Estero, Florida — Paydit, a US-based provider of digitized and automated debt collection solutions, is thrilled to announce a new solution for the SME sector. The new solution should target small lenders, utilities, healthcare offices, and other businesses that have never been able to take collections into their own hands.

The solution is a part of the Paydit ecosystem that gives SMEs easy access to the fully-fledged enterprise-grade debt negotiation and collection process with just a couple of clicks. Paydit’s risk-free and transparent business model guarantees that the solution provider won’t get paid unless the client gets paid.

Fully automated collections

Most debt collections still have to randomly contact defaulters through phone calls, follow-up emails, and other mediums that can help reach them out. They may grow too persistent in their efforts as some consumers complain about frequent calls that repeat several times a week.

In Paydit, once a payment plan is chosen, the debt will be collected automatically according to the set schedule, so collectors won’t have to supervise it or deal with often ignored text messaging or phone calls.

AI-powered

Perhaps, one of the main benefits of AI for collections is behavioral segmentation, which has a high potential to increase recovery rates and cut operational costs per the collected loan. Paydit caters to the European market’s needs, adjusting the collection process to each country’s legal framework.

Consumer-friendly

The collection process is generally considered irritating for consumers. Four in ten US consumers think collectors’ calls are pushy, so it’s collectors’ primary job to make their experience always satisfying.

With Paydit, debts are negotiated online; consumers can pause negotiations to consider the offer and then pick up where they left off. In contrast with traditional collections, the service is available 24/7.

Cost-effective

Lenders tend to offer “generic” repayment options to everyone without considering an individual credit situation. The strategy is losing right from the beginning since consumers don’t like when their expectations are neglected.

Paydit brings back this “personal touch” to debt negotiation. By gaining analytical insights from the consumer’s credit history, it defines their exact profile and allows collectors to customize the consumer journey with personal payment schedules and options, billing frequency, reporting, and more. At this point, debt collection becomes more cost-efficient for both parties.

Full compliance

Collectors should always provide debt repayment options that are always compliant with their collection firm’s internal rules and state and local regulations.

The Paydit solution’s automation algorithms facilitate settling debts while following FDCPA, TCPA, EAPO, DSO, and other relevant laws, which ensures regulatory-friendly consumer interaction. Also, Paydit adjusts legal wording in debt reminders and defines the appropriate time for making calls, which frees the staff from regular due diligence.

‍