Industry Information

Industry Definitions

The debt collection industry is a complex, technology-driven industry. This educational guide is to assist those new to the debt collection software industry in understanding terms and definitions.

Third-party Collection

Third-party collections occur when a credit grantor (the first party) outsources debt collection to a collection agency (the third party).

Ontario Systems is a leading provider of debt collections software to the collection agency industry. Ontario Systems provides collection agency software tools to help automate the collection process, increasing efficiency and improving a collection agency’s bottom line.

Bad Debt Collections

Bad debt is a delinquent account that has been charged-off by the credit grantor. Most credit grantors will outsource bad debt to a collection agency or package several accounts to sell to debt buyers who will pursue collections.

Ontario Systems provides bad debt collection software to credit grantors, collection agencies, debt buyers and debt collection law firms. Bad debt collection software provides management tools to help automate the bad debt collection processes, increasing efficiency and improving an organization’s bottom line.

Healthcare Collections

Healthcare collections relates to outstanding medical bills where a healthcare organization may seek payment from an insurance company, the government or the patient. A growing number of healthcare organizations are collecting accounts in-house to increase cash collections and decrease bad debt write-offs. Ontario Systems is a leading provider of healthcare collections software to the healthcare collections industry.

Ontario Systems provides healthcare collections tools to help automate your healthcare collections process, increasing efficiency and improving the healthcare organization’s bottom line.

Debt Collection Software/Collection Software Systems/Collection Agency Software

Debt collection software is used by credit grantors, collection agencies, debt buyers and legal collection firms to increase their productivity and profitability through technology using advanced workflow, vendor management, automated dialing and reporting techniques.

Ontario Systems provides debt collection software to the spectrum of debt collection organizations. The collection software systems automate debt collection activities, increasing efficiency and improving the organization’s bottom line.

Collection Dialers/Telephony Technology

Collection dialers and additional telephony technology, such as interactive voice response systems, make account representative more efficient and productive. Account representatives speak only to live voices since the collection dialer screens filter out all no answers, busy signals and disconnects. Interactive voice response systems can be used to answer non-revenue generating questions and set up payment arrangements for some account holders.

Ontario Systems is a leading provider of collection dialers and telephony technology, which is fully integrated with its family of debt collection software products. This integration creates additional efficiency and profitability.

Debt Collection Continuum
The debt collection continuum spans from past due accounts through to legal collections.

Ontario Systems is a leading provider of debt collection software for the complete debt collection continuum, including collection dialers and telephony technology. Ontario Systems provides debt collection tools to increase an organization’s efficiency and improve the bottom line.