Debt Collection Software
Utilizing debt collection software is not an option for those businesses looking to manage their collections process, it’s a necessity.
There are an abundance of options available on the market, unfortunately, most debt collection software is designed primarily for collection agencies and attorneys and requires a fair amount of training and investment in order to use it effectively.
For most companies seeking to keep track of their collection efforts more efficiently, the important elements for selecting debt collection software are as follows.
- Submission: The software should allow you to submit or enter accounts quickly and easily. If your company has a large number of accounts to manage, consider a program that allows submission of multiple accounts at one time.
- Management: Look for software that allows you to easily manage the collection process. Most collection processes start with reminders that are mailed, move to more aggressive letters, then on to phone calls and possibly collection agencies or lawyers. It is important that you be able to track where all of your accounts stand so that you can maintain a consistent and professional approach to your debt collection efforts.
- Reporting: Adequate reporting enables both receivables personnel and management to make informed decisions quickly and accurately. Make sure the software you choose provides the level of reporting that your organization needs.
- Technology: Consider whether you want a hosted solution or software that you purchase and install on your own computers or server. Hosted solutions are becoming very popular in business today because they typically don’t require IT resources or expensive software upgrades or purchases, but some companies prefer the control of owning their own solution.
- Support: Consider the level of technical support and training that you will need and look for a solution that will provide the support you need at a price you can afford.
GreenFlag Profit Recovery by Transworld Systems features an online client portal that was designed to help businesses of all sizes more effectively manage the debt collection process. This hosted solution takes all of the features of our proven profit recovery system and moves it online to take advantage of the speed and power of the internet. This proactive approach delivers the power of 3rd party intervention while allowing our clients to maintain complete control. It complies with FDCPA guidelines and has been thoroughly tested to achieve optimal results. Plus, our web-based system stores a record of all collection activity for each account that can be viewed and managed 24/7. Read more about debt collection software.
Last year, Transworld Systems collected over $700 million for more than 60,000 clients. Our proven techniques will help your business get the money its owed without losing its customer base from overly aggressive techniques.
This information is only intended as advice. Please consult with a collection agency or an A/R collections consultant for additional information.