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Why Settle for Mediocre Collection Software?

Why Settle for Mediocre Collection Software?
You don’t have to with Receivables Management Expert from Quantrax
Why do so many ARM companies put up with mediocre collection software platforms that require a large IT department to manage, patch and customize?  Why are so many collection agencies and law firms using database systems that hail from the late 80’s?  Why do ARM companies using collection software today fear the next “Major Release” or worse yet, their current provider that abandons a legacy platform in favor moving to a new operating system or database application?

The two main reasons for this are fear and complacency.  Fear of the effort required in migrating data from the old system to the new system or the natural complacency that comes with knowing there will likely be a huge learning curve and short term loss of productivity until the staff becomes re-trained and familiar with the new system.  […]

 
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    An interview with the man that invented credit scoring, the second placement and automation, Ruvin Schwartz by Phillip W. Duff

An interview with the man that invented credit scoring, the second placement and automation, Ruvin Schwartz by Phillip W. Duff

Here is an interview with an icon in the industry. He assisted in inventing things like credit scoring, Co Lo’s, focusing on the second placement and was the first to automate many processes when computers arrived in the industry. Ruvin Schwartz was gracious to let me enter his home in FL and learn how he helped to shape the industry in the 60’s and 70’s and how he is still in business in the 2000’s.

He began, “I returned from the service in 1954, got married one week after I came back so had to get a job somewhere. My first collection job was at Bond Clothing Stores (in NY). I started out as a clerk typist, then became assistant credit manager and was eventually the top credit and collection manager in all of their stores.

After 6 years Ruvin asked for an increase in salary and stated, “They offered me 10% of what I was earning ($150 weekly) and I […]

 
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    Is it the right time for collection operations to rethink their business model?

Is it the right time for collection operations to rethink their business model?

It was after a collection conference workshop on employee compensation that we were motivated to ask ourselves some interesting questions about the way collection companies are managed and operated today. As we pull ourselves out from a long, difficult period, the subject is probably more relevant. We believe that it would fair to describe the average owner or

collection manager as conservative and conventional. For most, although everything around them is changing rapidly, the basic business process has not changed in many years. Although some radical thinking does exist, it is often the exception. That is not a weakness – change is often difficult and costly.This discussion is intended to provoke dialogue and questions about different business models in the collection industry. The thoughts presented are based on many years of collection experience as well as a unique opportunity we have had to introduce radical thinking to the industry.

Compensation

Let us start […]

 
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    Why QUANTRAX has the best compliance software in the collection industry!

Why QUANTRAX has the best compliance software in the collection industry!

Security and compliance – These are arguably the two most important challenges facing the US debt collection industry. With a suite of technology creations that include artificial intelligence-based collection software and a truly integrated dialer, Quantrax has strategically set its sights on software that offers systemic solutions to all of today’s compliance challenges.

Are we winning? You can be the judge. This document summarizes the security and compliance features of the system. We invite the industry to share and endorse our commitment to making this one of the best technology-based industries. The battle to be compliant has to be won with actions and not words. We at Quantrax are leading that fight.

SECURITY FEATURES

Security features deal with access to features and data. Clients are aware that collection companies share resources across multiple projects. Some larger clients will insist that only designated people work their accounts. Access to data must also be […]

 

A Checklist for Evaluating Collection Software

While the design and objectives of every system are different, Quantrax Corporation believes that certain functionality in collection systems will make an operation more effective and productive. Collection systems do not place sufficient importance on the efficiency of clerical operations and collector productivity, and the result has been the inability to lower the costs of operation beyond certain accepted levels. In today’s collection environment where fees have dropped to record lows, lowering the costs of operation is the only path to improving profitability. In addition, most software vendors continue to enhance their products, as opposed to re-engineering or rewriting their systems. This is not a favorable choice if one expects to comprehensively address the limitations of existing products, exploit the advances in technology and accommodate changes in the industry. The main reason that most collection software vendors are unwilling to rewrite their products is the significant cost involved in such an […]