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Collections: Automation With AI

Automation is just the tip of the iceberg when it comes to new technology, but automation without AI is simply a commodity. Modern software and digital solutions have ushered in a new era of efficiency, accuracy, and convenience in managing collections. One of the most transformative aspects of this evolution is TechCollect, and the world needs to know about it.

The Old Ways vs. New

Traditionally, homeowner associations (HOAs) relied heavily on manual processes and human intervention to collect dues from their members. This often involved paperwork, phone calls, and personal reminders, which could be time-consuming and prone to errors. Homeowners and HOA board members alike were subject to the vagaries of individual schedules and the potential for miscommunication, but the advent of modern software and digital tools has changed the game. Automation is now a key player in the collections process, making it more efficient and less reliant on human intervention. Here’s how it works:

1. Automated Billing:

Software solutions can generate and send out bills to homeowners promptly and consistently. These bills can be tailored to each homeowner’s specific dues, taking into account various factors such as property size, special assessments, and late fees. Automation ensures that bills are accurate and sent out on time, reducing the potential for disputes and late payments.

2. Notifications and Reminders:

Once a homeowner falls behind on their dues, automated systems can send out notifications and reminders at predefined intervals. These can be in the form of emails, text messages, or even automated phone calls. These reminders are not only consistent but also non-confrontational, reducing the potential for strained relationships between homeowners and HOA boards.

3. Streamlined Payment Processing:

Automation extends to payment processing as well. Homeowners can make their dues payments online, and the system can immediately update their accounts. This not only saves time but also reduces the likelihood of errors in recording payments.

TechCollect is Smart Tech

Automated collections can seem impersonal, but with the addition of AI and predictive analytics, a method of communication can be tailored to open the door to communication long before legal action is justified. Standard automation without AI is simply “dumb” technology; a commodity. But smart technology opens the door to dialogue that can save communities and delinquent owners time and money. This is one of the reasons that Equity Experts has a 98% success rate when it comes to debt resolutions. By partnering with TechCollect, we can provide what common collections lack, making our services humane, efficient, and trustworthy. TechCollect uses intel from its’ providers to see what form of communication is most suitable for the debtor. When the method of communication is established, TechCollect will process the debtor’s account and provide payment plans and tips to fulfill said payment plans, while giving Boards and Managers an in-depth look at how the process is going and predictive insight into how long it may take. These services are wrapped-up in one package to make the debtor-collector relationship more manageable and efficient.

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