Good collection software rewards good performance
Software is intended to perform routine processes in an expedient fashion and with accuracy. Common routines for a collection agency include sending out letters, making collector queues, figuring out interest and charges, and grouping accounts for specific actions to be launched.
Some of the greatest enhancements in software over the past 5 years are web portals, workflow automation, remote agent access, and the power to present real time results to management, collectors and to your customers.
The 4 functional areas that are positively impacted by the advancements in collection agency software are the collections agency manager, the collector, the collection agency client, and the system administrator. Examples demonstrating how each of these functions of the collection agency have been influenced are provided below:
The collection agency manager can outline the collection process with straightforward or complicated statements that will be immediately executed by the debt collection software. These rules can include complex conditional statements that direct the flow of each account as it progresses through each section of the debt collection process. After the accounts are imported into the collections software database, the 1st set of rules will determine when a letter is sent to the debtor. The 1st letter establishes the client that is owed for the services provided, the debt amount, and dates of service. Once the Fair Debt Collection Practices Act Mini-Miranda disclosure letter is sent, 30 days passes, and some activity including payment, dispute or insolvency is not announced, the software will take the following step in the rules that the collection agency manager has outlined. The rules of your collection process will decide when a collector gets involved, if necessary.
The collector is presented with a single screen that has all the data that is needed to speak to the debtor in an attempt to collect the debt. The screen is designed like other Microsoft Windows with the ability to minimize, maximize, and customize the info display to the collector’s wants. Icons and tabs are carefully placed to access supporting documentation or further functions. Any info that is available is easily accessible and presented in a timely manner.
The collection agency customer can gather essential information and manage the relationship with the collection agency thru a web portal. With a secure logon, the client can view performance reports, add or change accounts, and access current or past invoices to capture or print. Clients can access their consumer web portal 24/7.
The collection agency director can perform jobs with greater ease. Importing and exporting client data can be setup to occur automatically. New client info can be imported into the agency’s database with a loader module that separates records into individual fields then companionates with their corresponding labels. New client’s accounts can be worked the same day they arrive. Daily imports and exports of batch files, backups and routine systems maintenance can be booked to happen without the administrator’s attention.
Rodney MacKenzie is VP of Sales & Marketing for CollectTech Solutions. Their flagship debt collection software product is Wincollect.
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