UCC remain responsible for debt recovery, organisations have all the resources available for business expansion. The more effort and time a company invests in achieving business goals, the better the business reputation is. A company must focus on brand extension, loan processing, improving customer service, and boosting market availability.
No Risk
Most debt collection agencies only charge an amount if the recovery operation is successful. Thus, there is no risk of losing money when the payment discussion comes into the scene only after debt collection.
Specialised Service
Debt recovery is the job of experts. Trusting a novice for the collections brings in beneficial results only in a few per cent of cases. UCC is a special agency that takes care of debt recovery under the guidance of licensed experts who have been doing the job for a living for decades.
Maintain Good Working Relationships
Chasing debtors for payment is humiliating. Why take the hassle of calling or mailing clients when professionals have been working for the same cause for years? Let specialists take care of the debt recovery while you focus on strengthening the client-business relationship.
Final Thoughts
Debt recovery is a work of great responsibility. It plays a great role in expanding the business and helps in growth. UCC works with a team of 250 professionals who are dedicated debt collectors. They ensure companies have peace of mind by handling the outstanding debts waiting for clearance. Our ‘no recovery, no fee’ guarantee ensures businesses receive the best help from an ethically managed organisation.
