Collections Agent Training
By loading the video, you agree to YouTube's privacy policy.
Learn more
Combat Rising Payment Default with Training that Achieves up to 40% Lift
With increased consumer debt and a looming recession, agents must be ready to have effective conversations with those who are unable to self-serve digitally, are struggling or simply can’t pay.
Our webinar shows how to deliver virtual collections call training at a pace that achieves significant improvement in collection rates in weeks not months. Kristin Stolp and Lynne Cox, collections training experts with Bridgeforce, have developed and delivered this training for clients over the last few years.
Topics covered in the webinar:
- Critical call model components that deliver results
- How to establish ability, stability and willingness before arranging payment
- Communications skills and phrases agents need for success
- How to successfully deliver training in a virtual environment
Click here to download the webinar deck.
What We Learned—Poll Questions
This webinar brought to light the difficulty agents face when attempting to secure payments from customers. We exposed the gap between current agent practices and actions that can achieve a 40% lift in collection rates—attainable through trained communication skills and the “ability, stability, and willingness” strategy. Given that the majority of poll responses indicated a remote workforce, our experts shared that virtual agent training can be very successful based on recent experience.
Polling Response Highlighted a Collections Communications Gap
Question 1: What is the top reason your agents are unable to secure payments?
- They can’t overcome customer objections: 20%
- They aren’t asking: 20%
- They don’t think the customer can afford to pay: 20%
- Customers promise but don’t follow through: 40%
Question 2: How confident are you that your agents are assessing ability, stability and willingness to match customers to the right treatment?
- Very low confidence: 8%
- Low confidence: 17%
- Medium confidence: 50%
- Very high confidence: 17%
Question 3: What percentage of your collections workforce are working remotely?
- 0-20%: 25%
- 21-40%:
- 41-60%:
- 61-80%:
- 81-100%: 75%
5 Ways to Increase Collection Rates
There is a default surge coming and all signs suggest that it will be on a large-scale. So, old collections strategies just won’t work. Today, focus on targeting customers who can pay and providing viable options for those who need help.
Our white paper provides five ways to achieve a lift in collections. By following these steps, you could achieve an uplift of 40-50% in dollars collected and 25-35% in arrangements secured within 16-24 weeks.
