Wincollect - Debt Collection Software

Bad Debt Collection Software should be remarkable

win_blogger — Mon, 20 Feb 2012 02:34:34 +0000

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.

win_blogger — Thu, 16 Feb 2012 23:26:04 +0000

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

win_blogger — Thu, 09 Feb 2012 12:05:49 +0000

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?

win_blogger — Tue, 07 Feb 2012 16:02:59 +0000

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

win_blogger — Sat, 04 Feb 2012 11:42:37 +0000

*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!

win_blogger — Thu, 02 Feb 2012 21:09:30 +0000

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.

SEO and site tuning works for collection agencies

win_blogger — Tue, 31 Jan 2012 17:30:19 +0000

SEO is an acronym for “search engine optimization”. It will help prospective customers find your web site when they are searching for a collection agency.
You may have spent a good deal of money designing your web site just a few years ago, but it may not be designed well by Google’s standards. Google ranks your web site using a formula that considers content, activity on your site, how many other web sites refer to your site (referred to as “backlinks”), and frequency of updates on your site.
What are the keywords that your prospects will use to find your business? The keywords emphasize your specific market expertise and location. For example: “Boston medical collection agency” of “medical collections” may be keywords that need to be strategically positioned on your main page.
Each Google search results page includes organic search results (free to those who appear and based primarily on SEO attributes) and are listed separately from paid advertisements (Pay-Per-Click ads that cost firms money each time they are clicked).
If you want to develop your website’s SEO on your own, we recommend starting here:
• Google Webmaster Guidelines
• Google 101: How Google crawls, indexes and serves the web.
However, if your time is better spent running your business, not climbing the learning curve for online marketing and working on getting enough links to your site, etc., let a pro define and direct your website efforts. Even if you love your current web site, not only improving its SEO will get you ranked higher in free Google searches, but a marketing firm that understands “site conversion” can help your website turn those new visitors into qualified leads (people who will fill in forms or call you so you know who they are and what they’re looking to do).
Site tuning (for conversion) can deliver results quickly. SEO for Google search is a deliberate process where results are not immediate, but within 3 months you will begin to move up in ranking and in 6 months you could find yourself on the first page.
How many more visitors might you get each month if you also invest to get a first page listing? What is each new customer who “converts” from just being a visitor to becoming an identified lead worth to you? Once you have these two approaches working in your favor, you’ll be able to impress them when writing about the services that you offer.
When planning your marketing budget, creating and improving your website should be at the top of your list. We’ve used an online marketing firm to do the same for our website and know, first hand, that website ranking and site conversion can greatly help any firm generate more business. Don’t let more time go by where your use of the Internet is less than your business deserves. Get the ball rolling on this today.

Debt buying and starting a Collection Agency in a tough economy

win_blogger — Fri, 27 Jan 2012 01:35:47 +0000

Recent business periodicals list a collection agency business as a hot startup. The debt buying segment of the Collection Industry has seen incredible growth over the past decade. The traditional collection agency business collecting on a contingency basis continues to perform, but the margins have been stretched in recent years.
The four largest publicly traded debt buyers include Encore, Asta Funding Inc., Asset Acceptance Capital Corp. and Portfolio Recovery Associates Inc. In 2010, together they purchased nearly $20 billion in distressed debt and expected to recover three times what they spent buying that debt according to the Association of Credit and Collection Professionals, a trade group.
Encore in 2010 recorded revenue of $382 million and profits of $49 million. Impressive growth and profits have not been realized by all. The price of buying charged off debt ran up before the mortgage debacle. Prices went as high as 14 cents of the original dollar in debt. Prices are typically in the 3 to 5 cent range depending on the age of the debt and how many times the debt has changed hands. More recently prices have settled down to prices more in line with levels seen before the market collapse in 2007.
Making a reasonable return on purchased debt is not for the inexperienced. Evaluating and purchasing good paper at reasonable price requires research. Recently, the number of buyers has increased to the point that the cost of buying receivables makes the margin less attractive.
The debt buying industry started in the 1990s. Early adapters made some great returns. The guys that were doing traditional collections on a contingency basis for some of the big banks and finance companies started to purchase large portfolios of charged off accounts. They loaded thousands of accounts into their collection databases, sent out several letters, made dozens of calls on their autodialers, levied suits in the courts, and then would credit report on accounts with judgements.
In time, many of those accounts that were credit reported would begin to reap some returns. The process would work, but would require due diligence and patience. The process worked for the few that had presence in the industry, a well defined process, and technology to work the accounts.

Planning to Start a Collection Agency

win_blogger — Tue, 24 Jan 2012 19:06:56 +0000

Wincollect Software began offering Bad Debt Collection Software as a service about five years. The first ten years in the Collection Software business, we provided software strictly as a premised based solution. Over the past several years, many companies have approached us about starting a new collection agency. Some have been very successful and others not so. Software as a service or hosted software reduces the initial cost of your collection software eliminating the cost of providing your own server and the need for an IT manager.
Those that have been successful typically have been those from the collection industry. A salesman or operations manager from an established collections company decides to go on their own. They have a good understanding of how a collection agency runs and most often have a client or clients that they have done business with previously. With any startup businesses, there is a fair amount of initial investment that needs to be made before the first dollars come in the door.
To start you need Collections Software, accounting software, computers, phones, an office, a web site, sales contracts, collectors, insurance, state licenses, and a manager to run the operation. Once that is all in place, the keys to success are setting up good processes, hiring and training good collectors and managers that know how to collect money.
Good Collection Software can automate many of the day to day processes, provide reporting to manage the business, and provide an easy integration with your clients to import and export data files and provide reports. Technology today is much more sophisticated than it was just a few years ago and collection software is more affordable. New collection software technology is superior to systems employed just 5 years ago providing web access for your clients and the ability to automate many daily tasks.

Durbin Amendment lowers cost of debit card transactions

win_blogger — Fri, 20 Jan 2012 02:55:33 +0000

Americans charged more than a Trillion dollars on Debit Cards last year. The volume of Debit Card transactions is now greater than Credit Card transactions and that trend continues to expand. Last year the Durbin Amendment was passed which limits the fees that can be charged for Debit Card transactions. Senator Dick Durbin authored the Amendment because the interchange fees were considered excessive compared to the actual cost of the Debit Card transaction. The Durbin Amendment went into effect on 10-1-2011.
This new amendment reduces the cost to process debit transactions. Many payment processing companies are passing on these savings to their merchants. If you have not been contacted by your merchant processor about the new savings from debit card processing rates, this maybe a good time to get a review.