ARRMS INDIA PRIVATE LIMITED

As per the recent joint study by Microsoft and IDC, by the year 2021, Digital transformation will add USD 154 billion to India's Gross Domestic Product(GDP). The use of data analytics and the improved internet and mobile connectivity is transforming the debt collection agencies the way they are operating their business operations. There are many benefits for the enterprises as well to the debt collection agencies.  The traditional era of employing call centre agents and trained staff, may be replaced by bot agents which can interact with the customers that will remind and follow up the payment dues. In the year 2018, outstanding consumer loans grew by 18 percent in india as compared to 2017. Leading banks are planning to transform their processes and strategies in debt collections to regain competitiveness and. This might be the emergence of the digital era of intelligent debt collection practices. Many debt collection agencies in India are prepar...

Undoubtedly, when compared to business-to-consumer (B2C) relations, business to business (B2B) relationships are much more complex and has two handled differently. The first and foremost important aspect to remember is that business relationship has to continue even after payments have been recovered. Let us discuss some of the healthy procedure for B2B collection process. Issuing a demand letter - This is the first and foremost communication that will let the debtor know that your business wants to collect a due amount. The letter will convey all the necessary details in regard to the amount owed, and give them the time to respond to pay in full or partially or make any alternative arrangements which will be discussed by both the parties accordingly. Contacting the Key personnel- This might be the second stage where you can contact the key person and remind him or her in regard to the due payment. By sending friendly reminders through email, fax, making calls or any other commu...