Collection System by:Sue McCrossin

Both first and third party collection agencies have been using collection system

software to streamline collections for years, so it comes as no surprise that collection system software has evolved to automate more of the business process for them, saving collection agencies staff time and ultimately money.

There are certain practices that third party collection agencies must adhere to, outlined by the Fair Debt Collections Practices Act (FDCPA) that protects the consumer from harassment. Among other things, the FDCPA limits phone and other communication from the agency if the debtor has written that they wish not to be contacted. So it becomes increasingly important for every phone call to a debtor to be successful, and debt collection software has evolved to incorporate measures that ensure this.

Debt collection software often allows agents to coordinate calls to debtors at the same time as they view account information like call history, letters, and follow ups. Now collection systems have a web-based feature that allows agents to upload debtors phone numbers, allowing the system to dial the number for them. These auto-dialer phone systems can call past-due accounts and play a several pre-recorded message containing instructions for the debtor must do to bring the delinquent account current, depending on how long the debt has been overdue or how great the amount.

If the debt is simply overdue, the message can be a reminder. If the debt is long standing, the collection system software can offers debtors who answer the call an option of speaking to an agent, or using their touch phone to arrange payments over a web portal.

This is all possible because of the capabilities built into collection system software that takes advantage of call center networks and predictive dialer phone systems. Using this collection system, when an agent speaks with a debtor, the debtor already knows the call is about the debt, and the agent can spend more time working out a settlement for late payment accounts. Agents will not have to spend hours dialing numbers, leaving messages, and repeating the same introductions and messages. Calls will be more productive because routine functions can be handled by the phone system. Fewer collection agents can process more calls and agents can spend their time handling complex debt collection calls.

By employing innovative collection system software debt collection agencies can save valuable time, perhaps cut down on employee expenses and achieve better debt collection success rates.

About the author

Sue M. is a marketing consultant working for DAKCS Software Systems to help get the word out about their new collection system software products including predictive dialer software, ascent software.

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