I regularly write about the need for Alternative Financial Services (AFS) like payday loans, car title lenders, rent-to-own (RTO), buy-here-pay-here (BHPH) operators and others to evolve and embrace technology. Not only in the types of loans and terms we offer, but also in marketing, software, collections and more.
I know that a large percentage of customers who owe me money DO NOT WANT TO TALK to me! After years in this business, I’ve learned that if I offer my customer a method of paying me off or negotiating with me, WITHOUT having to actually talk to me, they’re more likely to cut a deal.
So… regarding collections, I introduce Debt Resolve – online settlement of debt – a unique way to collect your delinquent accounts. It’s basically an automated bargaining system that provides your delinquent customer the opportunity to make a deal without your having to involve your collections employee in the process. It takes place online and it’s entirely “hands-off.”
Debt Resolve received their 5th patent allowing the Company “a method and system for automated bargaining in a round by round manner.” Debt Resolve, Inc. (Debt Resolve, Inc. (OTCBB:DRSV) provides lenders, collection agencies, collection law firms, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt.
Here’s how it works:
Invite: At your invitation, your delinquent customer logs into a website with a personal invitation code – branded in your name – and confirms their contact information.
Resolve: A series of simple-to-use screens is presented to the debtor. For early-stage delinquencies, Debt Resolve offers a quick and easy way for customers to self-cure online.
For late-stage and charged-off accounts, Debt Resolve features a patented bidding process. The debtor gets three chances to submit an offer and settle the account. Based on strategies, the offers are compared to treatments you have set right from your desktop. The customer chooses from payment options made available to them, or makes an offer for settlement or payments.
COLLECT: When the your debtor makes a successful resolution payment, it’s collected using your electronic payment gateways and deposited directly into your bank account. In the event an agreement is not reached online, you can queue up accounts for follow-up using the updated contact information you’ve received online from your customer.
So, worst case you don’t cut a deal with your delinquent borrower but you now have their most current contact, banking and employment information without having to pay your collections employee to work this loan.
As of this writing, budget approximately $750/month for the service for unlimited transactions.
Personal note: as of this writing, neither I (Jer) or my company (Trihouse) has ANY affiliation with Debt Resolve. No commissions, no stock, no nothing! I just think it’s worth looking at.