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The global economic environment is extremely unpredictable nowadays and has put many people around the world under increasing financial strain. This, in turn, leads to bad debt – unwelcome news not only for the person involved but for the business too. A recent study conducted in 2017 found out that many spending categories in the USA have outpaced income growth over the past 10 years. Many Americans put their medical and business expenses on personal credit cards, incurring a large amount of debt they can seldom pay back. US consumers owe more than $905 billion in total credit card debts, along with other debts such as mortgages, auto, and student loans, etc.
As a business, there is little you can do when a customer announces bankruptcy. As customer payments get delayed and pile up, businesses can rarely find time to follow-up on payments, until it's too late. Worse still, this can also distract you from your core business goals while resulting in unnecessary wastage of time and money. Outsourcing debt collection can, therefore, help you enhance business efficiency while dealing with customers who are on the verge of going into bad debt. Flatworld's debt collection services can streamline and improve your debt collection process while enhancing cash flow and increasing your profitability index.
Debt Collection Outsourcing Services We Offer
Over the past decade, FWS has made a name for itself in providing value-added call center services to clients across the globe. Our debt recovery call center outsourcing services are a proud offset of the same and have constantly provided reliable debt collection services to our partners. We offer our services worldwide, and have constantly tweaked and optimized our services in order to ensure all your requirements are met comprehensively. We are efficient in both retail consumer collections and commercial collections.
Our services include -
Customer tracking and Data Validation Services
In many cases, debtors end up changing their contact information or move their houses without notifying the business. In such cases, it becomes extremely risky for the business to maintain an open line of credit, or miss out on payments. With our tracking services, we can not only help in finding the said customers, but even create a list of defaulters and their current contact information so that you can follow-up within a short window of time. Our agents are regularly trained in the latest investigative techniques to identify a customer's location and uncover hidden assets in case there are any.
Early/Late Stage Debt Collection
As your debt collection agency of choice, we contact customers and debtors who have defaulted on payments and offer them suitable solutions to restructure their debt so that they can pay back your business comfortably. We actively seek to solve any business disputes and get the payments completed in as short a time as possible.
Our debt recovery call center outsourcing services are perfectly attuned to your business requirements. Our call center agents are especially trained to gain the trust of your customers and solve any disputes in case of mismanaged particulars. This ensures the credibility of your company always remains intact.
Throughout the entire debt collection phase, we remain in constant contact with our clients and update daily reports based on the latest status of the process. This further ensures peace of mind and transparency for our partners.
We have experience in dealing with 100's of bad-debt claims in a day, and can help you recover the following types of debt -
Credit Card Debt
Government Contracts Debt
Call Center Software we use
Our Debt Collection Process
Outsourcing debt collection services to FWS ensures that your existing reputation with customers is maintained and upheld as we act as an extension of your in-house accounts processes. We believe in servicing our clients with extreme transparency, and our process is designed from the ground-up keeping this philosophy in mind.
1. Debt Collection Request: Once we receive your debt request we immediately auto-generate a form with all the particulars which then gets updated regularly based on our calls and investigation. We ensure all the necessary details are collected as soon as possible for a streamlined debt recovery process
2. Prompt Action: We begin acting on your debtor profile within 1 hour of receiving the entire details. Our highly-trained call center agents ensure that they remain assertive, and not aggressive while dealing with your customers. In cases where routine calls cannot trace the debtor, we employ detailed databases to track your missing debtors
3. Debt Recovery Fast-track: Once we get in touch with the debtors, we give them a variety of payment options and discuss pre-authorized payment plans with them. We advise them in the best manner possible, while ensuring the chances of recovering the debt from them become considerably higher.
There are many reasons why our debt collection services are considered by most of our clients to be the best that they have encountered in their distinguished years of doing business. Some of them include -
Attractive Pricing Options - Our pricing rates are extremely customizable to suit your needs. Depending on the project complexity, call volumes, total number of hours required, and the level of skills requested, we can provide you with a pricing plan which fits your billing.
Intense Hiring Process for Debt Call Center Agents - Our diligent hiring process ensures only the best talent is assigned to your project. Our call center agents are hired through an intensive hiring and screening process and undergo months of training in order to deal with even the most complex customers.
High-end Infrastructure - Our Telco-grade data centers, robust state-of-art call center technology and redundant security and backup systems ensure that you have access to world-class infrastructure at all times without spending for it
QA and Monitoring - Our QC team always learns from the calls being made and ensures complete transparency of the processes. It also allows us to tweak our caller dashboards with new ideas to employ especially when dealing with tough debtors
Omni-channel Support - We assign a dedicated project manager to your project who ensures that our support team is always ready to answer your queries. You also gain access to detailed reports accessible both online and offline through multiple devices
Why Outsource Debt Collection to Flatworld Solutions?
Our established approach towards debt collection includes focusing both on our clients and their customers while ensuring debts are collected in the full and within a short time period. We always keep your reputation in mind while dealing with the toughest of customers, a major reason why major financial institutions and telecom giants chose our services for debt recovery and collection. Outsourcing to us can help you in the following manner -
Reducing delinquency rates by as much as 40-50%
Achieve higher liquidity ratios
Benefit from accurate data entry for missing customer details
Save costs by choosing a customized package
Increased profit margins
Easy, on-time debt collection
Ability to focus on core business objectives
Outsource Debt Collection Services to Flatworld Solutions
If you are facing reduced cash flow in your business due to customers defaulting on their payments, or are facing rising costs in debt collection, then you need to employ our debt recovery solutions right now! Not only do we ensure your peace of mind, but also help you in recovering debt which was long considered lost. Our trained call center agents act as a major piece of the puzzle and ensure that their training is employed in successfully convincing customers in a firm but friendly way to recover the lost debt.