Category Archives: Collection firms

New Collection Software features make conversions feasible

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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 –

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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 –

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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 -

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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.

Bad Debt Collection Software should be remarkable

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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.

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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.

Debt Collection Software can increase Collector Performance

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They say it’s a numbers game. Make lots of calls, develop rapport quickly with your debtor, learn the reason why payment has not been made, then find a way to get agreement to pay. Sounds like a formula that can be taught.
Collector performance requires an individual that is motivated and can handle rejection. Much like a salesman, the collector must focus on their daily goal and get their 10 or more promises to pay every day.
As a manager of the collector group, you can remove some of their barriers to success. The keys to collector success include the following: hiring, training, monitoring and coaching, reward system, and providing a process of collecting accounts that is well designed.
The Debt Collection Software can help with the monitoring, motivating and providing some consistency in how the accounts are presented to the collector. Good Debt Collection Software provides the ability to carve up the accounts by any criteria you can imagine. Over time a good manager learns what works best and will divide the accounts in a manner that is equitable while extracting as much revenue as possible.
When using an automated predictive dialer system, the Collection Agency Software can select accounts for a specific client then sort the files so that the accounts are greater than $500 and that the files are presented by the amount owed in ascending order. Although the collector does not preview the account before the call is presented with the appropriate account details, the collector knows that the answered call will be for Memorial Hospital, the account balance will be $500 or more and the date of service will be around September 2011 as an example.
The manager can put new hires on low balance accounts that typically will be paid without much resistance from the debtor. The new collector gains confidence with each payment received and gradually can move on to higher balances.
The Collection Software tools help the collections manager provide the collectors with accounts in a meaningful progression. The collector can also be presented with feedback on their progress in meeting their goals month to date and compared to their peers.
Providing the collectors with incentives and rewards daily for largest account collected or the greatest percentage of daily goal met is a way to generate excitement and help your collectors strive for performance goals.

What’s the latest in Debt Collection Software?

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Most collectors have their own personal desktop or laptop and are accustomed to using the Microsoft Windows operating system. The latest .net Collections Software front end provides the collector the ability to manipulate their collector screen making their desktop custom to their needs.
Monthly collector statistics are provided real time so they can see how they are progressing toward monthly goals. Revenues collected month to date against their personal objective and where they stand against their team can be a great performance motivator.
Microsoft SQL Server is an agile search engine that empowers the collection manager the ability to manipulate files creating collector queues on the fly, as well as, setting up the daily work effort in advance. Actions on accounts can be setup so that the customer’s workflows are established and automatically flow from one event to the next without the manager’s daily attention.
The latest Collection Agency Software can provide the client access to the debtor files so they can remotely make modifications including adding accounts, posting payments, changing status, and viewing current activities. The client can access their monthly reports via a web portal and can also print their invoices directly from their customized web page.
Collections software using the latest technology provides the systems administrator ability to “Micro-manage” account handling. The systems manager can easily group accounts by common elements then perform an action on the selected accounts. Examples of possible actions include moving the accounts to a new collection phase or changing the status and moving the accounts to legal status.
Well designed Debt Collection Software incorporates a module to easily import and export data files. In the past every time the Collection Agency won a new client, the agency would pay their software vendor a chunk of cash and wait 30 days or more before they could begin processing the new files. Today, with a loader module the files can be imported, fields matched with their appropriate field labels and the new client’s files can be ready start collections process in 30 minutes or less.
Workflows can be defined that take the new accounts from phase one with an introductory letter sent to final closure of the account with payment received in some cases without a collector ever touching the account.
Debt Collection Software technology has progressed to the point that the investment often can be justified by eliminating some job functions and by the increased productivity enjoyed.

Hosted Collections Software advantages over Server based

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*Lower Total Cost of *Ownership
*No Installation Required
*No Daily IT Maintenance
*Data Backup performed daily without your IT
*System is available 24/7
*Increased Productivity of Collections Staff
*No Need to Hire Specialized Systems Administrators
*No Software to Install
*Easy to import and export data files
*Data access is fast and secure

Wincollect Software users can move to a server based system if you grow and wish to take on the IT responsibility.

Virtual agent could be the answer!

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Some collection agencies have employed virtual agents with success. Some start with a few select agents, others have a balanced approach with a number inside and some virtual. Ohers have totally gone the virtual route.
The fear of having remote agents comes from the sense of losing control. Some people need constant and visible supervision, but the best performers will perform well in either environment. In fact, some agencies will start the virtual agent “experiment” when their best collector goes on maternity leave or some other life event occurs requiring them to work from home.
Not wanting to lose a good performer, the agency management decides to accommodate their employee and set up remote access. Most often the virtual is a great success, because they were responsible and effective inside the office.
Technology provides a number of features that provide the necessary control. The software system will allow you to monitor the productivity. The communication system, either phone system or predictive dialer system, will provide the ability to monitor calls and conference calls when a supervisor is required. The collector signs into their queue and works accounts much the same as they would from their office desktop.
The technology required for the virtual agent is simply a desktop or laptop computer, network software, a reasonably fast internet connection and a headset. The collector can communicate with the supervisor via messaging or email or by voice. The virtual agent can sign in at scheduled times that are mutually convenient.
The virtual agent does not require office space and since you only pay them for the time they are signed in to the system there is no down time. The key is employing remote agents that will perform well without the visible supervision. Performance reviews are the same for the virtual collector as they are for the inside collector.
If the collector makes their quota and performs professionally you have a “win-win” for you and your collector. Your employee eliminates the daily commute and you reclaim or avoid the cost of office space.
A good supervisor will adapt to having remote agents. As long as the revenue stream is consistent everyone benefits.