Collection departments and agencies have long adhered to traditional means of doing business. But changing consumer demands and an influx in new technologies are forcing debt collection into the digital age.
With eResolveTM, collectors can improve debt recovery volumes and more easily carry out settlement negotiations by digitalizing their collections tactics and strategies.
How Hunter Warfield is streamlining the debt collection process
With right-party contact rates currently at 10 percent or less, the ability to collect past-due accounts from consumers by phone has become more difficult. Florida-based, third-party debt collection agency, Hunter Warfield, saw an opportunity to leverage eResolve, an online platform where consumers can negotiate and pay past-due accounts, to enhance the consumer experience and optimize its digital collections process.
Hunter Warfield wanted to digitally transform its collections process to elevate performance and drive business outcomes. Experian and the eResolve team worked with the third-party collections agency to establish an implementation strategy that incorporated its goals, needs and current challenges.
Strong results lead to online revenue growth
In the first four months of deploying eResolve, over 2,300 payments were made for a total of over $790,000 collected through the digital payment platform. From there, Hunter Warfield has continued to see an upsurge in the number of accounts paid and dollars collected, leading to an overall 54 percent increase in online revenue within the first year.
Additionally, the debt collections agency has continued to leverage the platform to extend the reach and availability of their agents, who are now able to focus less on compliance and collections and spend more time on constructive interactions with consumers.
Overall, eResolve is a win-win for collection agencies and consumers, as the interaction is less stressful for consumers and more profitable for collectors.
Read our case study for more insight on using eResolve to:
- Manage changing TCPA and FDCPA regulations
- Decrease time agents spend reciting from compliance scripts
- Digitally negotiate collection amounts and terms and set up payment schedules
- Increase the overall efficiency of the debt collection process