Debt Collection Companies Are Cutting Out Paperwork
It seems like everyone is “going green” these days and collection agencies are now following suit. Companies such as Pacific Northwest Collections have opted to eliminate paper files and instead use a piece of software called Document Locater. This new system has many benefits.
Collection agents now can utilize the document locater to obtain files containing debtor information and are able to use this data to answer their queries over the phone in real time. This is helpful for the company because it is more efficient. Before the shift, payers oftentimes needed to wait on the phone for information, or even for a call back from the collections company.
Because contacting debtors may prove to be difficult, the ability to quickly access information is a useful and effective way to collect. If a collector does get a payer on the phone, it can prove to be frustrating for the person to wait on questions and often times a they may not be able to answer a call back from a collections company.
The new system has turned out to be profitable financially as well. With the new paperless system, hours of work are obliterated. No more typing, filing, or copying is neccessary, leaving collectors with more time to get in contact with debtors rather than do clerical work.
The new system also makes the company seem more professional. It may give the impression that a collection agency is uninformed when they cannot access information in a timely fashion. After all, the more creditable an agency appears, the more likely payers are to take the company seriously. Although at first shifting the information to software and purchasing the software itself may be costly, the whole procedure seems to pay for itself. A manager at Pacific Northwest Collections claims that the company saves $2,000 with the new system.
In a suffering economy, collection companies may struggle to retrieve money from those in debt. Agencies who are innovative and can think outside of the box may very well turn out to be the most successful.
Mallory Megan works for a debt collection agency. Also she composes stories on business, finance, consumer spending and collection agencies.
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