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.
Transworld Systems Commercial Division offers an Online Client Portal that allows commercial customers to effectively manage their commercial debt collection process. The Commercial Portal is available anytime, 24/7, from any computer and allows clients to upload accounts and view performance reporting with real-time updates. It complies with FDCPA guidelines and has been thoroughly tested to achieve optimal results.
Over the past 5 years, Transworld Systems Commercial Division has collected over $500 million for our clients. Let us show you how we can recover the money owed to you using our sophisticated Online Commercial Portal. For more information about Transworld Systems, please contact us here.
This information is only intended as advice. Please consult with a collection agency or an A/R collections consultant for additional information.