As a top medical and commercial debt collections agency, one of our core values is bringing world-class company debt collection services to our clients. With years of experience in debt collection that dates back to the 1980s, we recognize that one of the best ways to remain a top agency is through ongoing training of our staff and a dedication to keeping on the pulse of technology.
Text messaging is one of the ways we communicate quickly while also remaining in compliance with all the communication regulations for debt collections agencies.
Just how popular has texting become over the last couple of years? Consider these statistics:
● 7 billion text messages are sent each day in the US and 20 billion worldwide (Forbes)
● 98% of text messages are read in 3 minutes with an average response time of 90 seconds (Forbes)
● 78% of consumers desire to have a text conversation with a business (Ring Central)
● 80% of consumers prefer brands to communicate by text (Ring Central)
With the sheer volume of text message communications already being used, Capital Recovery recognizes the opportunity to communicate with consumers using a method they’re already comfortable with, as well as one they may prefer to phone calls and emails.
Additionally, communications through text messages are expected to be more consise. A quicker, more consise way to communicate allows our team members to get an update quickly without disrupting their own or the customer’s day.
Operating Within Reg F’s Texting Limits
One of the significant updates within Regulation F in November of last year addressed the use of email and texting limits. This change included acknowledging “inconvenient time and place,” which looks to the consumer’s local time. This means that text messaging services used by debt collections agencies must communicate with consumers within specific pre-approved timeframes.
Additionally, “time” in Regulation F refers to when the collector sends it, not when the consumer receives it. This means that collections agencies should think conservatively about the specific time when text messages and other methods of communication are sent and should operate within a safe window of communication time, generally focused on the middle of the day.
More Text Communication Requirements: Frequency and Re-verification
Text messaging is allowed to communicate with consumers as long as that communication is performed within precisely laid-out requirements. Collections agencies are only allowed to communicate via text message at a number that has been confirmed as the correct number within the last sixty days.
Re-verification must be completed every sixty days to continue using this method for communication. Additionally, a simple way for consumers to opt-out of further communications using language such as “stop, end, or unsubscribe” is recommended to ensure that your communication with consumers is within the text message regulations.
Why Is This Important?
Our leadership team recognizes the opportunities and potential risks that accompany the use of technology within our debt collections agency. When we made the decision to enhance our clients’ experiences through text messaging services, we chose to partner with Solutions by Text, an organization that streamlines client communication through the power of SMS to create advanced business solutions in the mobile space.
Solutions by Text is one of our preferred vendors because they allow us to communicate through compliant solutions that enhance our clients’ experiences and streamline our communications with our team. Our partnership will enable us to continue to provide the excellent client service that our clients have come to expect from interacting with our debt collections agents.
Are you interested in learning more about how our agency can help you shift your energy to what’s essential in your business? Contact us today to start a conversation and see how we can help.