Reduce collection fees with debt collection software and increase recovery rates accurately and effectively – all while reducing costs. But how do you ask? Well, two very crucial business processes are involved when selling on credit. The first one is for sales and the other for collections. Without these working together it can be detrimental to your business’ productivity, effectiveness and financial success.
One of the most common reasons for this is a delayed and poor debt collection process. Businesses in South Africa lose millions each year simply by writing off bad debts. Seems like quite a waste of time? Indeed; And TRAQ software solves this challenge, with the best benefits debt collection software can provide. Here’s how.
Debt Collection Software Saves Time and Money
The time when debtors simply wanted to be reached by phone has long since passed. Today’s communications systems and contact centres lack the efficiency and capability that TRAQ provides – and nefarious activities often lead to mistrust, bad debtor relationships as well as the reputation of your collections agency. Ethical debt collection is the key to your success. So how does this relate to cost and help you reduce collection fees? With TRAQ’s cutting-edge technology at your fingertips, there are as many ways to connect and communicate with customers as there are types of customers.
Some of these features include:
- Omnichannel communication
- Personalised messaging
- Automated reminders
- Interactive self-service options
- Real-time communication
With clear communication channels and the power of our technology, TRAQ enables you to reduce collection fees and improve customer satisfaction.
TRAQ Software Reduces Operational Costs
Manual, time-intensive tasks take up valuable resources and effectively end up with confusion and a significant reduction in collection rates. By automating many of the time-consuming manual processes involved in debt recovery, you will see a significant increase in revenue rates and reduce overhead, along with reducing collection fees.
TRAQ’s features like automated reminders, document generation and data entry frees up your team – improving productivity and reducing the overall cost per collection. As the saying goes, every little bit counts! Unsure of what’s going on with debtors? Our software provides real-time insights using advanced analytics in your collection process to solve this issue. Quickly identify bottlenecks and inefficiencies immediately so that you can make data-driven decisions to better facilitate operational efficiency and reduce unnecessary expenses.
Key considerations TRAQ excels in:
- Organised agent workflows
- Reduced labour costs
- Improved efficiency
- Enhanced data accuracy
- Increased productivity
Using TRAQ’s automation, analytics, and seamless workflows to speed up business processes, TRAQ will help you achieve significant operational cost savings while still enhancing overall collection performance.
Now that really is the best of both worlds, right?
Reduce Collection Fees Through Prioritisation
Financial departments understand the need to think about potential returns, as this is essentially the backbone of business success, the number one priority. Loss of bad debt causes a slow, often unnoticed downfall of your business’ success. TRAQ software allows you to prioritise accounts effectively, assign tasks intelligently – and track your performance metrics closely. Providing agents with the tools they need to succeed, TRAQ helps you build a more efficient and productive collection team.
Using advanced automation and data-driven insights, this level of visibility and control lets you strategise your debt collection more effectively which in turn results in faster debt recovery and the time it takes to receive them – reduced collection fees in a nutshell. But wait, there’s more!
TRAQ Mitigates Risk and Ensures Legal Compliance
The debt collection sector in South Africa is subject to a very complex and ever-evolving regulatory system. Often overlooked, this is possibly one of the most powerful features TRAQ boasts, for your peace of mind and better success rates. Non-compliance can result in hefty fines and damage to your reputation. TRAQ software is designed with risk mitigation at the start of every feature we have developed and continue to develop – always evolving and changing to stay in line so you can focus on your business at hand.
Our debt collection management software incorporates top compliance features that include automated audit trails, secure data encryption, the intelligent decision tree and also customisable communication templates for debt collection. By strictly adhering to best industry practices and South African regulatory requirements you can protect your business from legal and financial risks easily and seamlessly, reducing collection fees overall.
TRAQ Outperforms the Competition – Reduce Collection Fees
We love to simply tout this, yes, and a lot of other debt management solutions do too. So why do we say this? What sets us apart? While many debt collection agencies typically struggle with high operational costs and low recovery rates – TRAQ offers a comprehensive solution of industry leading software (now assisted by AI), the best debt collection software for all businesses. With over 25+ years of experience our software is designed not only to meet industry standards, but instead set the trends that exceed them.
Providing a competitive edge and insights in real-time with fast, accurate, data-driven decision making drives significant cost savings – ultimately leading to a more quality based collection increase and reduced collection fees.