Is Your 3rd Party Leveraging VOX Technology to Reach Debtors?

After reading Article #1 titled "Is Your Business Owed Money?" in my series of "Recover Your Business Profits" blog posts, your business SHOULD have concluded to use a third party which is a profit recovery company to free up those profits which are tied up in late past due accounts receivable.

Even if you are a business who has concluded that a 3rd party profit recovery company should be used as Article #1 recommends, you need to make sure that your recovery success factor is maximized by choosing a 3rd party with the latest technology such as VOX to actually reach more debtors in person!

Everyone who has tried calling someone in recent years has realized how difficult it is to actually reach them in person. In fact, it is almost surprising to most of us when the person we are calling actually picks up the phone! You can attribute this “calling party-to-receiving party” de-personalization to advances in technology. Things like answering machines, voice mail, and caller ID have helped build the wall of isolation between those calling and those being called. When you think of law enforcement technology advances like radar and laser and think about how it has been thwarted with radar detectors and laser detectors then you realize that the best way to counteract one technology is with another technology. Well VOX is like the radar detector to use against the answering machines, voice mail, and caller ID that are like radar!

Getting a live person on the other end of the phone when calling is a lot like sales prospecting. Quite frankly, it is a probability versus numbers game. The more times you call then the more likely you are to actually get in touch with the actual person. Sooner or later they will answer because they will be at home at that time or they will not be so occupied that they fail to answer. Recent statistics have shown that it takes 7 calls to finally reach 1 live person and even then that contacted live person may not be the “right” live person!

So now let’s apply the “difficulty of reaching the right live person when making a phone call” topic back to how it relates to collections. Imagine that your collector is with one phone line and manually making calls to your 10 late past due debtors who owe you. Compare that to your friend’s profit recovery company which has 10 phone lines that are automatically being dialed to make calls to their 10 late past due debtors who owe them. Assuming every debtor who is talked to personally will pay the creditor, do you think you or your friend will be the first to be paid by just one of their 10 debtors? Well if it takes 1 minute to make each call manually and 15 seconds to make each call automatically then it would take 430 minutes for your collector to finally contact 1 debtor on average (calling debtor #1 thru #10 serially then repeating 7 times after a 60 minute wait period between each sequence). However, your friend’s profit recovery company would only take 362 minutes to finally contact 1 debtor on average (calling debtor #1 thru #10 in parallel then repeating 7 times after a 60 minute wait period between each batch). So your friend would be paid over 1 hour before you by the first debtor.

Well put simply, VOX is like this multi-line automated dialing technology case-studied above. However, it is even more. It can make the call without consuming any time from a real collector until a real debtor answers at which point it then immediately links a real collector with the real debtor. It can also track statistics and make them available to the creditor to prove which debtors have been called, how many times, when, and if they were actually reached in real time. VOX can also automatically call at industry determined best reach time hours. Even better yet VOX can adapt its calling patterns based upon debtor recorded response.

In summary, VOX is a high-technology cost-effective high-recovery tool for late past due money owed that can’t be ignored by any 3rd party unless that 3rd party does not plan on being in the business long. With large profit recovery companies having invested heavily in VOX and having installed hundreds to thousands of phone lines connected to it that are armed with hundreds of live college educated recoverers ready to talk to live contacted debtors, it is unlikely that many small collection agencies will be able to effectively perform with old “pick up and dial the phone” methods any longer.

Now that you know more about phone collection technologies like VOX, hopefully you will choose a 3rd party profit recovery company that leverages the right technology for your benefit!

To inquire about how you can work with a profit recovery company that uses VOX to achieve right party debtor contacts plus reaches 3 to 7 times more live debtors in the same fixed time than traditional collection agencies,

call us at:

818-710-0244


Series: "Recover Your Business Profits"
Article: #14 "Is Your 3rd Party Leveraging VOX Technology to Reach Debtors?"