Recovery

Recovery 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.

Asset Sales

Credit grantors frequently sell written-off accounts to debt buyers who attempt to collect the debt.

The Artiva Recovery collection software allows account selection based on user-defined criteria. Potential buyers can review the portfolio with sensitive information masked. Accounts that were previously placed with an external vendor are recalled automatically.

Collect Screen for Internal Collections

The collect screen is the primary source of information for the account representative working internal collections. Ideally, most of the key information needed during a collection call is available on a single screen, allowing the representative to focus on the call instead of searching for information.

The Artiva Recovery collection software system is designed to serve the collection software needs of credit grantors by providing the same powerful technology that is used by collection agencies. In this collection software system, all necessary collection information is available at the representative’s fingertips making them more efficient and productive.

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 Recovery 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.

Pre-Charge-Off Internal Collections

As accounts become delinquent, a collection software system assists the credit grantor in selecting the most appropriate action based on account characteristics and payment history.

The Artiva Recovery collection software allows credit grantors to score and prioritize accounts, ensuring the most collectible accounts are worked first.

Vendor Management—Placement Strategies

Placement strategies assist a credit grantor determining which accounts should be placed with external vendors.

The Artiva Recovery collection software system allows credit grantors to determine the most appropriate vendor based on account characteristics and vendor performance. The collection system helps effectively place and manage accounts that are outsourced.

Workflow Management

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

The Artiva Recovery collection software provides credit grantors with the tools they need to effectively manage workflow, optimizing effort to maximize profitability.

Reporting

Standard and user-defined reports from the collection software system allow credit grantors to monitor trends and productivity, allowing them to make business decisions with confidence.

Ontario Systems’ Artiva Recovery collection software provides management tools to credit grantors so necessary information is available at manager’s fingertips.

Return on Investment

The Artiva Recovery collection software system allows credit grantors to better manage internal collections, vendor management and asset sales to 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 representative 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 arrangement 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.