How Cannabis and CBD Collections Companies Are Using Technology to Recoup Money Owed to You

Debt collection is not a new thing in the CBD (cannabinoid) world. The reality is that CBD debt collection has evolved a lot over the years. We have moved from traditional collection approaches to the use of technology. Technology is preferred to traditional approaches because more and better ground rules are laid before the customer.

There is also the aspect of minimal manpower when it comes to Cannabis and CBD collection innovations. In the long run, this saves on staffing expenditure. We cannot also forget to mention that technologies are quick, thus easy for Cannabis and CBD collection companies. Though there are many ways Cannabis and CBD collection companies employ to recoup money owed to you, here are the most popular:

  1. AI Virtual Assistance

Long gone are the days where you had to wait in line for the next available customer agent to serve you. Nowadays, Cannabis and CBD collection companies have invested in artificial intelligent (AI) virtual assistants. Through this technology, customers obtain answers to their questions by communicating with a machine. It could be a chat robot or any other intelligent assistant meant to serve the customers 24/7. The technology makes customer service quick and practical.

  • Predictive Dialing and Predictive Analysis

Predictive dialing is a computer-based debt collection technology that allows collectors to automatically call customers at certain times to inform them about their pending loans. Predictive analysis, on the other hand, is a technology employed to assess if a customer is a risk before he or she is offered CBD products on credit. The technology looks at statistics like credit score, outstanding debt, and personal profile. The first technology helps in making follow-ups while the second one ensures that only credible customers can enjoy credits.

  • Dispute Resolutions

If there is a dispute related to a CBD credit or customer review, new technologies can address this without the intervention of a human agent. This ensures that customers do not get frustrated by the repayment process. The more they have an easy time, the highly likely they are to pay back in full.

  • Digital Collection

Through analytics tools, it is now easy to digitize the Cannabis and CBD collection process. The tools make it easy for Cannabis and CBD collection companies to gauge customers based on parameters like loan limit, money due, and age. These tools help debt collectors to properly segregate the customers when they need a CBD credit.

  • Statement Auto-generation

Lastly, customers no longer have to make a call or apply to get their statements. They can get them automatically at predetermined time intervals or whenever they want to make repayments. The statement acts as a polite payment notification that advises the customers on why they need to pay up soon. The auto-generated statements not only show the money due but also the partial payments that have been made.

Overall, technology has made it easy for Cannabis and CBD collection companies to obtain money owed to you. This is because existing technologies enjoy speed, efficiency, and effectiveness. In one way or another, the customers also benefit from the new technologies. The technologies are changing the Cannabis and CBD collection landscape and we just have to watch out for more innovations.