Software for managing the debt collection process.
Go modern. Use the latest texting and payment taking services to get your money faster. And, at the same time, ensure your best customers maintain a great relationship with you. Portfolio Plus Collector is installed at over 100 companies and helps put smiles on the faces of collection agents and their managers by reducing arrears and increasing productivity. Collector makes for better teamwork too.
Collector ensures you have the right information at hand for those special cases where a customer with an excellent track record is simply going through a rough patch. Using Collector you can work to get this customer back in good standing in the short term to retain them for the long term.
Collector can interface to vendors that provide GPS control of your assets like automobiles, trucks, buses, etc. If you're doing subprime lending, you may want to consider this type of control.
One company received a 51% response rate when texting was introduced into their collections workflow. If you're working with the younger generation, you'll need to consider a solution that accommodates texting.
Collector helps remove the anxiety associated with having to remember and track every action in the collections process. We accomplish this goal in a few steps. First we automate your existing process. Then we train users and managers on how to manage the workflow events. Nothing gets forgotten. Ever.
As one of our customers says, "you can't effectively manage your business if you're making redundant phone calls". Portfolio Plus Collector helps you manage your business effectively by focusing your resources to call the right customers, at the right time, with the right information.
Your accounts can be passed to a supervisor for custom assignment. So, when a collection agent calls in sick or leaves for vacation, a department supervisor can simply reassign to other collection agents.
Every action should be recorded in one place. This is it. When a collector makes a call, the Actions Screen will provide information relating to all actions taken against a customer's account, including past letters, calls, and legal matters. With a built in arrangement calculator, it will also help your collectors determine a realistic repayment method by capturing the details of an arrangement — the starting date, the frequency of instalments, and the amount.
There are only a few possible outcomes when it comes to taking action against an account. So keep it simple. Action and Outcome are two drop down menus contained within the actions screen. They are completely customizable and reduce your outcomes to a few relevant options. When a combination is selected, it's automatically recorded in the customer's account history. There's no need to take notes.
It's easy for a debtor to make a promise. It gets the collector off the phone. But it's just as easy to break that promise. And when an arrangement is broken more than once, there's a problem. You need to know a customer's entire arrangement history to know how quickly you should escalate the debt collection process. Arrangement history can also tell you if one particular action is more effective than another.
Now that you've received that promise, try reinforcing it. Portfolio Plus Collector gives you the option of creating arrangement confirmation letters. These letters are customizable, produced automatically, and controlled by the integrated document management system.
Portfolio Plus Collector offers a suite of debt collection reports, providing you with metrics that will help you fine tune your debt recovery process. These reports break down your call cycle and debt recovery processes. Reports like Aged Debt by Collector, Arrangements and Reschedules, and Promised Payments Report are just a few of the reports you can retrieve from Portfolio Plus Collector.
Collectors shouldn't be spending time drafting batch letters. And they shouldn't have to remember where they stored those letters. With its integrated document management system, Portfolio Plus Collector goes beyond the typical debt collection software by offering a document automation system which produces and digitally archives everything.
From the first notification of an NSF payment, virtually all experts agree that early and systematic conversations with your customers is a prudent move. Collector can help you optimize the process with the correct number of phone calls that will result in the maximum amount of funds collected. Segment your results, track your customers in each segment, and improve your processes using Collector.
Whether you're in the subprime automotive lending market or high-end luxury market, you need to create a process that optimizes the use of your collection agents. Collector as your automotive debt collection software will help you track and automate these processes by using phone calls, texts, or even a GPS device (in the case of the subprime market).
The medical industry, as a whole, has a 60% recovery rate for medical collections. Not encouraging. For more information on our medical collections please refer to our medical collections web page.
In such a highly regulated industry it is important that you have your agents abide by specific rules defined by each province or state. Collector helps you systematically embed these rules into your daily processes to achieve maximum debt recovery and customer satisfaction.
Portfolio Plus Collector is designed to adopt your specific workflow cycle. The most common cycles are:
When implementing Collector, we orient the product processes directly to your existing processes. However, sometimes there are similarities between industries that enable us to quickly mock up a template that's close to your existing one.
Questions? We have answers.
This page was created or refreshed on February 20, 2019 @ 10:20:44
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: Collector | Debt Collection Software Automates Your Processes