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Published October 07th, 2016 by

What to Look for in a Debt Collection Software

As a debt collection software owner, we are constantly barraged with questions from debt collectors and collection attorneys regarding not only our software, but debt collection software in general.  We have learned that no two businesses operate the same, and there are as many ways to collect debt as there are collection agencies doing the collecting.  When looking for a debt collection software make sure you address the following 7 critical areas:

  1. Is it flexible – Make sure you select a software that is flexible and can adapt to the way you do business.  It is important to make sure that before you purchase, you don’t lock yourself into a software package that would require you to change the way you handle your business.
  2. Is it portable – In today’s fast paced world, keeping up with debtors can be challenging. Make sure you select a debt collection software that provides portability for you to handle collections on the go.  Cloud or Internet based software solutions are ideal for ensuring that you can stay on top of your business no matter your location.  Don’t get locked into complicated software installs and over-inflated prices for software and hardware.
  3. Is it compliant – Make sure the software you select is up on the most current rules and collection guidelines. This will keep you out of hot water in the long run.
  4. Is support included – Support for any software is critical. Make sure that whatever software you select provides support for that software so you can maximize the full functionality of the features provided.  Buying software without support is like riding a horse without a bridle.  It will go along for a while, but where you eventually end up is not in your capable hands but in the hands of the horse.
  5. Is the company viable – It is important to associate yourself with a viable company that understands the industry, has been in business in the industry for a while, and is committed to be in business for the long run.
  6. Will it integrate easily with my other tools – Look for a software that will integrate easily with the other tools you use like payment processors, predictive dialers, letter fulfillment centers, e-signature software, etc. You need a software that will easily integrate with the way you do business, not one that will try to back you into a corner and make you do things their way.
  7. Does it meet my needs – Last but not least, make sure the software meets your individual basic needs. If it does not meet your needs and requires business restructure, business process readjustment, or severe adapting, no matter what the price of the software you will end up losing money in the end.

There are other factors to consider when purchasing a debt collection software, but the above seven points should be carefully considered as part of the overall software purchase process.  Keep in mind that at the end of the day you need a software that will work for your specific needs.

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