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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.

Offering a Client Web Portal through your Debt Collection Software System

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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

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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!

The 80/20 Rule

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The principle was named after the Italian economist Vilfredo Pareto, who observed that 80% of income in Italy was received by 20% of the Italian population. Many writers since have referred to the 80/20 rule inferring that results in any situation are determined by a small number of cases. Many business writers claim that 80% of profit comes from 20% of a company’s clients.
In the collections industry, there is no doubt a small percentage of the total accounts placed with an agency will produce 80% or more of the fees generated. That does not imply that you can ignore the majority of your placements and immediately extract the riches from the 20%. You typically must send at least a single letter to all accounts declaring your attempt to collect a debt and satisfy the rule of FDCPA.
The collections strategy you employ should be focused to eliminate all those accounts that will never pay or are not economical to collect. Collection strategies should include several key factors including balance, age of debt, and key fields including phone and address and type of debt. With balances that are small balances, you may send a single letter, then have the autodialer call and leave a message.
After 60 days of lettering and calling, those accounts that have not paid, but you have determined have a high probability to pay, should become your focus. Some accounts may require a more aggressive collection strategy and others may need to be sent out for legal collection. Your experience combined with collection software strategies and scoring the accounts will help minimize your expense and produce a reasonable margin on the 20% you do collect.