Digital Debt Collection and Early Collections

In early collections, most customers will pay within a couple of days when nudged by a friendly reminder, such as text messaging. On the other hand, customers under financial stress should be spoken to sooner rather than later, so that there is sufficient time to resolve the problem and prevent accounts from rolling to later stages of delinquency. Ideally, minimal operational effort is spent on customers that are likely going to pay, so that expensive debt collection resources can be focused on those customers where agent intervention makes a difference. This is a perfect opportunity for digital debt collection. With digital debt collection, this goal is much easier to achieve.