3 Facts of Offshore Debt Collection to Contain the Debt Collection Spiral
Remote Scouts by Cedar Global Solutions
Remote talent integration. We help companies find top team members for their global remote workforce.
Hello collection leaders, a busy week? ????
Yes, that seems to happen a lot when you are dealing with multiple collection targets and piling invoices while your in-house team tries to scramble and manage their core tasks alongside the collection processes now on their plate. Here’s how in-house collections go: You start by noticing that considerable invoices are piling up, creating a gap in your revenue stream and hurting your cash flow. You start to think, now is the time that I figure out a way to get these invoices paid and revive my cashflow, but by the time your inhouse team starts collection efforts, most of the accounts are past due and becoming harder to collect accounts – now you’re in a pickle.
Even with the most sophisticated in-house collection methods, various issues arise because of the lack of resources for proper collections:
? Setting up and maintaining an in-house collections team can be expensive. It requires staff training, legal compliance expertise, and dedicated software. ??
? In-house teams might not be as efficient as experienced collection agencies, especially for high volumes of debt. ??
? Debt collection is heavily regulated. Companies must ensure their in-house team stays current on complex legalities to avoid violations and potential fines. ??
And what happens when you are not a company like YouTube that handles their collections inhouse and doesn’t have the resources to manage collections with your available resources? If you are a small business, you will struggle with managing collections independently. Small businesses are often a one-person army, and there are always things simmering on your plate calling for your attention, so you look for that one guide that will show you the way to effective collections. And enter Offshore debt collection!
No, no, don’t let the name throw you off.
Many companies would consider third-party collections when their internal strategies don’t work, or they cannot allot time or effort to collections. But most collection agencies would charge high commissions on already marginal recovered profits – but offshore debt collection agencies give you:
Recently, Remote Scouts hired a group of debt collectors for a national collection agency in North America. They collected record-breaking amounts in their first month, and the client was pleased with their progress. We were getting regular feedback that the debt collectors were performing better than the people they had on board before, and many exceeded expectations. And then, there was an unexpected slump. The debt collectors couldn’t figure out why they were struggling to match the numbers they were pulling before.???
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We conducted a temperature check with the collectors and the client, and it turned out that there was specific debt collection software that could optimize their collection process and get them on track. The client agreed to provide them with the specific software so they could rebuild their rapport with the customers and start collecting again. The software was bought and installed, and the debt collectors went through the training to learn how to leverage that software for improved collections.
If you look at this incident, the lesson is to keep going until you find a solution to the issue so you can manage collections in the best way possible. Could a small business already crushed under various tasks and responsibilities go through that process and figure out how to improve its collections with a single person or a tiny team working on collections? But there are two reasons why this case study proves the efficacy of offshore collections:
? The offshore debt collectors could recognize a pattern offsetting the collection process because of their breadth of experience, which an overworked and overwhelmed team could have easily missed. ??
? The offshore staffing agency that placed these collectors had protocols in place to notice changes in performance and instantly review compliance and performance to manage the issue and devise a solution. ?????
This whopping number indicates a specific issue with debt collection that is going unnoticed; smaller businesses do not have the infrastructure or the resources to manage collections and end up with this number of unrecovered payments or owing this kind of payment because they lack resources. The same study also mentioned this: ?
Even if you do not have an overwhelming problem right now, it doesn’t mean that at one point, you won’t feel the brunt of uncollected payments, and the strain will not mess with your business. Even the largest companies sometimes miss the tell-tale signs of past due accounts and act late, which puts their internal collection teams under more stress than needed. One of the most common reasons is not having a dedicated debt collection team. ??
However, an offshore debt collection team is ideal because it doesn’t require training or infrastructure. It can work from anywhere, anytime, giving you around-the-clock productivity and affordable collections without straining your finances and maximizing your revenue streams to help your business grow. ??
What Can Remote Scouts Offer in Offshore Debt Collection? ??
With over 15 years in offshore staffing, Remote Scouts has a technical and meticulous process of scouting and screening the best talent in offshore debt collection. They know businesses' pain in recovering unpaid payments and know what kind of professionals can carry the torch well and manage offshore collections through their expertise. ??
Remote Scouts has a repository of skilled and experienced debt collectors who know how to communicate and connect with customers and recover the most stubborn of outstanding payments to ensure profitability and recovery for your clients. For more information, head on over to Remote Scouts and tell us how we can transform your debt collection process for you with exceptional debt collection talent. ??