. It goes in-depth into the most important things to consider when collecting money from people via text messages, such as making sure that your message has a clear call-to-action, doesn't make threats such as "legal action "or use any aggressive language and respect the person receiving it. Once you've got these basics down, read on for information on how to create an unbeatable strategy!
Interested in adding this new technology to your collection strategy and taking advantage of the lowest rates?
Text messaging is the new, cost-effective form of communication that communicates by sending messages back and forth.
Texting has become a popular way to communicate with millennials who are too busy for phone calls or waiting on emails from co-workers at work. A text message can convey information more quickly than an inbound call, which may place you on hold while someone else retrieves your request.
Think about it- texting is quick and efficient, saves time (imagine how much longer a phone conversation would take to complete), there's no need for the awkwardness of language translation unless you're using emojis, most people these days have unlimited texts so they don't even think twice when sending one message after another.
Interested in adding this new technology to your collection strategy and taking advantage of the lowest rates?
SMS messages have become a welcomed alternative to phone calls for debt collectors, but it can be difficult to figure out the best approach.
These four tips will help you get started:
Tip 1) Consider timing and location of delivery with your text message
Tip 2) Limit texts sent per day
Tip 3) Be respectful when making contact
Tip 4) Have reminders ready in advance!
A limited-content message is a specific type of SMS (text) that contains identifying information for both parties in the transaction. A typical example includes:
Name, phone number, and directions to opt-out from additional messages.
Federal Government Opened the Way to Unlimited Text Messages
The Federal Communications Commission (FCC) has ruled that debt collectors can send you unlimited text messages to collect debts. This initiative came after the Consumer Financial Protection Bureau proposed a ban on unsolicited, automated phone calls and texts from third parties other than local governments or schools attempting to collect their own debts.
It's no secret that people love using technology-enabled platforms for all sorts of transactions these days - why not use them when it comes time for creditors looking into collecting unpaid balances? That is exactly what was decided by Congress late last year with the passage of The Telephone Fair Debt Collection Act, which overruled any restrictions imposed by States restricting how collections agencies might contact consumers who have fallen behind on payments ̵
A limited-content message is defined as one that contains particular details, such as the following:
The components of a limited content message are regulated and consist of identifying information for both parties in the transaction.
It should include specific details, consisting of:
The account number, and
An amount owed
Account numbers and amounts should not be written in the body of a text message as this would constitute more than 160 characters
It is always best to keep limited content messages short and sweet - no one wants to read through pages worth of information when it can all be summarized into a few sentences or bullet points. Limited-content messaging may place an undue burden on individuals who do not have access to other means by which they could respond with sufficient detail about their debt situation.
If you are unsure whether your SMS collection pitch will go over well with your target audience, consider sending out one or two different texts that differ only slightly from each other for them to get used to receiving.
It is common for lenders to send out limited-content messages such as a greeting, your name, the date and time of the message. The lender will also include instructions on when you should reply or provide updates.
Interested in adding this new technology to your collection strategy and taking advantage of the lowest rates?
Sorts Repayment Tips Debt Collectors Able To Send Out
Billing Notification: Before the settlement day, send out messages to advise about it.
Overdue Notification: When a person has actually stopped working, make their repayment on time, remind them by sending out a collection of messages and informing them of various other solutions to encourage 2-way discussions. Informative Updates: Include updates such as the debt collections letter notification that you had sent previously. They know what is going on with their account or if anyone else attempted making repayments without permission from the debtor themselves.
Followups On Debt Collection Letter Notification: After you have sent previous letters asking for payments or any form of response, after some period later, go ahead and follow up again
Payments Made Notification: Thank You! For paying off your debt.
Yes, as long as you adhere to the FDCPA and current updates from CFPB on text messaging, among other regional regulations governing text messages for debt collection. Texts allow businesses to reach customers who've fallen behind in their loans more efficiently at a 2:1 ratio over phone calls due largely because texting is so efficient.
Lately, text messages from mobile service providers can no longer have words like "overdue" in them. This is for a very sensible reason: it preserves the efficiency of these texts and makes sure that you get your message delivered.
Interested in adding this new technology to your collection strategy and taking advantage of the lowest rates?
You may feel disconnected, but the world is still connected by smartphones. As a creditor looking to collect on an unpaid debt, text messaging offers a new way to interact with your customer and get back in contact without being too invasive or annoying them over email.
is to clearly express your call-to-action at the end and also avoid any aggressive language. To be successful, you should show empathy towards whoever receives it by making them more inclined to pay without being scared off or threatened in anyway. For example, "Please reply ASAP," or "We want you pay what is owed." Avoid threats like: “You will not make this mistake again!”
- We're looking forward to seeing you soon. Is tomorrow good for an appointment, or would Thursday work better for you?
We were sorry to see you missed your payment the other day. Please don't forget us! To make a payment, call # or click Link, and we'll help in any way we can.
Our goal is to provide you with a smooth experience that meets all of your needs; please contact Customer Service if there's anything else they can do for you to not delay payments from processing on time.
If at any time during this process something doesn't seem right--or if it just isn't working out-please let us know by responding to HELP
We know you're on the go, so we've made following up with us convenient and easy for you.
If your account balance is past due or there's a delinquent payment on your record, our team will be in touch soon to make sure it's taken care of - give them a call at (or click "Payment Reminders" from this page). You can also pay by dialing #. For help during business hours: Monday-Friday 8 am-8 pm Sat 10 am-2 pm
Do you want to talk about frustrating customer service? We're not talking just a little bit of frustration, but rather the kind that you might feel in your stomach if someone had punched it.
That's because Verizon has been getting feedback from its customers, and we can't say they like what they hear. Customers have seen significant changes in their lives with worse customer service than ever before!
Interested in adding this new technology to your collection strategy and taking advantage of the lowest rates?
Governing Authorities – Legislations Measuring Text Messages & Email:
Technology is changing the way we communicate and collect debts, but unfortunately, it's also creating a new set of problems. With text messaging and email used to contact debtors, many regulations must be followed, or else penalties could result in fines for both parties involved and potential jail time.
Technology has changed how people send messages; however, with this change comes added responsibilities when contacting someone about overdue payments to avoid legal troubles down the line.
LEGISLATIONS:
To get the best results, you'll want a well-thought-out strategy for integrating your message and email right into it. When choosing which laws apply, some things that matter are whether or not you work in certain industries such as finance-related jobs. There are also specific regulations about how often customers can be contacted by mailers with promotional offers - this will depend on what type of offer they received from their last purchase with us (for example).
CAN-SPAM ACT:
The CAN-SPAM Act is a law that regulates the sending of advertising emails. The FTC plays an important role in enforcing this regulation, but it also addresses how businesses should handle email subscribers' opt-out requests.
TCPA - Telephone Consumer Protection Act:
A TCPA is a federal law that governs how businesses can use automated telephone technology to contact people. It protects consumers by ensuring they are notified before receiving any marketing calls, faxes, or text messages and preventing them from being charged for these communications if they do not request it. You need to make sure you have TCPA in mind when sending out mass texts!
FDCPA - The Fair Debt Collection Practices Act:
The Fair Debt Collection Practices Act is a law that prevents companies from using abusive tactics when collecting debts.
HIPAA Regulations:
HIPAA is an obstacle that must be dealt with when interacting with patients because it prohibits certain interactions.
Conclusion: If you're tired of following the same old debt collection strategies that don't get results, then this blog is for you. We'll explore how to make sure your text messages effectively get what you want from anyone who owes money to your business. Whether they owe a small amount or a large sum, these tips should help ensure that people pay up quickly when you contact them by SMS correspondence!
