If collections are becoming a larger part of your day-to-day operations, you may not have the resources to keep up with the demand. SWBC can help.
Our Payment Services Program provides professional, private-labeled reminder calls and mail to your past-due accounts before they ever fall into “true” collections status. Our world-class service ensures a strong, consistent approach imperative for timely receipt of loan payments without a need for you to increase staffing.
- Our courteous, expertly trained staff makes outbound calls after hours and on weekends to greatly increase the chances of actually speaking with the borrower.
- We use our proprietary pay by phone and web functionality to improve collection efforts, making the process simple and cost efficient, as well as convenient for your members.
- We obtain and document promises to pay, and if necessary, initiate third-party collection efforts.
The majority of clients who have implemented our Payment Services program for their real estate, consumer lending, and credit card portfolios have experienced:
- Fewer past due accounts and improved delinquencies
- Increased cash flow, decreased charge-offs and company losses
SWBC begins with a soft collections process:
- Your institution transmits date for past due borrowers to SWBC
- Upon receipt of your loan records, our FDCPA-certified representatives immediately begin reaching out to borrowers to remind them of their past due status
- We encourage borrowers to make a payment over the phone using our electronic cash management tool, or obtain a promise to pay if one is not made over the phone.
- Actions are documented and transmitted back to your institution.
We’ve also built relationships with many of the finest collections, legal services, recovery, and remarketing companies in the nation. If delinquencies persist, you may want to add these additional services to your program for a turn-key solution:
- Third Party Collections—SWBC can transfer select accounts to our third party collection agency, where more aggressive actions are taken to ensure that payment is ultimately made.
- Recovery—SWBC can assist with the seamless recovery and sale of the vehicle. Assignments are made almost immediately upon receipt, and we ensure the process is well documented throughout.
- Remarketing—SWBC can help ensure that the vehicle is repaired and reconditioned for maximum bid appeal, and our program requires that a representative be on-hand to facilitate a smooth sale.
When you partner with SWBC for Payment Services, you benefit from:
- Service level guarantees
- FDCPA-certified, courteous representatives
- Flexible borrower communication schedules which are established in accordance with your institution’s guidelines
- Transaction details, including recorded conversations, which are documented and uploaded back into your system.
- Options to manage the program with FocusNet®, SWBC’s proprietary platform, or with the Akcelerant Collections Suite.