The right credit management strategy is key to helping customers maintain a positive relationship with your brand.
Outstanding debt can have a major impact on your business. Aged debtor balances hit you where it hurts – impacting your cash flow and often requiring a lengthy and costly process to recover outstanding accounts.
A collections process can be a very personal and sometimes stressful situation for a customer. It requires a clear strategy; involving a particular mix of agent skill and sophisticated lead management processes to keep customer relationships positive.
Recruiting and retaining the right agents for the job is a challenging task; and the administration and overhead of keeping this in-house can be costly.
Outsourcing to Stellar means lowering your costs,effectively managing your debt with a focus on improving your customer relationships.
What can a collections strategy do for your business?
With advancements in technology and customer analysis, collection strategies have shifted to a more proactive customer-first approach.
Using automated solutions and contact strategies we can resolve simple collection issues without ever needing to involve an agent – driving financial efficiencies for your business and customer retention.
Early collection strategies help your customers avoid harsher collection activities, giving them the power to proactively manage their payments and helping build loyalty to your brand.
This leads to reduced bad debt; happier and empowered customers; and a stronger, healthier customer base for your business. Protect your brand and your bottom line.
How can Stellar’s experience benefit you?
Our experience in the collections space ranges from simple outbound bill collection calls through to managing the entire collections strategy for customers who are in financial hardship. We currently conduct this work for clients in the utilities, finance and government sectors.
Whether it’s simple or complex, we can build a framework that balances the competing drivers in collections; maintaining positive relationships while collecting outstanding debt.
We can tailor an effective solution that maintains a positive balance between your business and customer needs. Our proprietary software cStar tracks collections activities by using business rules that are driven by analytics to determine how a customer is managed, depending on what stage they are at within the collections process. If you already have a system that works well, we can focus on improving your contact and collections rates.
We profile the debt according to the stage of the collections cycle in order to determine the best method and establish the best customer approach.
This allows us to build you a team with the right skill, knowledge and authority to resolve each debt situation whilst maintaining an excellent customer experience: in a single, solution-focused conversation.
What have we achieved for our clients?
- Reduction in headcount
- Reduction in training costs
- Increased efficiencies through automated processes
- Reduction in AHT
- Decreased outstanding debt and aged debtor balances
- Increased quality score
- Introduction of a tailored collections management system
- Reduced costs
- Increased NPS
Want to learn more?
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