Lending money is easy but collecting debt from borrowers who defaulted can be a tad messy. You need to put up a separate department to do just this, create specialized software, manage the leads, train the collections specialists, and so much more.
With all the challenges attached to debt collection, it makes a lot more sense to outsource debt collection to a qualified team that has been doing it for years.
Here, we will be taking a look at the benefits if you outsource your collections to the Philippines.
Leverage Experts in the Industry
Filipinos have been helping financial companies collect debt since the 1990s. Many BPO companies in the Philippines employ individuals who have adequate experiences collecting money from borrowers from different parts of the world.
These individuals are highly trained, and they went through workshops to understand the legal issue surrounding debt collection. Companies that offer this service also know the statutory time to make an outbound call to avoid any damaging lawsuit from people who believe that their rights were violated.
The country products thousands of college graduates per year, and a vast majority of these speak fluent English. They can articulate terms and negotiations appropriately over the phone, and they have the support of trainers who can improve their ability to convince borrowers to pay the debt in full or partially.
Choose from a Wide Range of Services
Business process outsourcing in the Philippines has been around for more than two decades. It is the world’s foremost hub of outsourced services, and the specialization of companies range from financial to technical.
Fintech Customer Service is at the forefront of Philippine outsourcing, and the testament to this is the fact that giant financial companies from the United States come here like JP Morgan and Wells Fargo.
There are hundreds of companies in the country that offer outsourcing services, and the options range from receivables outsourcing, technology, sales, health insurance, banking, and so much more.
Focus on Your Business Core
Managing a team that collects debt requires resources. As such, you may be stretching yourself a little too much.
As a financial company, it is wiser that you focus your attention on efforts that are going to bring in revenue, instead of focusing your efforts in collecting debt from defaulters. While it is arguable that debt collection generates revenue, it does not bring in as much as other ventures.
Save on Cost
Outsourcing Billing and Collections in the Philippines and save on costs from different fronts. If you hire your own team onshore, you will be paying a significantly higher rate than you would in terms of labor. Add to that the statutory benefits that you need to pay.
On top of that, you need to think of the cost of buying equipment, software, utilities, the cost of hiring, having support groups like Human Resources and payroll, and so much more. If you outsource to the Philippines, you will not be worrying about all these business costs.
If you have a debt collection program, it will be a wise decision to consider outsourcing it to the Philippines. The country has the talent and the resources needed to facilitate this, and you will get more return on your investment that putting up your onshore team.
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