When it comes to consumer debt, it all gets repaid in one way or another – either by the borrower or by the lender. Consumer debt today is at an all-time high, up by 180% over the last 20 years to over $14.3 trillion. Who wins in this situation? Potentially everyone and no one. When consumers have the ability to pay their debts, both they and the lenders win. When they don’t, both lose in the transaction.
CMS’ full-cycle software collections solution – Rocket Collector – is designed to address this situation. From pre-collection activities to asset recovery and legal actions if necessary, Rocket Collector provides companies with the ability to see collections through to a successful outcome. Anyone that does high volume consumer lending and billing will benefit from this solution, and it is highly customizable and scalable to any business of any size.
Companies that can most benefit from this solution include those in the following areas:
- Credit Unions
- Car Finance Companies
- Debt Collection Companies
- Tax Collection Companies
- Healthcare and Medical Service Providers
In addition to improved collections, the Rocket Collector solution can benefit businesses in many other ways. Reduced employee turnover and staffing requirements, fewer payment delinquencies and consumer debt write-offs, and easier ways to communicate with debtors are all benefits. These all lead to improved efficiencies for the business, better staff morale and better bottom-line results.
This can also lead to an improved collection experience for the debtors due to the automated nature of the software. Texts and emails can be substituted for phone calls and mailed letters, leading to a less threatening experience for the debtor and thus increasing the likelihood of a positive response from them. Rocket Collectors’ self-service customer portal can make all of this a reality and provide debtors with a way to arrange payments online without talking to a collector personally.
All of these benefits and features, in total, can lead to a much more efficient and effective way for both lenders and debtors to conduct business. For more information on Rocket Collector and to speak with one of our product specialists, contact CMS today at 330.498.1013.