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How Can You Make Debt Collection Easier?

For companies that provide embedded financial services or for financial lending institutions, the process of repayment and debt collection is something that needs to be completely optimized, in the hope of reducing losses from non-repayment. 

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With the widespread usage of small credit and small loans taken through various microfinancing apps, the need for debt collection tools is more than ever, with companies looking for a solution that helps them with their debt collection. 

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Here are 5 ways you can make the debt collection process easier: 

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1. Reminders On Multiple Channels 

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Create a system that can support the various channels that your customer base uses. You can use this system as a way to reach out to them to give them reminders about their debt repayment. Send out messages, bulk and personal mails and more to serve as payment reminders. 

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2. Automate The Pending Debt Statement Generation Process

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One of the best ways to take pressure off debt collection agents is to automate the process of debt statement generation. The added advantage of implementing this system is that it can be used to share personalized SMS or email reminders to customers on their preferred channel. 

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3. Provide Multiple Payment Options 

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Try to make the customer’s repayment process as easy and convenient for them as possible. For that to happen in today’s digital payment age, the best thing to do is to set up multiple payment avenues for the customer to choose from. Make provisions for repayment in any form. 

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4. Debt Recovery Analysis and Account Receivable Scores 

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Companies need to approach their unpaid amounts in a slightly different way, and rather try to focus on following a more holistic type of approach by adopting debt recovery analysis and account receivable scores to see increased revenue. It’s better to work using predictive data and numbers. 

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5. Increased Self Service Options

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It has been proven that collection strategies are more efficient when they are built offering the customer a more user friendly interface. While offering the customer a better user experience, it also helps the company to automate the repayment process as well. 

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What makes Encore Pay the ideal tool for your debt repayment needs?

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Encore Pay is the repayment tool that your business needs. Auto Pay, Auto Collect, UPI based payments and SMS and telecaller integration are just some of the features of Encore Pay. 

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Use Encore Pay for unlimited product configuration, end to end API enabled features, an integrated partner lending ecosystem and so much more!

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Get on board with Encore 360° today!