Use Bulk SMS for Debt Collection

This article hopes to show you how to use bulk SMS for debt collection. As an entrepreneur, you will agree that one of the greatest challenges for businesses today is cash flow management. As you we know, failing to meet financial goals can result in delayed payment of salaries and overheads. And now the question is how can you persuade customers to pay on time?

This is where it becomes complicated as payment reminders, and other traditional debt collection strategies will result in huge expenses and reduced margins. What if we tell you that there’s a smarter and cost-effective way to collect debts? That smart tool is called Bulk SMS Service.

Sending bulk SMS reminders to late payers doesn’t cost so much, and can save your company thousands of naira. More and more debt collection companies are using bulk SMS as debt collection strategies in order to reduce expenses and maintain good relations with their clients.

The power of Bulk SMS cannot be ignored.

Benefits of Bulk SMS for Debt Collection

Being able to encourage customers to pay will help you balance cash flow, and improve your collection rate. Below are the main benefits of using bulk SMS for debt collection.

• Lift response rates.  Many customers refuse to answer calls or emails when in debt. With bulk SMS, your message about delayed payment will be delivered to them.
• Free up important funds. When compared with Traditional debt collection methods, Bulk SMS will help you deliver a delayed payment message to debtors at a cost-effective rate.
• Reach all clients instantly. You can reach all debtors immediately by sending bulk SMS messages.
• Improve customer relationships. With bulk SMS, you are sure of a non-invasive means of communication that will not endanger your relationships with clients.
• Save time. You can save a lot of time with bulk SMS debt collection method.  
• Create a sense of urgency. Bulk SMS allows you to send payment reminders with elements of urgency that reinforces the importance of timely payments. Be sure to include due dates and other useful information to persuade debtors to submit their payments on time.

How Can Companies Use 141SMS for Debt collection?

With 141sms platforms you can send payment reminders to debtors, personalize messages with account details, and follow up on payment confirmations, among other things for as low as N1.85Kobo. Below are the best applications of bulk SMS services for debt collection.

• Text payment notifications.  Send payment reminders to customers with the help of 141SMS platform. Payment reminders can help you reduce collection costs and encourage debtors to pay their debts.
• Inform clients of debt collection laws. With our 141sms platform, you can text information regarding debt collection laws to clients that are unwilling to pay their debts. This isn’t meant to harass them but to make them understand the legal repercussions of overdue payments
• Follow up on payment confirmations. You can send a ‘’thank you’’ SMS to appreciate customers after they complete payment. This will improve your relationship and increase their loyalty.
• Schedule payment reminders. 141SMS has a schedule SMS feature that can help you schedule payment reminders ahead of time. You can schedule weekly or daily reminders.
• Send SMS messages with account details. Clarity is the key when it comes to debt collection. With our bulk SMS platform, you can send messages containing account information, and provide all the tools they may require to make payment.
• Send useful information via text. With bulk SMS, you can send useful information such as payment plans, debt amounts, interest rates, etc. Transparency and constant updates will make it easier to collect the entire debt.
• Monitor communication efficiency. 141SMS platform provides you with detailed delivery report. This report will help you determine the effectiveness of your strategy.

Useful Bulk SMS Templates for Debt Collection

Check out our text message templates for debt collection notices and tell us what you think.

1. Soft Reminder

Hello Charity, we would like to remind you that the amount N50000 was due for payment on 4^th May 2003To avoid further costs please forward the payment no later than 5^th May 2013

2. Strong Reminder
Hi Moses, we have still not received the amount N10000 that was due on 2^nd January 2015. Should your payment be received within the next 3 days, we will not take court action. We urge you not to ignore this last reminder.”

3. Final Reminder
Hello Prince, despite our previous reminders we have still not received the payment. We regret to inform you that we have no other choice but to undertake legal action against you in order to retrieve the debt.” – Derek Nig Ltd

4. Informing Debtor of Legal Action
Hi Alex, because you failed to pay the debt of N20000 we have passed your case to the court. You will be notified by official court attorneys about the hearing date.”- Derek Nig Ltd

5. Thank you Message
Dear Francis, your payment of N100000 has been accepted and your debt has been cleared. Thank you!” – Derek Nig Ltd

6. Debt Collection Law
Hello Edwin, the FTC prohibits debt collectors from using deceptive, unfair, or abusive practices to collect their debt from you. Don’t hesitate to contact us if you encounter any problems! FTC Nig

Ready to use bulk SMS tool to collect debt? Click here www.141sms.com to open a free bulk SMS account now! For enquiries, call 08062145589 or email info@141sms.com