Energy Industry Deregulation Drives Demand for VoiceLog® Third Party Verification Services
States Energy Deregulation Fuels Need For Independent Third Party Verification
Leslie Komet Ausburn
210.479.7255 (B) /210.326.8992 (C)
(June 16, 2010) San Antonio, TX - Across the U.S., a growing number of states are deregulating their energy supply industry, offering more options and services for consumers. In response, state lawmakers are putting in place consumer protection regulations to ensure buyers review and approve contract terms and conditions often using third party verification services when they switch energy companies.
Many states, including California, Connecticut, Florida, Pennsylvania, Maryland, Texas, New York, Illinois, New Jersey, Massachusetts, Ohio, Delaware, Michigan, Virginia, Kentucky, Rhode Island, as well as the District of Columbia have implemented some level of deregulation. Some of these states now recommend or require third party verification as a best practice to mitigate fraud.
“The third party verification process has evolved into a multipurpose service to improve the customer experience and now can be utilized in almost any industry,” said John M. Reistrup, Senior Vice President of Marketing at BSG, which offers VoiceLog®, a leader in the call recording services industry. “As a third party, we are able to validate that customers do indeed wish to switch service, and for merchants and regulators alike, they have a record of that agreement. We confirm the transaction is authorized, that the consumer agrees to make the switch, and that they fully understand the terms of the contract. This gives customers better peace of mind and control over the process.”
While some energy supply companies operate their own internal verification processes, to consumers and regulators, this can be perceived as a conflict of interest. That’s why many companies are opting to use third party verification services such as VoiceLog which are impartial to the results of the sale.
Clients using the recently enhanced VoiceLog platform can gain immediate access to recorded calls on the state of the art system, allowing them to process quality assurance for their vendors at any time. The records also drive sales by allowing clients to track progress toward nightly targets and bonus amounts.
“Our clients tell us that with VoiceLog services they get lightning quick response time on all issues, from password changes to script changes,” said Reistrup. “We are also known for providing extremely high accuracy levels across the board.”
With the broadening market, energy suppliers’ expanded sales tactics warrant more controls.
“What we’re finding is that in some states that have been deregulated, energy suppliers have saturated the industrial and commercial markets, and are now moving to small businesses and the residential markets through door-to-door and telemarketing sales, making the third party verification process even more important,” added Reistrup. “As a result of this expanded sales channel, companies want to ensure that consumers really have authorized the switch. With more states moving toward deregulation, we expect to see an even greater demand for verification services.”
About VoiceLog and BSG:
VoiceLog, a division of BSG, was the first third party verification service in the industry, having processed more than 90 million transactions in 14 years. VoiceLog offers customers the latest technological options in the industry which can be integrated with merchants quickly, including automated call recording, scripted recording, scripted TPV with quality control, speech recognition, and live operator services.
Billing Services Group Limited is headquartered in San Antonio, Texas, USA and traded on the London Stock Exchange (AIM: BILL). For over 20 years, BSG has been a leading provider of clearing, settlement, payment and financial risk management solutions for the telecommunications industry, merchants and online stores. For more information on BSG, visit bsgclearing.com, and for VoiceLog, visit www.bsgclearing.com/voicelog.