Posted by: Bruce Maylon
Debt collection is a challenging business. Collectors work hard to turn a profit by collecting payments on late accounts. It’s not always easy for people to catch up with payments when they’ve gone past due. They either hit hard financial times, or they’re wrapped up in legal affairs that make it complicated to make payments. In addition, governments and regulators have set strict guidelines on how collection work can be done. Running afoul of these guidelines can result in stiff penalties. Collectors work through these challenges with a variety of methods. Organizing and tracking debtors and contacts is vital to a successful operation. Document management for collection firms needs to be a priority. The right software solutions help collection firms work smart and effectively. Here are some ways the right collection software can help.
The right software will track when and how a debtor is contacted. It’s vital to keep record of attempted contacts and actual contact for each account. There are restrictions on call times and how many attempts can be made in a given time period. Exceeding these limits can result in fines and other penalties. Software that handles document management for collection firms records each attempted and successful contact, so companies ensure they stay within legal limits.
Each conversation with a debtor can help lead to an eventual resolution on the account. Certain individuals may not be able to make payments until a situation is resolved or something happens like they get a new job or finalize their divorce. Document management for collection firms keeps track of these conversations and can help firms plan ahead for future collection efforts. They clue in each employee on how to approach the situation. Collection is done most effectively when debtors feel like they’re dealing with people who understand their circumstances and will work with them. With the right software solution, each person who contacts a debtor will have the full context going into the conversation. They’ll likely have access to past payment information to make processing a payment easy.
MaxxVault offers the best document management for collection firms on the market. We are dedicated to offering clients the best software solutions to make your firm work smarter with better results. If you have questions about how MaxxVault can help, contact our team today.