Got collections? Technology has changed the way you can collect on your accounts receivable. Here are six areas you can use technology to make collecting easier:
1. Customize workflow.
What: Tailors the work strategy for each client.
Example software: Flexible Automated Collection System by Ontario Systems
2. Verify account records.
What: Scrubs old accounts, confirm contact information.
Example software: Acumen by Ontario Systems
3. Trigger alerts.
What: Alerts on accounts if consumer enters the credit system.
4. Leave messages on a mobile phone – legally!
What: Comply with the Telephone Consumer Protection Act (TCPA).
Warning: Do not try this on your own.
5. Convenient payment options.
What: Accept payments by phone or online.
Example software: Multiple programs
6. Call monitoring and auditing.
What: Monitor and audit 100 percent of your collection calls.
Example software: CallMiner