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Glossary

What is the Collection Process?

A BPO company specializes in the operations that a corporation outsources to it via customer service personnel. It takes a deliberate approach to performing the tasks entrusted to it. The collection process in BPO entails debt collection and past-due payment collection strategies from the company's clients.


Let's take a look at how the collection process in BPO works now that you know what it is. A BPO company will take the following actions to collect past-due payments for its clients:

1. Extensive debtor investigation and analysis for the client


The accounting books are extensively examined and assessed as the initial stage in the collecting method in BPO. The collection team may be well-prepared by collecting and analyzing data such as the number of overdue payments, total amount unpaid, due dates, payment history, settlements, and so on.

2. Making contact with the debtors


After examining the data, the staff notified the borrowers of the collection. This may be done using several online and offline methods, including email, outbound calls, letters, and so on. It is vital to contact them via the correct channel to avoid communication gaps or failure. To build a report that may be used to track connected calls, these details can be provided using a variety of telephony technologies.

3. Creating a solution that all parties can live with


The debt recovery process is started by the collection team if the customer doesn't respond after a predetermined length of time. The debtor is free to bargain and argue over the settlement's conditions. An agreement is reached between the parties, which may include details like the total sum, the date of settlement, and any discounts or concessions (if any).

4. Recalling and going over


If the debtor ignores or disobeys the terms of the agreement, the collection team follows up and sends reminders. This gives the debtor adequate time to get financing and set reasonable payment arrangements. A positive and professional attitude will always prevail, it is promised.

5. Monitoring the collection process


Keeping the books of accounts in order is the foundation of accounting and finance. The last step is to record and document all transactions, invoices, receipts, reports, communication histories, and other crucial facts and information.


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