Collect More and Collect Compliantly with Balto's Debt Collections Software

by Chris Kontes | January 15th, 2021

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All businesses need to get paid, and debt collections software is one tool that can make it happen fast. Managers should carefully select the right software in order to get the most out of this investment. Balto’s debt collections software is designed to assist debt collectors in real time, live on each collection call.

Imagine that a collection agent is new on the job and becomes frustrated with a difficult customer. If the manager is unaware of the situation, the call could go wrong quickly. Most organizations deal with this issue after the fact, but that means the opportunity gets lost.

Real-Time Support with Debt Collections Software

Balto is an intelligent and flexible debt collection software that debt collectors to improve their performance. This software has many built-in features that make it easy to improve the outcome of each call.

Artificial intelligence debt collections software can reduce a variety of problems that occur during debt collection activities. For example, collection calls that are going wrong can get back on track before the customer hangs up. The debt collector can use intelligent debt collections software prompts to recover control over the situation.

Small details can make all the difference. Guidance in real time can change the outcome entirely, which translates into measurable increases in revenues for the company. Reduce accounts receivables by providing debt collectors with the tools they need to get customers to pay.

The Role of Debt Collections Software

Businesses that handle a high volume of collections calls can easily become overwhelmed by the need to follow through with collections as well. Issues of message consistency and quality assurance can easily become marginalized. Balto has solutions to assist any agent who engages in phone calls with customers.

Balto’s debt collections software provides live call support for customer servicedebt collectionsalesquality assurance, compliance and message consistency. Each area of activity might require the software to adapt specific terminology in order to provide the representative with the most effective language prompts.

Balto’s debt collections software allows managers to monitor 100 percent of calls while offering agents real-time support and approved language prompts:

  • Reduce the amount of time needed to train new collectors. Train during live call sessions, and avoid long periods of time where the agent is away from the phone. Get the new hire on track quickly with the best practices.
  • Consumers expect to hear a consistent message. This is difficult to accomplish without an organization-wide plan. Balto’s software enables collectors, sales representatives and customer service professionals to use approved language, terms and phrases.
  • During a live call, it is easy for a representative to deviate from the approved script for the call. Many agents have conversational habits that are hard to break, and this may include speaking habits that are not compliant. Visual prompts from Balto’s debt collections software can alert the representative in real time. This avoids the problems associated with a post-call analysis.
  • Quality assurance happens when every phone representative uses the type of language that produces results. Reduce the amount of weak phrasing, informal speech and interruptions with Balto’s debt collections software. The software provides instant feedback in real time, which enables reps to learn on their feet.

Collectors benefit from language prompts to help them to collect more on every call. They can overcome common consumer objections using the software’s built-in features for real-time suggestions and alerts. They can also see critical information that is relevant to the specific consumer. This will help them to answer questions with minimal waiting.

Additional Benefits of Balto’s Debt Collections Software

Debt collections software plays a critical role in supporting efforts by the collections team. This includes the collections agents, accounts receivable staff and other members of the company who will be in contact with consumers. These points of contact should happen with a consistent message, and that’s hard to achieve without a real plan.

Balto has a collection plan built into the software. This can improve the company image, and it allows agents to grow into their roles quickly. The use of debt collection software can enable different people to use consistent language and phrasing when dealing with customers who have an outstanding payment due on an account.

The debt collections software choice becomes a critical link that enables the company’s accounts receivable to get paid fast. Real-time feedback can help new accounts receivables agents or debt collectors adopt the language and interaction habits of the best collector on the team. This is an extremely valuable feature offered by Balto’s debt collection software.

Gamification, Checklists, Added Features

Gamification can be used to refine the debt collecting skills of entire teams. Collection managers can use Balto to set up a training game that has collectors compete with each other. For example, Balto’s debt collections software can be set up to track the number of objections that were overcome or the total amounts collected per call.

Customization of this debt collection software allows managers, directors and executives to change the way Balto is used. It is easy to program a different objective into an existing game, for example. This can allow the collectors to suddenly apply their new conversational skills to actual debt collection calls.

Once the software tracks the winner of the contest, Balto congratulates the winners and provides helpful coaching suggestion for the rest of the team. This can also help managers to boost revenue collections during critical billing cycles.

Balto’s Live Checklist

The live checklist is an extremely useful tool. Consider how many times a debt collector forgets something important during a live call. Perhaps it seems that no amount of after-call reminders ever fixes the problem. Live checklists can be used during the call to ensure that every item is addressed before the call ends.

This is an important issue for companies struggling to remain compliant. Sometimes, this problem happens as an organization suddenly grows in volume, for example. It is easy for people to lose track of disclaimers, reminders and other essential items.

Once the live call is finished, it’s inefficient and awkward to get the consumer on the phone again. It also takes up time that can no longer be spent on debt collection. In addition, it is often difficult to ensure that all of the team members are using the same checklist.

Keep representatives and debt collectors on track by using the live checklist features embedded within Balto’s debt collections software. This will ensure compliance across multiple communication channels while ensuring that every task is accomplished in a consistent manner.

Who Benefits by Using Balto’s Debt Collections Software?

Balto can improve the basic functions of agencies with a high call volume. The features of the debt collections software can be customized to meet the needs of various departments. Managers, directors or planners can now monitor 100 percent of collections calls in real time.

Debt collectors benefit from the language prompts that help them to navigate difficult calls. The live call feature provides them with the most appropriate language, and this reduces the amount of missed collection opportunities. These tools help professionals to maintain quality, increase revenues and minimize errors.

The manager dashboard is a supplementary tool that allows interactions to occur during the live call. Adjust the language being used based on the software’s recommendations, or customize it. Organizations and divisions can adapt internal terminology, and Balto’s debt collections software will assist users during the process of adapting this language. Managers can see which collectors are best adhering to their talk tracks.

Who Benefits by Using Balto’s Debt Collections Software?

The product tour option is always available to managers, directors, purchasing agents and others who wish to see this amazing software at work in real time. Requesting a demonstration is fast and easy. This enables clients to observe the features during a real call simulation.

Once these features are demonstrated, it is easy to see how they can apply to your agency. The company representative will receive information critical to the task during a live collections call. Essential information can also be delivered to help collect payment on an outstanding account.

Reduce the amount of human errors that can affect the company’s bottom line. Allow Balto’s real-time speech analytics software to remove the burden of compliance checklists, quality assurance, consistent messaging and accurate information. Curb the amount of time a customer spends waiting for an answer to a question.

Product tours can be arranged at the convenience of the client. Find out how easy it is to customize Balto to fit the unique needs of your agency. A product demonstration is the best way to find out exactly how Balto’s debt collection software can help your business collect outstanding debts, open new accounts and maintain the highest quality of customer service.

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