EXUS Collections & Recovery Blog

What to Look for In a Debt Collection Software Provider

Posted by Marios Siappas on Mon, Apr 04, 2016 @ 10:30 AM

settings-265131_640.jpgDebt collection software can only solve so many problems without a solid team behind it. Implementation can take years if done incorrectly, as issues are time consuming and expensive to correct.

The better your software provider, the faster the implementation and onboarding process, and the sooner you see the desired return on investment. Picking the right one is essential if you want to achieve better debt collection results. Here’s what to look for when choosing a debt collector software provider. 

Industry Expertise 

The perfect software provider should have software, business and banking experience. 

Has your provider worked in debt collections and recovery before? It’s important for your provider to be an expert on the industry. They should know the software inside and out. Too many companies bolt on debt collection software to other general banking solutions, resulting in a sub-standard product not tailored for the specifics of recovery.

The result is that while most providers can troubleshoot software issues, many cannot help you tailor the solution to your specific debt collection needs and scenarios. 

Historical Proof

A provider needs to have proof of a positive track record. Ask for documented processes and customer testimonials to help narrow down your decision. Seeing the way a provider operates before committing is a great way to avoid future problems. 

Training and Onboarding Experience 

Once you’ve decided on debt collection software, your provider should seamlessly onboard your staff—including preparing your team for potential obstacles, and educating them on the ins and outs of the software. 

They should also be able to answer any questions you have, no matter how basic or complex. It’s encouraged to test a provider’s credibility during the selection process by asking as many questions as possible.

Going Above and Beyond

An all-star provider is one who continuously works on improving their solution and service. With the right provider, it should be nearly effortless to maintain a positive working relationship. After all, you’re the customer, and the provider is there to deal with the headaches. Isn’t it time to find one who’s focused on your satisfaction and success?

Want to learn more about the debt collection software purchasing process? Download a copy of our Collections and Recovery Software Purchasing Guide for more guidance on selecting the best software for your organization.

Marios Siappas

Written by Marios Siappas

Topics: Collection and Recovery Software