Industry Expertise | Collections

Improve the Balance Between Productivity and Risk Mitigation

Optimize your operation with LiveVox’s collections contact center software. We offer compliance-focused omnichannel outreach and quality management with a range of other industry-leading capabilities so you can empower agents, improve efficiency, and more.

Staying competitive requires a balance of productivity and risk mitigation.

TCPA-focused outreach

HCI® for voice and HTI® for SMS/MMS open new opportunities for you to reach consumers by cell phone while also reducing regulatory risk. You can also add enhanced protection for state-specific laws with our optional HCI® Select feature.

Drive ROI with key insights

Business intelligence and performance analytics empower you to make decisions backed by data. In addition, our quality management and eLearning tools help you to streamline workflows and eliminate manual processes.

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Avoid lengthy, expensive integrations

The LiveVox platform is simple to get up and running and can scale with your business as you grow, from initially replacing slow, manual processes to eventually deploying advanced features and new channels.

LiveVox Omnichannel

Don’t sweat CFPB’s Regulation F

November 30, 2021 was the effective date for the CFPB’s Regulation F debt collection rules. Now more than ever, it’s crucial that you take a compliance-focused approach as a collector.

Crossing your fingers and hoping your operations are above board is not a viable strategy if you want to avoid costly litigation, fines, reputation loss, and other penalties.

  • Control multichannel contact attempts with Attempt Supervisor
  • Manage consent and revocation with Unified CRM
  • Monitor agent interactions using advanced AI with SpeechIQ®
  • Use digital channels to increase the chances of contact beyond calling.

Learn more about LiveVox’s solutions for addressing evolving CFPB rules.

In-Depth Look at Call and Screen Recording

ROI

Maximize Productivity Over 10-Digit Manual Dialing

HCI® has helped companies realize a 184% increase in agent connects per hour when compared to manual dialing. Download this ROI comparison to learn more.

LiveVox WEM Brochure

Case Study

Drive Digital Engagement & Self-Service Growth

Download this case study to read how financial servicer, Hunter Warfield, leveraged LiveVox to increase new payers by 79.3% and payment portal usage by 62+% with omnichannel engagement.

Providing contact center management for businesses just like you

“Staying compliant in these litigious times has put us at ease and really reduced stress for all of my crew. Clicker Agent feature keeps us compliant and lawsuit free. LiveVox has a group of forward thinkers and appear to come up with quick and easy solutions for text and e-mail.”

—Chris V. | VP of Operations,  Financial Services

“LiveVox blew us out of the water. We’ve hit our highest numbers. One of our clients mentioned they had received more payments in one day than the last 3 weeks prior to being on the LiveVox Platform.”

—PBCFM Servicing Team 

Learn more about this product

Check out our Frequently Asked Questions below.

What is an omnichannel collections platform?

An omnichannel collections platform is one that combines multiple communication channels into a unified suite to enable collectors to engage in seamless contact outreach. Instead of relying only on making phone calls or mailing letters, some companies are adopting digitally-based communication services, including: SMS, live chat, email, and self-serve portals:

  • Seamless communication across channels creates smoother relationships with customers, especially when your agents can view everything they need on one screen
  • It’s not just about adding more channels; the more points of contact you have, the more insight you can gain from your interactions with customers
  • Look for a system that allows you to unify all your contact channels in one place and gives you the control you need at the same time
  • Convenience for customers equals more dollars collected; an omnichannel debt collection approach is more likely to reach people in the right channel at the right time
  • Collectors must be focused on bringing in payments, but compliance concerns are also very real and pose risks if you don’t abide by them

Essential features of omnichannel debt collection call/contact center software

Selecting the right call center software for your collections agency or BPO may seem daunting. Before making a decision, conduct deeper research into the functions call center software should have to keep you competitive. Below is a non-exhaustive list of what to look for:

 

  • Third-party system compatibility 
  • Omnichannel capabilities 
  • IVR
  • Versatile dialing options including automation and manual
  • Self-service options
  • Consent management
  • Agent scripts for compliance and risk mitigation
  • Secure payment capture

Omnichannel implications of the CFPB’s Reg F. on collectors

The Consumer Financial Protection Bureau’s Regulation F has made omnichannel debt collections more crucial than ever:

  • Collectors must adhere to these evolving rules and make regulatory compliance a top priority
  • On November 30, 2021, new CFPB rules took effect addressing debt collection communications
  • These rules interpret and clarify the Fair Debt Collection Practices Act (FDCPA) under Regulation F (Reg. F)
  • Reg. F is designed to address consumer concerns about debt collection communications
  • The ruling establishes a wide range of requirements and limitations for interacting with consumers

    Collectors must be proactive and ensure they have the right technology and tools in place to: 

    • Control contact attempts
    • Manage consent and revocation
    • Monitor phone calls

    Benefits of implementing an omnichannel collections approach

    When collectors adopt an omnichannel strategy, customers can seamlessly engage on any channel at any time, no matter what their preference is:

    • Improved CX due to availability of self-service options
    • Automation results in a significant reduction in the amount of manual work required to set account processing in motion
    • Compliance and control are improved due to the virtual agent executing channel content and scripting in a consistent yet fixed manner.
    • Vendor management becomes less onerous because the requirement for multiple suppliers is eliminated
    • Scaling an operation to deal with increases in volume or unexpected events is seamless.
    • Adding additional channels is simple, with very little change or integration work required

    Compelling statistics on omnichannel customer engagement

    When collectors adopt an omnichannel strategy, customers can seamlessly engage on any channel at any time, no matter what their preference is. As gathered in a 2021 Forbes article, the data speaks for itself:

     

    • Omnichannel campaigns saw an 18.96% engagement rate, while single-channel saw just a 5.4% engagement rate (source: Omnisend)
    • Consumers are no longer using only 2 touchpoints per purchase; it’s now tripled to 6 (source: MarketingWeek)
    • 90% of customers expect their interactions to be consistent across all channels (source: BusinessWire)
    • Nearly 88% of Gen Z say they expect brand experiences to occur among digital and physical channels (source: MarketingDive)
    • 78% of Boomers report that they’re unhappy when they have to restart a conversation with a brand (source: The Drum)
    • The customer is not a stagnant data point; 60% of customer identity data is outdated within two years (source: AdAge)

    Why LiveVox?

    Learn why leading contact centers chose LiveVox for their Omnichannel, CRM, AI, and Workforce Engagement Management solutions.

    Frictionless Agent & Customer Experiences

    Easily improve customer service and shift customer engagement between voice and digital channels while unifying all interaction history, customer profile information, and controls into a tailored agent desktop that improves effectiveness and speed.

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    One Unified Platform

    All LiveVox contact center operations are accessed via a single, secure cloud-based platform, allowing for a seamless experience for agents, supervisors, and decision-makers.

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    Comprehensive Risk Mitigation

    LiveVox simplifies risk management with embedded compliance controls spanning CTIA, CAN-SPAM, CFPB, PCI, and other compliance-related considerations.

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    Integrated Agent Workflows

    LiveVox’s unified data platform combines a native CRM with public APIs, multiple integration points, and configurable agent desktops to address critical efficiency gaps by syncing processes, apps, and systems.

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    An Industry-Leading End-to-End SLA

    Platform reliability you can count on with unmatched end-to-end coverage made possible by LiveVox's infrastructure, application, and services.

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    A Partnership You Can Trust

    LiveVox contact center solutions will support your unique business goals with a continuously evolving platform, in-depth training, dedicated account managers, our Customer Care Team, and Business Consulting sessions.

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    Certifications

    LiveVox is proud to be both PCI and SOC 2 Compliant.