It takes hard work and dedication to run a solid business. While most aspects of owning a company can be personally and financially rewarding, there are other concerns that can be complete hassles. One such complication is the frustrating and often confusing area of debt collection. While it would be ideal to have every customer make timely payments on every debt, this is sadly just not the case. Many customers allow bills to become past due, and you need a way to manage the collection process. This is where good collection software can make all the difference. But with so many options available, it can often be difficult to make an informed buying decision. In this article, we’ll give you the information you need to know when choosing the best collection agency software.
There are literally hundreds of collection agency software programs available on the market. One key factor in deciding the best software for your situation is the size of your business. A collection agency program that may be suitable for a small business may be incapable of handling the needs of a larger company. By keeping in mind the number of customers your business has, you can then start choosing between collection agency software programs.
Other factors to consider when choosing the best collection agency software are the time and money that you have available to spend. There are many highly sophisticated software options out there that represent excellent collection tools. However, if you don’t have the time or resources to spend learning the system and training your staff, your business may benefit from an easier, cheaper interface with lesser capabilities.
Speaking of capabilities, there are certain features that all of the best collection agency software programs need to have, regardless of price. Any quality collection agency software will have easy-to-use client data and statement screens. These statements should have space to record all relevant information (name, address, city, state, phone number, SS number) as well as areas to quickly see the amount owed. It should also have a place for concise notes regarding payment plans and/or call back information.
The best collection agency software will also feature simple payment processing. It should feature concise data on amount owed vs. amount received, and it should also track a wide variety of payment options (cash, check, credit card).
Another feature to look for is the capability of reporting to the multiple credit bureaus. This is important in keeping the debtor’s information current at all times, especially after payments are received.
One final feature available on all of the best collection agency software programs is the ability to access valuable skip tracing information. If a debtor is unreachable or just seems to “disappear”, this tool is crucial in gaining all the information you can in eventually re-locating the customer.
As a business owner, there are some aspects of the company that need added attention. Collecting on outstanding debts certainly qualifies as one of those aspects. With the information provided in this article, you should have no trouble in choosing the best collection agency software for your business.