Menu

Mid-Range Collection Software Checklist

  • Written by Collection Advisor

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