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THE LEGAL COLLECTION SYSTEM OF YOUR DREAMS

They say collections is all about follow up. In the legal world, timely follow-up becomes critical as we move accounts through different phases of the legal collection cycle. What else would we like to see in the perfect legal collection system?

Automation – in a mature industry, follow-up actions must be accurately scheduled by the system
Minimal use of paper to manage account flow – paper is inefficient and slow
Technology that will manage compliance rules at the state and city level
The ability to manage contact frequency and number of messages left, based on client, city or state rules
Track the many data elements that characterize legal collections
Manage multiple responsible parties and have the system work each party separately
The ability to import and export information between your clients and the system, preferably without custom programming
The ability to tie documents and images to individual accounts
To have different people work an account at different times, […]

 

COMPLIANCE IN DEBT COLLECTION

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.

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 restricted based on an individual’s role within the company. Some states require that a collector is licensed in that state before they are 

allowed to work accounts that originate in that state. Information that could be used to steal identities or access financial data must be protected. All of these requirements can be met with well-designed software.

Dialers offer great efficiency with the ability to quickly work […]

 

ADVANTAGES OF USING AN AUTOMATED COLLECTION SOFTWARE APPLICATION

The title may be misleading when you consider that everyone uses computer technology for debt collection. Unfortunately, all computerized systems are not automated systems.
Automation implies that humans have less control in areas that can or should be managed by a computer. Why is this important? Humans are incredible thinkers, but machines win when it comes to doing the same thing over and over again, managing very high volumes, remembering hundreds of rules, when decisions have to be made quickly and when they have to work at night, on weekends or holidays.
RMEx is automated collection software that attempts to make maximum use of modern computing power. Some of the things it will do are :

Place accounts in the right classifications, add different collection costs and analyze the new accounts and make meaningful decisions even before anyone has had a chance to look at the new accounts

Define the reports required by clients and their frequency. These reports can then be mailed, […]

 

DEBT COLLECTION SOFTWARE DEVELOPMENT PITFALLS

Debt collection software has been around for over 25 years. In that time, we have seen major changes in computer technology and application requirements within the industry. After many years of “practice” and experience, why are we facing so many technical challenges? We have more lawsuits and legislators after us, compared to any other period. Our profitability has been affected. Granted, the economy has been a problem, but that was 5 years ago. We have had plenty of time to adjust.
Do we have a problem with technology in debt collection systems? After all, it is the core of our operational processes. We have trusted computers to do more and more of our work each year. Have we done it the right way? No. We believe that our software development process is flawed. We (software developers) have convinced our clients that we can serve them well by providing quarterly or […]

 

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.  […]

 

Collection Technology Is Not an Expense, It Is an Investment

Collection Technology is not an Expense, it is an Investment
Talk to a few collection agency owners.  How do they measure success? Usually it is based on the number of collectors they have. How about revenue per collector? That is a metric that is hardly ever discussed. Why? What about looking at the advantages of different collection technology? What is the question that is first asked?   How much?
We recently received an inquiry about our software. Surprisingly, the question was “Is it feasible or cost effective to make a change?” Today, we find ourselves in at the center of major changes that are being forced on the industry.  Issues and concepts such as compliance, cell phones, economic conditions, lawsuits, privacy, security, analytics and progressive technology have created the conditions for the “perfect storm” in the industry. This is a defining time for the collection industry, a period during which technology must […]

 
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    Listen to Win! Are you a listener or just someone waiting to talk. By Phillip W Duff

Listen to Win! Are you a listener or just someone waiting to talk. By Phillip W Duff

Are you a listener or are you just waiting for your turn to talk? If you answered “I am a listener” are you sure?  Most people spend most of the time while someone else is talking creating a counter argument in their mind. Instead of trying to listen and understand the message that is trying to be conveyed by the other person.

Most people are not listeners but the most successful people are very good at listening let me give you an example: I have a friend named Jeff Mains who is a great salesman. When I first met Jeff I didn’t understand how he was so able to sell as he’s not like most salesmen, he’s quite a good listener and doesn’t really talk a lot. In fact when talking with him sometimes I wonder if he was listening at all because after I finished talking there would be […]