Third Party Collections

Third Party 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 Collections

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.

Collect Screen

The collect screen is the primary source of information for the account representative. 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 Agency debt collection system is designed to serve the collection software needs of 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 and Control

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

The Artiva Agency collection system 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.

Workflow Management

Workflow management allows companies to establish business rules using collection agency software to ensure every account is worked in the most appropriate manner.

The Artiva Agency debt collection software system incorporates workflow management strategies, allowing collection managers to apply their expertise to every account worked.

Reports

Reports allow collection managers to accurately assess account representative’s productivity and results, allowing management to make decisions with confidence.

The Artiva Agency debt collection software system provides numerous standard reports and allows collection managers to easily create custom, ad-hoc reports using any database field.

Return on Investment

The Artiva Agency collection agency software system increases the efficiency of account representatives, allowing collection agencies to quickly show a return on investment.

Collection Dialers/Telephony Technology

Collection dialers and additional telephony technology, such as interactive voice response systems, make 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.