We Use the Latest Technology
Southwest Recovery Services uses the latest technology to aid in our efforts to collect payments from your customers. Whether we are managing your receivables, revenue cycle, or collecting debts, you can count on us to use modern tools and resources to collect your payments as quickly as possible. Here are just a few of the technology tools we use as part of our collection process.
Locating the Customer
Typically, you will have contact information for your customers and past customers who owe your business money. However, it is very common for that information to change. Unfortunately, it is also common for customers to provide inaccurate information, either accidentally or intentionally, that makes them difficult to locate. This is where tools like skip tracing and credit pulls come in handy to confirm and update contact information.
Skip tracing is simply the process of locating someone, and can include anything from requesting public records, searching directories, and contacting old employers, landlords, or references. This has always been a central part of debt collection and receivables management. However, the process has changed significantly due to technological advances. Whereas in the past we had to do much of this work manually, today there are databases and lightning fast internet that make the process much more efficient.
A credit pull is just another way of saying credit check. Since we have the ability to report to credit bureaus, we also have the ability to check credit on our client’s customers. This is helpful because new credit lines are more likely to have updated address and phone numbers for the customer and can help us update our information and reach out for payment.
The Collection Process
At the end of the day, the collection process remains the same as it has for many years. Our collectors use mail and phone calls to reach out to people who owe a debt and help them set up a payment agreement that works for them and our client. Within the preset parameters, our software will generate initial contact, general follow-up, failure to pay, demand for payment, and finally our Attorney letter. Our collectors also have a wide variety of additional form letters to help bring your accounts to final resolution. Southwest Recovery Services approaches this process with respect and honesty toward the end customer, the person who owes the debt. We know that when people feel respected, they are more likely to be agreeable to settling their debt.
When you hand over your accounts to Southwest Recovery Services for collection, we don’t just take over and leave you in the dark. We provide every client with a portal you can log into 24/7 to track the progress of your accounts. From this portal, you can view timestamped account activity for specific accounts and run several reports to get an overview of our progress on your accounts. This is a very powerful tool for our clients. It provides you with a transparent and thorough view of our collection progress so you can be assured that your receivables are in good hands.
When Debtors Don’t Pay
While we make every effort to negotiate a fair payment arrangement with everyone who owes a debt to our clients, there will always be debtors who refuse to pay. When this happens, we use credit reporting as a last resort to nudge the customer in the right direction. Instant access to the credit bureaus enhances our ability to monitor your customer’s credit activity and determine whether there are available resources that can be utilized to pay your account. This tool provides updated location information such as address, phone, and employment.
Nobody likes to have debts show up on their credit report, as it can inhibit their ability to buy a car, a home, or take out new lines of credit. Modern remote access to credit bureaus allows us to report easily and quickly when the time comes to take that step. It also allows us to remove information just as quickly, which is a helpful negotiation tactic when working toward the final payment. We can always assure the customer of a timely update to their credit report upon payment.
Debt Recovery Solutions from Southwest Recovery Services
Modern problems require modern solutions. At Southwest Recovery Services, we are equipped with the latest technology to solve your debt recovery and accounts receivable problems efficiently and effectively. Give us a call today to start your journey toward payment peace of mind.