Debt Buyers

Debt Buyers 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.

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.

Asset Sales

Debt buyers frequently repackage all or some of the accounts purchased to resell. A collection system needs to allow these organizations to select accounts based on user-defined criteria and mask confidential information as potential bidders review the portfolio.

The Artiva Debt Buyer collection software includes powerful portfolio management tools including an asset sales module.

Internal Collections

After purchasing debt, most debt buyers will have an internal staff representative attempt to collect the debt. A powerful bad debt collection system is a necessity for the debt buyer to achieve an acceptable rate of return.

Ontario Systems is a leading provider of debt collection software to the debt buyer industry. Its tools, which include an integrated collection system and a collection dialer, increase account representative’s efficiency and improve a debt buyer’s bottom line.

Business Rules for Internal Collections

Business rules allow management’s expertise to be applied to every collection call by ensuring every account is worked appropriately.

The Artiva Debt Buyer collection software incorporates business rules and control into every phase on every account. Business rules set parameters that guide every account representative’s actions and will prevent inappropriate action from occurring.

Vendor Management—Placement Strategies

Debt buyers frequently place accounts with external collection agencies and collection law firms. Debt buyers must be able to decide with confidence which accounts to outsource with specific vendors as well as track results from each vendor.

The Artiva Debt Buyer collection software system allows debt buyers to effectively place and manage accounts that are outsourced.

Workflow Management

Workflow strategies allow a debt buyer to align account activity with collection goals, applying different strategies based on account characteristics.

The Artiva Debt Buyer collection software provides debt buyers with the tools they need to effectively manage workflow, optimizing effort to maximize profitability.

Portfolio Management

Portfolio management allows debt buyers to effectively determine which accounts to work internally, which to outsource to a collection agency or collection law firm, and which accounts to resell.

The Artiva Debt Buyer collection software system provides debt buyers with the information needed to make decisions with confidence to increase efficiency and profitability.

Reporting

Standard and user-defined reports from the collection software system allow debt buyers to monitor portfolio activities, allowing them to make business decisions with confidence.

Ontario Systems’ Artiva Debt Buyer collection software provides portfolio management tools to debt buyers so necessary information is available at the manager’s fingertips.

Return on Investment

The Artiva Debt Buyer collection software system allows debt buyers to better manage their portfolio and quickly show a return on investment.

Collection Dialers/Telephony Technology

Collection dialers and additional telephony technology, such as interactive voice response systems, significantly improve internal collection results by making account representatives more efficient and productive. The account representative speaks only to live voices since the collection dialer screens 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.

Right-Party Contacts

Combining an automated interactive voice response system with text-to-speech technology allows collection dialers to verify the responsible party is available before connecting the call with a live account representative.

Ontario Systems’ Verified Contacts product is fully integrated with the Artiva collection software system, allowing account representatives to speak only to responsible parties. The Ontario Systems family of collection software products works together, making collection agencies more efficient and profitable.