People and businesses need more than ever a trusted partner to ensure economic stability and to deal with the current adverse social consequences. Undoubtedly, overdue payments are a sensitive issue, which needs to be handled with strict professionalism and social responsibility.
Therefore, unlike traditional debt collection agencies, fintech debt collectors plan across multiple horizons and have successfully managed to tailor the industry in favor of the business and the people. Just to name a few, here are five reasons why fintech debt collectors are really cool guys.
💬 1. They master omnichannel communication
Instead of filling your post box with tons of paper, fintech debt collectors are now able to send you a personalized email and parallelly get in touch with you via social media channels such as WhatsApp, Messenger or Viber. In comparison to traditional, unpleasant, time consuming and expensive calls, this type of online communication saves money and time. Digital messages prove to shorten communication delay and save consumers a great deal of headache.
Furthermore, fintech debt collectors understand social dynamics and avoid incomprehensible legalese that only extends processing time. The intelligent platform is 100% GDPR compliant and uses segmented debtor language to adjust all communication according to the consumer needs and language of preference. In other words, communication across different age groups will be held in different channels and jargons, which significantly improves the collection success rates.
Therefore, fintech receivables management platforms drive better and more personal relationships with audiences across multiple organisations and improve the customer journey.
💡 2. They use AI and Machine Learning to validate and enrich data
An ace up fintech debt collectors’ sleeve is their use of artificial intelligence, machine learning and robotics to compare and adjust all consumer related data points.
An end-to-end receivables management platform (RMP) is capable of veryfing names, banks information and enriching data sections with all publicly available contact information. This verification process is fully automated and secures high collection rates while minimizing the risk of mistakes occurring by traditional manual data processing. This sophisticated technology enables fully automated initiation and distribution of invoices and multi-channel payment reminders in case of a delay.
Fintech debt collection is a true game changer when it comes to fairness and transperancy with consumers since it doesn’t simply charge unclear fixed fees like traditional agencies. Instead, it conducts the so called event-based billing — transparent fees only for actions taken by the collection agency.
🍰 3. They make integration a piece of cake for clients
Fintech debt collection agencies such as eCollect operate with the best-in-class software tools that allow smooth integration even into the most complex technical infrastructures. Thus, complex and modern business models are able to gain control over their cash flow in real time.
There are 3 levels of integration to chose from:
· Level 1: Import from CSV files
· Level 2: Transfer of structured data
· Level 3: RESTful API integration
As a trusted partner, eCollect acts not only as a service provider but also as a consultant to its clients. Unlike traditional collection agencies with legacy software systems from the late 90s, cool fintech guys are equipped to build middleware components — an essential “software glue” that provides tailor-made services beyond those existing in the operating system. It is not simply about collection but about being a reliable tech solution provider able to tackle business and societal pain points.
💸 4. They let people pay however and whenever suits them best
Fintech RMPs are enabling payment transactions between customers and creditors through over 150 payment methods worldwide in local currencies. This ‘one-stop-solution’ for all payment requirements is saving on costs from multiple contracts with diverse financial institutions.
Moreover, fintech companies provide a white label paypage with a direct link for consumers to pay invoices, dunning and collection fees fast and convenient through their mobile devices-anytime and anywhere. This payment option saves up to a week processing time from traditional manual money transfer. Some services such as rental cars require a quick consumer activation. Thanks to the capacities of the platform, FinTech guys directly send the payment notification to the provider in order to unlock a consumer. Within a second, the consumer is free to rent the car again after having payed their debts.
🕦 5. They go beyond borders and think out of the box
Fintech receivable management platforms are not only multi-language and multi-currency, but also cross-border and multi-jurisdictional.
In some cases a debt turns into a write-off if the debtor leaves the country. In such scenarios fintech RMPs have the technological bandwith to ensure cross-border liquidity by adjusting to the local legal requirements. Furthermore, all-in-one receivable platforms can help debtors to set instalment plans and businesses to monitor all claims in real time.
Saving the best for last — one of the features that our international business clients value most is that, in contrast to traditional debt collection agencies, the fintech RMP platform gives them the option to keep control over receivables in all operating countries with a single onboarding process.
Learn more about account receivables innovations and solutions at eCollect’s website.
By Marc Schillinger, CEO at eCollect.