Debt Collection Software For Your Business

By Author: supriyo banerjee
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Debt Collection Software is designed to augment the process of collecting overdue and unpaid debts. Account Receivable Software and Debt Collection Software can be found in many accounting departments within large corporations, but generally, due to the specialized nature of bill collections, it is more commonly found in third party collection agencies.

Debt Collection Software and Accounts Receivable Software form the backbone of any collection agency. Selecting the right solution is critical. It can significantly increase the overall capabilities and productivity of the agency through effective automation and data management. A collection agency can better streamline their entire process with the right Debt Collection Software.

Accounts Receivable Software is designed to provide the agency with all the tools they need to run an efficient and well organized operation. Whether it be account strategy development, automatic dialing, remote access for clients, skip tracing, creating and sending letters, interfacing with third party vendors etc., a great Debt Collection Software program ...
... is absolutely essential for an agency to achieving long term success. There are a wide variety of Account Receivable Software programs on the market. Selecting the one that best suits an agency’s specific needs is the challenge. Although there are many options, an agency needs to really evaluate what matters most to them in terms of feature functionality. A small start up collection agency may have very different requirements than a large successful agency. It is important that an agency knows exactly what they want before the search begins for the right Collection Software Solution.

The feature functionality found in Debt Collection Software and Account Receivable Software solutions can vary greatly. Some of the more important ones are outlined below.

The ability to create Reports is often a high priority for agencies. Some solutions only provide canned reports that the company has developed over time; the more innovative solutions offer the agency the flexibility to create any custom report they need, whenever they need it.

With all of the legal regulations, both state and federal, surrounding the collections industry, Collection Software Solutions that have built in guidelines or features that help the agency stay within the legal guidelines are generally looked at very favorably.

Many collection software solutions allow the agency to scan account information (leases/signatures etc) and attach the information directly to the account. More sophisticated collection software solutions will allow the agency to take any word supported file and drag and drop it from the desktop directly to the account or the client.

Payment processing is often integrated into the debt collection software. Credit cards and checks can be taken over the phone while the collector is talking with the debtor, turning promises to pay into actual payments. Another important payment processing feature is the ability to allow debtors to make a payment through access to an agency’s website and reaching the secure payment portal.

Great dialing solutions are always of critical importance to a collection agency. Some software solutions have their own in-house integrated product while others offer an interface to outside dialing solutions. Automated dialing solutions provide a great agency advantage, allowing collectors to focus on talking with debtors rather than performing the tedious and wasteful task of dialing numbers only to receive busy signals, no answers, answering machines and only the infrequent live “hello”.

There are many Collection Software and Accounts Receivable Software solutions on the market today. Agencies need to do their homework, determine their budget and their specific requirements, and shop around for the solution that best meets their needs.

Deborah Kilroy is the Sales & Marketing Director for DAKCS Software Systems, a leading provider of debt collection software and account receivable software.  DAKCS offers state of the art debt collection solutions for all size businesses or third party collection agencies. To learn more about the company and their product and services portfolio, please visit their website at Dakcs.com