Unlike hard goods like cars, furniture, etc., utilities like electricity, water and gas are intangible services. While a car can be repossessed in the case of non-payment, utilities can’t be reclaimed. That makes utilities debt collection difficult as the only real incentive for paying is disruption of service. And, since many utilities are considered essential services required for basic needs and quality of life, there are often regulations in place to protect consumers from abrupt disconnection in the case of non-payment. That is particularly true during extreme weather conditions or public health emergencies.
These issues make debt collection particularly tricky for utility companies. Which is where Optio Solutions comes in. Optio Solutions’ experienced debt collectors have a proven track record for being both diligent in their efforts at successful collections and sensitive to consumers’ needs and ability to pay. Our collectors are also well-versed in all applicable regulations and ensure full compliance at all times.
It is important to understand that most people don’t want to fall into debt or be reported to credit agencies as it will adversely affect their credit.
Dynamic Scoring and Propensity to Pay
Optio makes good use of “explainable” AI (xAI) and dynamic scoring in order to identify and prioritize accounts with the highest propensity-to-pay score. We find the consumers who most likely want to – and are able to – eliminate debt. Our collectors use their training and instincts in order to connect with the consumers and offer realistic solutions for paying their bills in full.
The use of AI may seem impersonal but our xAI compiles algorithms into an easily accessible and accurate consumer profile. Our associates then study the profile in order to approach each account with meaningful knowledge to ensure a successful outcome. Since utilities collections offers a different set of challenges in terms of sensitivity and compliance, knowing the consumer as well as possible before making the call could mean the difference between successful utilities debt collection and failure.
How Successful Collections Benefit Utility Companies
Whether a particular collection is for essential services like power and water, or non-essential utility services like cable and internet, a successful collections outcome can be a boon for both current and future earnings.
Companies dealing in essential utilities must understand that consumers facing utility debt are likely already in a financially precarious situation. Optio Solutions and our associates are well-versed in problem solving and constantly strive to find viable solutions that enable the consumer to pay their bill in full as quickly as possible. Getting outstanding debt resolved by Optio Solution allows utility companies to focus on delivering vital services rather than chasing outstanding debt.
For non-essential utilities like cable and internet, a successful collections outcome is also vital as the companies can then resume services and collect monthly revenue instead of chasing consumers to collect a debt for services already rendered.
With our multi-channel communications approach and our staunch commitment to brand protection, Optio Solutions is the ideal partner for all utility services. We will ensure successful collections in order for utility companies to continue doing what they do best: provide vital services for their customers!