Leverage First Credit Services To Increase Debt Collection Rates

Mar 9, 2023

Having unpaid debts can be a major source of stress for any business. When it comes to debt collection, many businesses are not sure how to go about doing it in an effective and legal way. Fortunately, digital debt collection agencies such as First Credit Services are out there that specialize in collecting outstanding invoices and other unpaid debts. FCS and its many solutions are extremely helpful when it comes to recovering more bad debt revenue for your business, i.e increase debt collection rate. 

Benefits of Working With First Credit Services

We have over 30 years of complaint credit collections experience and have built winning strategies to increase debt collection rates, including those in the category of medical, consumer and auto loans, bank cards, memberships, and leases. By partnering with FCS, businesses will not only see better collection results but will be able to take advantage of the following resources:

Legal compliance

We are familiar with the legal requirements and regulations governing debt collection practices. By outsourcing debt collection processes to us, businesses and individuals can ensure that they are complying with these regulations and avoid any legal issues.

Technology and Expertise

We have access to resources such as collection AI, data analytics, skip tracing, legal advice, and more that can help you maximize your chances of getting your money back quickly and efficiently. 

Omnichannel Customer Engagement

We offer a fully compliant and flexible omnichannel digital engagement system that involves SMS, email, chatbot and human connections which allows customers to have the autonomy of deciding how they wish to communicate with us and take care of their bills, allowing for a personalized experience.

How Can FCS Help You?

FCS provides services that help you increase debt collection rates and improve your bottom line. Our services include:

First-Party Collections

Also called early-stage or pre-collections, which helps companies reduce delinquencies and improve customer loyalty. Our objective is to notify and remind customers well in advance about their outstanding balance, helping them not go delinquent and improving customer satisfaction. FCS’s first party collections services include:

  • Engages Customers under your brand name
  • Utilizes an Omnichannel communication platform
  • Seamlessly integrates with your systems
  • Scales easily to meet the needs of your growing business
  • Improves customer relations and lowers overall delinquency

Third-Party Collections (Late stage collections) 

Once an account reaches 60 to 90 days old it’s time to change tactics and utilize Third-Party Collections. Our Third-Party collections system uses state-of-the-art technologies to help optimize the collection process and ensure compliance in all 50 states. Our Third-Party services include: 

  • Our OmniXp, omnichannel communication platform
  • EngageRight machine learning engine that optimizes our engagements 
  • Superior customer service team
  • PCI DSS Level 1 and SOC 2 Type II Compliant level security
  • Advanced up-to-the-minute skip tracing technology 

Also read: What is Skip Tracing?

By utilizing FCS for these services, you will increase your cash flow, reduce the number of accounts that go to bad debt, and recover more delinquent balances. Hiring a debt collection agency is always a smart decision for businesses looking to recover more past-due accounts quickly and efficiently. 

With over 30 years of receivables management experience, FCS has developed the perfect solutions for all your AR and debt collection needs. So if you’re looking to work with one of the best debt collection agency – then consider partnering with FCS.

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