3 Third Party Collection Technologies that Boost Productivity

Debt Collection Service

In the new normal world, when it has become imperative for businesses to strengthen their finances, the importance of third party collection agencies has increased. Agencies like Nelson, Cooper & Ortiz LLC have become the most competent associates for businesses to recover the money and to help in this dire need.

New Technology in Debt Collection Service

To provide efficient debt collection service and to ensure faster recovery of the money, it has become crucial to invest in newer technologies. This is the only way to boost productivity and to offer the clients the best results. So, when you are coming to us or searching for collection agencies near me, make sure the agency uses the following technologies.

  • Right Party Contact

To increase efficiency and offer the most competent debt recovery services, it is necessary that the collectors get in touch with the right party soon. And that is why right party contact tools have become quite helpful in the collection sphere. With this technology, the collectors can reach the debtors in just two-three attempts. There are many right party contact search tools that can help the agency with this. Also, to increase the efficiency further, batch processing will help to pull the contacts for the debtors. We or any agency can use the batch for bulk data appends or direct API connections to get the contact information of the debtor.

  • Segmentation

With the help of this technology, accounts can be segmented. The productivity of the collectors can be increased with the help of the right segmentation. If the collectors know which accounts should be avoided or should be handled with care, they can keep them aside while collecting from the accounts that are clear. This can be helpful when there are accounts of bankruptcy and so on.

  • Debt Recovery Scores

With this technology, a commercial collection agency would know where to focus during the collection process. This will help them identify the accounts that are more likely to pay on time. The data elements used for this technology are different from the traditional methods. Balances, credit limits, a summary of the past dues and 30 months account history are the elements that are used in this method. This is a very cost and time effective technology for any agency.

When the businesses are learning new debt lessons after the pandemic, these technologies will help the debt collectors to offer more efficient services to the clients. For professional assistance with collection, come to Nelson, Cooper and Ortiz LLC. Dial (800)939 7213 now.