Subscribe to Our RSS Feed 

Using software for collections

When using software, as opposed to keeping paper files and making your staff do things manually, there are many benefits your office is going to get:

  1. Accuracy. Software can effectively manage pretty much any size database, ensuring all contacts are made in a timely manner, and the right bills are sent to the right individuals.
  2. Timeliness. When doing things by hand, not only can mix-ups occur, but it is also going to take longer to do everything.
  3. More collections. When the software is in place, staff performance will increase.
  4. A more inclusive system. Since everything is in one place, staff can quickly pull up a file, fix errors, call the right contact, and have all the information they need in one place.

Software eliminates overlooking tasks

Not only do the best software programs eliminate forgetting or skipping a step, you will also find that in any office the right software is going to save time. Because the software eliminates overlooking tasks, this is going to ensure employees don’t forget to do something, which will in turn would require them to go back over it later, building up to more work, due to the fact that they skipped a step initially.

When choosing a software package, consider what type of work is done, who the clients are, and how large an office it is. There are many tasks a top software program can offer, which is in turn going to free up your staff to be more productive. They are going to be able to work on more urgent matters, and tend to the customers that are your highest priority.

New Collection Software features make conversions feasible

Bad Debt Collection Software conversions from older Legacy Collection Software may not be as difficult as you first believe. We recently did a demonstration of our software with a Collection Agency that has been on a Collection Software package they purchased in the mid 1990s. The Collection Agency specializes in Child Support Collection. The IT staff wrote many custom program modules to their application requirements. They came into their software evaluation believing those custom routines would need to be recreated with any new collection software platform. Continue reading

Communication services power revenue growth with latest Collection Agency Software –

The latest bad debt collection software technology is much more effective than collection software of a decade ago. Two effective benefits of current collection software are moving accounts from one collection phase to the next without direct collection manager involvement and integrating accounts for various communications systems including auto-dialers, Predictive dialers, Interactive Voice Response Systems (IVR), messaging systems, and online web payment sites.
Communication systems have improved dramatically in the last several years while the investment cost continues to decline. Debtors prefer to make their payments with credit and debit cards and many choose to perform these transactions without interacting with a collector. So, offering multiple ways to make payment via the web and by an IVR system will increase revenue without increasing staff. Debit cards have become more prevalent as a payment choice and the cost of debit transactions are less expensive than credit card transactions.
One of the additional benefits of web or IVR payments is real-time authorization of the transaction. Once the transaction is verified, receiving your funds is guaranteed with few exceptions. Limiting the NSF costs with check payments justifies the credit and debit card fees. Payments with these services are available 24/7 and your payments post electronically, eliminating another manual step required with check processing.
Offering your debtor client many ways to make payment is good business. Making the import and export of accounts to your merchant processor is a snap with the latest collection software technology.

Collection Software combined with communication software is more effective –

The latest bad debt collection software technology is much more effective than collection software of a decade ago. Two effective benefits of current collection software are moving accounts from one collection phase to the next without direct collection manager involvement and integrating accounts for various communications systems including auto-dialers, Predictive dialers, Interactive Voice Response Systems (IVR), messaging systems, and online web payment sites.
Communication systems have improved dramatically in the last several years while the investment cost continues to decline. Debtors prefer to make their payments with credit and debit cards and many will choose performing the transaction without interacting with a collector. So, offering multiple ways to make payment via the web and by an IVR system will increase revenue without increasing staff. Debit cards have become more prevalent as a payment choice and the cost of debit transactions are less expensive than credit card transactions.
One of the additional benefits of web or IVR payments is real-time authorization of the transaction. Once the transaction is verified, receiving your funds is almost guaranteed, eliminating the NSF issues with payment by check. Payments with these services are available 24/7 and your payments post electronically, eliminating another manual step required with check processing.
Offering your debtor client many ways to make payment is good business. Making the import and export of accounts to your merchant processor is a snap with the latest collection software technology.

The Biggest Winner when new Collection Agency Software is employed -

Who are the big winners when you employ the latest Bad Debt Collection Software?
1. The Collection Manager gains control over how the accounts will be worked.
2. The collector gets accounts more timely sorted by client and amount.
3. The Collection Agency owner views real time reports on how much revenue has come in month to date.
4. The client accesses accounts through their Collections Web Portal for update and performance review.
5. The client services manager has the client payments for the month in detail and summarized for end of month processing.
6. The systems administrator can focus on managing new client requests because daily workflows have been doing the job.
All users of the latest Collection Agency Software benefit from ease of use, automation of daily routines, and servicing the client.

Offering a Client Web Portal through your Debt Collection Software System

The latest Collection Agency Software has a number of features that were not available just a few years ago. The Client Web Portal is one such feature that gets the Collection Agency owner and manger very excited. The Web Portal solves several problems for both the Collection Agency and the Client.
The Collection Agency that has been in business for many years realizes the challenges of providing good service to their clients. The client typically will bill their customers and attempt to get payment before the account is turned over to a collection agency or collection attorney. Once the account is turned over to the collection agency, the client often receives updated information from their customer including direct payments, change of address, insurance information, declaration of bankruptcy, disputes of the debt and assignment to an attorney. These changes need to be updated in the collection agency database. Without a Client Web Portal, the client personnel call the agency daily with the changes requiring many conversations and man hours to keep files updated.
With a client web portal, the client can make these changes directly and immediately without picking up the phone. The client and the Collection Agency prefer this method of updating the files saving time and eliminating many mistakes that occur with phone calls and faxes.
The client also can review reports, view and print invoices, and check on collection performance month to date simply logging on to their customized web view. The Client Web Portal and the Bad Debt Collection Software Systems feed the same database. The Client dashboard can be customized to include specific reports and a view of accounts specific to the clients’ request.
With early out programs growing in popularity, these accounts are active and the amount of daily changes to these accounts is greater. The client portal becomes essential to make the early out programs manageable.
The Client Web Portal is also a very strong selling point to attract new clients. When you offer the Client Web Portal service to a new client that does not have this service with their current agencies, you gain a distinct advantage. Allow your prospects to sign on to a demo account that you have customized with their logo and sample reports and invoices. The Client Web Portal demonstration is a very effective way to show how your Collection Agency is tech-savvy and customer service oriented.

Lend a hand and make a difference

You can lend a hand and make a difference. Putting your experience to work to help others is one of the most rewarding endeavors. Three friends and I started a charity golf tournament in 2007 with 24 participants. The tournament grew to 168 players in 2009. We will be celebrating the sixth anniversary of the “Jim Tanner Caddy Classic” this July. Thus far we have raised $30,000 for scholarships that are awarded to young men and women that work at golf courses in southeastern Massachusetts and Rhode Island.
Each year we have a gathering of friends that played, caddied and worked at Pawtucket Country Club in Rhode Island. Players have traveled from across the US to play in the event. We established an endowed a four year scholarship administered by the Burke Fund www.burkefund.org The Burke Fund is the second oldest scholarship fund of its kind in the US. The tournament recognizes Jim Tanner, long time caddie master and honorary member of the club. Jim was inducted in “The Professional Caddies Association Hall of Fame” in 2009 at the PGA Annual Merchandise Convention in Orlando. “JT” has been working at the club and mentoring young men and women for over 60 years.
Each year participants are encouraged to write articles about their experiences as young men playing and working at the golf course. The articles are published in “The Pawtucket Times” and can be viewed on our web site at www.jimtannercaddyclassic.com Jim Noonan tells his story on scoring a 72 to win the New England Junior Qualifying for the National Juniors to be held at Los Angeles Country in mid August 1954. At 17, Jim hadn’t been out of New
England and wasn’t going to get to L.A. (for lack of money for the trip expenses) until a fund raiser was started by members of the Pawtucket Country Club, called “The Jimmy Noonan Booster Club”.
Over 100 members gave $5 each, and Jim was on his way. Travel was quite different then! It took two days to get to California–prop planes from Providence to LaGuardia, then to Chicago; overnight there and then a seven hour flight to L.A. Jim’s first round opponent, Jack Nicklaus, won the match 4 and 3.
Planning this annual event takes many meetings and hours of preparation. Those involved get personal satisfaction and all have great fun!

Bad Debt Collection Software should be remarkable

What makes the collection agency software superior?
Here is a list of features with a brief explanation for your consideration:
1. Collection Software provides all of the features you need to run your Collection Agency.
2. The Collection Database engine is substantial, fast, and will grow as your agency grows.
3. Collector screens that are windows based and can be easily customized providing critical data on first collector panel and extra functions one click away.
4. Collectors and managers can see progress against monthly goals real-time.
5. Management can set up workflows that automate most of the daily transactions requirements.
6. Import and export of data files in 30 minutes or less so new clients can be worked immediately.
7. Web portal customized for your clients so they can add, modify and view their accounts.
8. Reports that provide what you and your clients need to manage the business and relationships.
9. Ability to micro-manage your accounts by group and automate daily processing.
10. Imaging integration so all relevant documents are one click to open and view.
Remarkable Bad Debt Collection Software will give you the advantage to win new clients, be the top performer for your clients, make your collectors and managers more effective, and become self-sufficient.
Your collection software vendor should be your partner providing you the tools to manage your collection agency assisting only when there are extraordinary requirements. If a client has a data export that is not standard, then your vendor partner can help you win that new client. Otherwise, when you are well trained and operational, you can run your collection software without assistance adding new clients the day they send you their first files.
Plan your business to become successful! When buying Collection Agency Software, consider how much time you can save by automating most of the daily processes. There is a lot to accomplish to take an account from your client then perform all of the steps to manage those accounts until a payment resolution occurs. Most steps can occur according to your Collection “Rules” which include decision analysis on active accounts. For example, “If account is over 60 days and no payment has been received, then move account to a collector calling queue.” These statements can include any field in your clients file and can combine as many conditions that you desire.
With well trained and motivated collectors, you can provide your clients remarkable returns on the accounts they place with your Collection Agency!

Show me the money! Collection Agency Software helps the collector beat their monthly goal.

I recently visited a medical collection agency that installed Wincollect Software. The collector I was watching got a nice settlement for $5,000. She was telling me that she was getting close to getting a bonus that would be paid if she reached 125% of quota. Once she was finished with posting the promise to pay, she was happy to show me her sales objective panel. WOW she had 3 days left in the month and was at 115% of monthly target. She was proud to show me her progress toward her goal and assured me that she would blow away her 125% goal and might get to 150% and make an extra $500 for the month.
This woman was focused and was a great cheerleader for incentive based bonus payments. She told me she would check a few times during the day how she was doing toward her monthly goal and whenever she got a good PTP she would visit her personal target page.
Setting reasonable collection objectives and then providing rewards for meeting the objective and bonuses for exceeding those goals are good for collector performance. Some collection agencies take it to the next step and provide message boards that display daily targets and immediate recognition when a big payment is secured. Creating an environment that encourages performance and rewards high performers will generate excitement. Healthy competition is a good thing.
Collection software can provide real-time statistics with continual updates pertinent to each collector. Each collector can quickly pull his own statistics. Managers can access statistics for each of their collectors. Statistics are shown on collections, monthly goals, payment arrangements, accounts worked, accounts assigned, and NSF ratios. Collectors can drill down using the details buttons to see all their payments posted or upcoming promise to pay arrangements (PPA) new money.