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​The COVID pandemic has dramatically changed the way American consumers travel, socialize, conduct business — and handle their debts. Collecting Debt in a Post-COVID WorldHow the Pandemic Has Changed
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How’s Your Tone?
Controlling the tone of a collection call requires some finesse. It’s often helpful for collectors to remind themselves to smile, particularly at the beginning of the call. (See box at right.) Listening with empathy is the next step toward helping patients understand that the creditor and collector are not their enemies. Then, validate their feelings and let them know your objective is the same as theirs: to get them out of debt. ​ These days, many consumers are feeling particularly anxious, angry or hopeless. And they may be suffering from issues that go way beyond their personal debt. So consideration plays a huge role in how collection calls will transpire. ​ Flexibility = Stability
Collection agencies and creditors who offer flexible, zero-percent-interest payment plans increase their chances of being paid. Patients and other consumers need the option of paying when they can and if they can.
​ This may require adjusting or extending repayment terms, accommodating unpredictable income fluctuations, or deferring payments. Consumers tend to repay those debts they believe are most manageable. Collectors who are the most flexible during uncertain economic times will be the most successful at recovering past-due debt. |
When You’re Smiling Some of the most successful customer service agents keep a mirror on their desk to remind themselves to smile. The very act of smiling creates a more positive disposition and alters the tone of one’s voice. Physiologically, smiling raises the soft palate at the back of one’s mouth, generating more fluid sound waves and a warm, friendly voice. During the course of a collections call, check your reflection periodically. If you look angry or tired, that will be conveyed in your voice. |
Online Payment Portals
Increasingly, some patients may not wish to speak with a collections agent at all. Offering an online payment option empowers them to conveniently pay whenever and however they can, without having to speak with a representative.
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​The most effective payment portals allow consumers to defer payments, adjust payment terms, update their financial information and status, and dispute all or a portion of their debt.
No one can accurately predict how long the COVID pandemic will last. Debt repayments will continue to be inconsistent for the duration, especially as individuals receive intermittent governmental aid. Collectors who focus on nurturing consumer/patient relationships, remaining flexible, and offering detailed self-service options are the ones who will weather the storm.
Sources:
Featured Image: Adobe, License Granted
Inside ARM
Forbes
The Clinton Courier
Collection Hub
Featured Image: Adobe, License Granted
Inside ARM
Forbes
The Clinton Courier
Collection Hub
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Credit Service Company, Inc.
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2150 Lelaray St.
Colorado Springs, CO 80909 P.O. Box 1120
Colorado Springs, CO 80901 |
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Credit Service Company, Inc. PO Box 2247 Colorado Springs, CO 80901
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Credit Service Company, Inc.
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