Even the toughest jobs get simplified by having the right tools and technology, and debt collection is no exception to this rule. Today, next-generation debt collection is transforming how your bad debt is pursued.
The newest technology has made the debt collection industry smarter, more efficient, and secure. Leaders of this industry have invested heavily in the advancement of technology and tools.
There are several professional debt collection agencies in Australia, so it quite crucial for the firms to be innovative for them to stand out among other companies.
With so many debt collection firms in the market, it becomes challenging to find one that is innovative and technologically advanced.
eCollect is one of the leading debt collection agencies in Australia that gives the perfect example of how technology can simplify and improve debt collection. Some of the technology they use that enhances the debt collection are:
Use of Debt Collection Software
They have a debt terminator software that determines the best way to collect your debt without having to go anywhere or get in an hour-long call. In a few clicks, you will have an idea of how you can recover your debt.
The best part of this software is it is FREE. There is no cost to use the Debt Terminator and no obligation to continue with eCollect. However, the recommendation you get from eCollect highly depends on the accuracy of the information you give.
Experienced lawyers and collectors design the advice you get from this software, so it is trustworthy.
Location Searching Tools
To collect a debt, knowing the address and contact of the debtor is important. If you know the location that is great but if you don’t that can be a problem.
Without the use of the right technology, location searching becomes a headache. You cannot find the address of your debtors manually, proper tools with making this process much easier and quicker.
Debt collection is not a thing that gets done instantly. It may take days or even months to recover the money. Clients cannot visit the debt collection firm every time they want to know what is going on with their debt.
The eCollect software provides a collection report to the clients at the end of each month to learn about the progress of your debt collection and the eCollect client portal ensures that you have full access to all file notes and correspondence when it suits you.
Today, as debts grow and the urgency to collect those debts rises, every available tool must be used to address the problem. Technology can be used to ease the debt collection process, reduce consumer handling time and meet regulatory requirements so that penalties and legal action are minimized. Most importantly, technology can be used to improve outcomes.
No matter how technologically advanced a debt collection company is, at the end of the day, what matters is the cost of debt collection. When you already have money stuck somewhere, you don’t want to invest more.
Most people assume if a firm is technologically advanced, they will ask for more money, but that is not the case with eCollect. eCollect works on commission which means you don’t have to pay if they aren’t successful in collecting the debt.
By using the debt collection service of eCollect rather than doing it yourself, the cost is reduced, and also there is a much higher chance of recovering the debt.