TOP FIVE MUST-HAVE FEATURES WHEN SELECTING DEBT COLLECTION SOFTWARE

The use of debt collection software and credit control software is key to improving the organisation and efficiency of your collections process. But what should you be looking for when investing in this technology?

1. COVERING THE WHOLE CYCLE

When it comes to debt collection software, the best platforms are those which integrate all the phases of the collections cycle into one automated system. The idea is that by investing in a software platform that covers the whole debt collection cycle, you save time and you save money. Software platforms that operate in this manner streamline debt recovery performance, and increase cost-efficiency and effectiveness.

Software

2. ADAPTABILITY

The software should work for you and meet your specific needs. Flexibilty and adaptability are the key to personal efficiency. LATERAL has a built-in adaptable workflow generator, which means you can adapt and switch strategies across cases, geographical locations and debt types.

3. AUTOMATION

If you’re looking to increase efficiency and effectiveness in terms of your debt recovery practices, you need a software system that provides automation. By this we mean: actions are carried out automatically. Meaning time is saved, and money is saved. LATERAL is a software system that will automate tasks for you, covering the entire collections cycle from introduction message to final payment demands.

4. SECURITY

When it comes to debt collection, data security is a huge concern. The protection of data is of paramount importance to any organisation that possesses customer information. And solicitors, councils and debt collection agencies need to be able to demonstrate that they have systems in place to protect the data they “own”. This is why debt collection software that has a secured cloud-based portal for clients is vital. These secure cloud-based systems protect sensitive data through a variety of complex processes, and their implementation means business do not run the risk of compromising the privacy of their customer base.

5. 24/7 HELP DESK

Sometimes software can leave your head spinning, and you need help, particularly at the start. The best debt recovery software companies provide 24/7 help to get you back on track. You also need to find a company whose help desk works closely with its team of software engineers, so all queries can be solved efficiently and promptly. LATERAL provides 24/7 help to the users of their software.

Get in touch with LATERAL today to learn how our software can contribute to your progress.