Six Key Features Of Online Debt Management Software

In the past few years, key legislation has forced debt collection agencies and law

firms handling debt collection to change business practices in order to remain compliant. In addition the fact that many consumers no longer exclusively use phones that plug into the wall as their main source of communication, has forced debt collection agencies to again systematically change business procedures. Finally, as litigation against debtors increases, debt collection agencies need appropriate software tools to identify accounts where a lawsuit is the best option to settle the debt.

The purpose of this article is to identify features in an online debt management software system that are flexible enough to handle changing legislation and business practices, robust enough to handle shifting consumer behavior regarding communication, and intelligent enough to assist in key account decisions.

The essential features of online debt management software include:

Online debt management should provide an interface that makes accounts receivable management simple so that employees master its nuances easily and intuitively.This interface and the database behind it should respond quickly even when all employees are using the system. Importing and exporting data should be easy.

Online debt management software should be secure and integrated with other IT business tools such as the word processing, spreadsheets, images, accounting, electronic signatures and email. It should also be able to be used anywhere there is an Internet connection.

Online debt management software should include the ability for data distribution and movement.

Online debt management software should include robust reporting to pinpoint accounts and business trends via custom criteria. The system should be able to archive and retrieve reports for historical comparisons.

The online debt management software should include the ability to schedule reports, events and programs.

The online debt management software should include both an integrated predictive dialer and an integrated IVR system, and be able to document and record calls. Each account file should contain a history of notes for the client, client hardship, and creditor in the database. The client database should be integrated with creditors information so that every detail is readily accessible at the time of each client contact.

Finally, the online debt management system software should make collections easy by integrating negotiation and settlement tracking and including an online web payment module that accepts credit cards, checks or a promise to pay.

Debt collection agencies must adapt a robust online debt management software system that will provide the infrastructure necessary to compete in a rapidly changing business environment. The decision to replace existing debt management software is an expensive proposition that should be thoroughly researched. The points in this article should help focus that research so that debt collection agencies do not make a costly business mistake.

by: Sue McCrossin

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