Things that you need to know before buying Debt Collection software
Businesses that are involved either in lending money to clients or collecting unpaid dues such as banks, financial institutions, legal settlement firms, healthcare, Credit card agencies etc., can utilize Debt Collection software to get their outstanding payments more efficiently.
Debt collection software:
Debt collection software helps us to recoup pending payments from individuals or businesses that owes debts and non-performing assets. Chasing down unpaid bills can be time consuming and takes out lot of effort and focus from other productive operations and hence generally financial institutions and banks usually outsource it to an agency called collection agency or the debt collector.
Needs of a collection software:
Banks and financial institutions that are in the business of lending loans to customers can benefit from the collection software. This software helps to identify the clients with the overdue payment and outstanding bucket cycle. The agents can prioritize their clients and can schedule meetings to recover debt payments. The software can be used to collect payments from businesses and individuals.
Choose the right product:
There are several Debt Collection products available in the market. They vary between B2B and B2C collections. B2C deals with collections from individuals or consumers and B2B involves collecting past due invoices from business clients. The collection methodologies also vary with industry.
The right software helps the business to focus on identifying new opportunities and expanding their business instead of chasing payments.
Non-Performing Asset (NPA) Collection App is specifically crafted for the NPA collection agencies, banks and other financial institutions that are involved in debt collection and to recover funds that are past due more resourcefully.
NPA Collect App offers state-of-the-art solution to get connected to the clients. It empowers the agents to set up meetings, availing and updating client details on the go. The geo location tagging helps to locate the agents, locate client destinations with easy navigation. The client meeting notes or meeting reschedule can be updated in real-time to the core system on the go.
NPA Collect App also helps to shrink the collection cycle with quick updates and reminders. It automates workflow for request and approval process. Collect App enriches client relationships by offering instant information, better communication and transparency. Easy integration with existing CRM and other MIS systems helps to accelerate productivity and saves significant amount of time.
Collection App supports 162+ languages and hence the services can be managed globally.
Features and Benefits of Collection App
Collection App has navigation integrated that can help the agents to visit client locations and can plan their itinerary to cover as many clients as possible. This increases the productivity of the team to reach their goals and also provides real time status update of the team to their supervisors or managers.
Historical data management
Collect App also keeps the record of the client meeting history and the agent details which will be helpful for future interactions. Collect App also offers camera facilities to take pictures of the necessary documents, Cheque etc. and it can attach to the client information in the system. It can also maintain and keep the complete client history like address, mobile numbers, email id and all possible ways to connect with the client.
Automate debt management
The user can login to the systems and can get the details of the client with the complete information on the outstanding amounts and their split ups. Collect App facilitates partial and complete collection on payment dues and can send reminders on follow-up payments to clients. The amount received from the clients can be instantly updated in the Collect App which in turn can update the Accounting system or any other system of choice in real time. This helps the management to take informed decisions as the data shows real time payment status and dues of the clients.
Collect App also helps in:
- Document management
- Workload management
- Goal management
- Dispute management
100% digital workspace
Collect App has built-in APIs and web application that will automatically pull the defaulting customers list from the core system and route it to the backend application. The configurable workflow helps the business the way they want to handle their defaulting customers either through internal recovery teams or outsource it to the designated collection agents.
The Collect App shows the complete status of the clients in real time and hence the supervisors can monitor the collection process and activities from anywhere, anytime.
Dashboards and Reports
Collect App offers analytical reports and dashboards to get quick insights on collection ratio, success ratio and the performance of the team. These reports can be generated dynamically and the filter offers precise analytics on the information available. This gives management 360 degree view of the collection agents’ performance and the payment recovery from the clients.
Collection software saves time, effort and revenue of the business by recouping payments that are overdue by efficiently managing the clients and by pushing notifications to the collection agents on the follow-ups.