SMS messages have made us more efficient and direct in our interactions with friends and family. But they have become much more than sharing memes. SMS also allows us to receive alerts, updates, track our finances, and more.
Millennials and Gen Z are set to overtake Baby Boomers as the dominant U.S. consumers in the coming years* and SMS is their preferred method of communication. Nicholas D. Arcaro, Vertican’s SVP of Sales, expects this will dramatically increase collectability.
Ultimately, as collection agencies and law firms look for a more efficient and cost-effective way to communicate with consumers and receive payments, SMS will become the standard way that they do so.
Enter VT SMS
Vertican will be launching a new SMS product to help businesses reach customers and collect payments electronically. Vertican’s clients can sign into our website to configure automated SMS messages to be sent to consumers who opt in. It will save time and money by allowing consumers to check various account details and make payments without your staff being involved. They will be able to receive alerts, schedule payments, and as the product expands, submit payments over the application directly into Q-LawE and Collection Master. Consumers will also have the option to connect to a human via SMS chat to discuss their account, should the need arise.
Our product is highly configurable to ensure all SMS messages meet forwarder and receiver compliance standards. This includes customizable identity verification, multiple layers of disclosure language, PPI protections, and more.
Also on our roadmap is the ability to configure push messages to consumers who opt-in. For example, you will be able to send payment reminders, special discount deals, end-of-month offers, and other messages.
As electronic communications become more common in the collections process, we will expand into other communications channels. Consumers will be able to seamlessly switch between messaging applications like SMS, WhatsApp, and Facebook Messenger.
The Stats Speak
With 90 percent of text messages read within three minutes of being received and text messages having a 98 percent open rate compared with 20 percent for emails**, companies will find SMS a key component of their customer communications.
* (Source: Morgan Stanley, “How a ‘Youth Boom’ Could Shake Up Spending Trends” (2019)
**(Source: OpenMarket (2019) https://www.openmarket.com/)