Just as options for payment are changing rapidly, so are options for debt collection. In fact, with personalized video reminders, the future of payment reminders is here now. What differentiates this payment reminder solution from other methods is that it centralizes all payment options in one reminder. Not only can debtors opt to pay immediately, they can also select other payment solutions such as payment via email, settling the debt in installments or setting up debt assistance with a credit counselor, all with just one click. This cutting-edge payment reminder solution also offers a unique channel for reaching the visually-impaired, illiterate customers, customers who speak another language, and younger customers who are all harder to reach via traditional channels.
Imagine, you’ve made it to the World Cup and have an ideal seat to take a shot of Mo Salah’s next goal. While he races to the goal, kicking the ball in front of him with masterly control, you lift your phone and click as he shoots the ball in just the right corner. You’ve got it! Now, time to share that picture with your friends back home…but wait…you receive a message that your prepaid balance is insufficient to share the picture. If only you had known ahead of time, you could have been ready to share that shot with everybody back home!
Most of us remember the hit movie Catch Me If You Can, starring Tom Hanks and Leonardo DiCaprio, which tells the true story of master check fraudster Frank Abagnale. Much has changed since then, but the tactics fraudsters use remain the same. Just like Abagnale, modern-day organized gangs take advantage of the time it takes for a credit card transaction to clear, but now with the purchasing speed of the internet which allows online payments fraud to take place almost instantaneously. Fortunately for fraud managers, however, counter fraud solutions have become as tech savvy as the criminals themselves.
Collecting outstanding invoices is a necessity in business as old as doing business itself. However, that doesn’t mean debt collection has to lag behind the rest of society. Since the advent of the internet, a number of new debt collection solutions have emerged and there are more to come on the horizon. This technology offers specific solutions to reducing Days Sales Outstanding, better known as DSO.
These days, there are almost as many top-up channels and payment methods as there are phone plans. But, as a wireless telecom operator, you need to know which payment methods best meet the needs of your prepaid phone customers and—at the same time—reduce customer churn.