The following is a checklist collection professionals can use to help objectively determine which debt collection solution to select for their medium-sized collection agency (101 to 1,000 seats). Agency decision makers (evaluators) rank each one of the listed features on a scale from 1 to 5 in their respective column based on the feature’s importance to the agency (1 being least important and 5 being essential). Then in the “Product Possesses Functionality” column, decision makers can check off whether or not each feature is possessed by various prospective collection solutions. The final section on this checklist is composed of features suggested by collection software vendors for consideration.
Budget: ________________________________
Decision Makers: _________________________
Date of Re-Evaluation: ____________________
General Functionality
| Evaluator 1 | Evaluator 2 | Evaluator 3 | Product Possesses Functionality | |
| Separate collection database/normalized database | ||||
| Automated collection strategies/workflow management tools | ||||
| Prioritized work queues | ||||
| Work grouped by time zone and collection stage | ||||
| Sub-clients for a master client | ||||
| Can sub-clients be consolidated with the master client to produce a consolidated statement? | ||||
| Can you relate accounts across clients (or sub-clients) | ||||
| Related accounts viewed simultaneously | ||||
| Customized formatting of statements | ||||
| Can individual clients be set up as either Gross or Net remittance clients? | ||||
| Can statements be regenerated/reprinted for a client for a specific period? | ||||
| Tracks multiple internal & external contact names/numbers | ||||
| Recommends goals and scripts for collection calls | ||||
| Collection tasks recorded automatically | ||||
| Generates customizable correspondence on demand | ||||
| Automated letters by client with flexible triggers | ||||
| Integrates with third party letters | ||||
| Integrates with email | ||||
| Integrates with text messaging (SMS) | ||||
| Offers automated phone dialing: how many numbers? Home, work, cell, work#2, etc. | ||||
| Integrates with third party dialer | ||||
| Monitors individual collector performance | ||||
| Flexible import of debtor data without the need for custom programming | ||||
| Designs custom reports on operator level | ||||
| Online, real-time coaching | ||||
| Access vendor services automatically | ||||
| Multiple location and database functionality | ||||
| Integrates with third party skip tracing data vendors | ||||
| Goals feedback in real-time | ||||
| Web Access - secure and customizable remote access for collectors | ||||
| Web Access - secure and customizable remote access for debtors | ||||
| Web Access - secure and customizable remote access for clients | ||||
| Ability to generate an individual status report for an account (or linked accounts) | ||||
| Collector alerts | ||||
| Application development studio |
User-Defined Functionality
| Evaluator 1 | Evaluator 2 | Evaluator 3 | Product Possesses Funtionality | User-definable collector/user interface |
| User-definable collector/user interface | ||||
| User-definable client access interfaces | ||||
| Built-in collection agency templates | ||||
| Integration with Crystal Reports | ||||
| User-defined account matching criteria | ||||
| User-defined balance buckets | ||||
| User-defined payment types | ||||
| Configurable account flow | ||||
| Ability to append the account with related notes or documentation |
Recovery Functionality
| Evaluator 1 | Evaluator 2 | Evaluator 3 | Product Possesses Functionality | |
| Pre charge-off collections | ||||
| Metro2 reporting on post charge-off | ||||
| Standard agency/attorney/buyer formats | ||||
| Recovery management statistics and reports | ||||
| Automated file processing | ||||
| Repossession tracking | ||||
| Bankruptcy/Deceased management | ||||
| Work by accounts (account centric) | ||||
| Work by people (person centric) |
Pre-Charge Off Collectons Functionality
| Evaluator 1 | Evaluator 2 | Evaluator 3 | Product Possesses Functionality | |
| Disputes/Deduction codes can be assigned | ||||
| Identifies and tracks problem invoices | ||||
| Coded problems separates from other receivables | ||||
| Offers customer and invoice-level notes | ||||
| Electronically reproduces/transmits invoices |
Vendor Recommended Functionality
| Evaluator 1 | Evaluator 2 | Evaluator 3 | Product Possesses Functionality | ||
| Database platform | Contributed by: Comtech Systems | ||||
| Dashboard reporting for clients and management | Contributed by: Comtech Systems | ||||
| Integrated payment processing | Contributed by: Comtech Systems | ||||
| Phone number/cell phone number consent controls | Contributed by: Comtech Systems | ||||
| Email consent controls | Contributed by: Comtech Systems | ||||
| Compliance analytics or reporting tools | Contributed by: Comtech Systems | ||||
| Phone system/PBX integration | Contributed by: Comtech Systems | ||||
| Restricts to preferred vendors to interface with or provides free choice | Contributed by: Debt$Net | ||||
| Complaint logging resolution and tracking | Contributed by: Interactive Intelligence | ||||
| State collection sales tax accounting | Contributed by: ROYDAN | ||||
| Transaction fee handling for electronic payments | Contributed by: ROYDAN | ||||
| Integrated cell phone scrubbing | Contributed by: ROYDAN |