Collections Training Helps Company Reach their Dollars Collected Target
How a credit card collection company improved their payment plans and collected 7% more past-due payments.
By partnering with Bridgeforce and implementing tailored collections training, a business credit card collection company measurably improved their results. They successfully collected over 50% of past due balances, marking a significant improvement from 43% collected the previous month. The company empowered itself to sustain progress through internal training made possible with step by step facilitator guides and trained trainers; all customized and provided by Bridgeforce.
Credit Card Collections Company Needed More Collections Training to Reach Dollars Collected Target
In the competitive world of business credit card collections, our client’s collections team faced a daunting task – achieving their dollars-collected target of >50% of past due balances. Despite their best efforts, the art of successfully negotiating past due payments was an identified obstacle to achieving the goal. After our initial assessment it was clear the agents would benefit from improved communication skills, and a structured call framework for setting expectations with re-payment plans. Our client recognized that they lacked expertise within the company to drive improvement at this scale and reached out to Bridgeforce on a recommendation from one of their collections vendors.
Strategic Partnership Brings a Proven Call Model Training Program
Partnering with our client we crafted a three-day tailored call model training that seamlessly blended communication techniques with payment programs. Our approach equipped collections agents with the tools to foster meaningful conversations, a call listening and coaching program and our proprietary tools and new coaching methods.
Overcoming Challenges of Sharing Call Examples for Training
The path was not without obstacles. Selecting suitable calls for training proved cumbersome and time-consuming. We provided a secure platform that streamlined the uploading process, ensuring access to pertinent training material. In collaboration with the client, the Bridgeforce team listened to dozens of calls. We were able to identify exceptional call segments to serve as guiding examples.
Newly Trained Communication Skills Boost Customer Satisfaction
The collaboration bore fruit as collection agents embraced enhanced communication skills, transforming formerly one-sided interactions into dialogues. Delinquent customer conversations transitioned into productive exchanges. The call model framework was seamlessly integrated. Training participant satisfaction was excellent, with a 9.5 rating on our program. Customized, step by step facilitator guides and internal-trainer training ensured continuous skill enhancement post our engagement.
Bridgeforce’s Collections Training Enables Client to Increase Collected Past Due Balances by 7%
The culmination of efforts resulted in tangible success: the client achieved their goal. They collected over 50% of past due balances, an impactful improvement from 43% the previous month. Empowered by the listening program that we developed for the collections team, their trajectory was marked by ongoing victories. This journey showcased the potential of strategic collaboration supported by the power of tailored training and coaching to achieve objectives.
Our client’s voyage from challenges to triumph, guided by Bridgeforce, exemplifies the transformative potential of focused training and internal empowerment.
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