Receivables and billings translates to cash, and how to go about receiving said cash is what can make or break the accounts receivable department. Collection offices, however, have a myriad of tasks that go far beyond just getting money. The effective and timely recovery of debts is essential, otherwise, a company runs the risk of incurring huge losses.
For debt buyers and collection law firms, LexisNexis launched its newest in receivables management that caters specifically to these industries. The LexisNexis (News - Alert) Scoring Solutions and Collect Point Vendor Manager were released at the recent annual Debt Buyer Association (DBA) conference in Las Vegas, Nevada.
A company can succeed in recovering debts if they have a proper follow-up procedure that deals with the debtors in a subtle and persistent manner. With Collection Attributes under LexisNexis’ latest solution, users can analytical performance by supplementing in-house data, including credit data, with hundreds of revealing “alternative data” attributes for improved scoring performance and predictive capabilities, according to the press release.
“In today’s recovery industry where efficiency and performance management is the name of the game, collection organizations are seeking new easy-to-use ’cloud based’ vendor management tools to better manage their outsourced recovery and collections processes” said Robert Fite, vice president, Receivables Management for LexisNexis.
Debt collection should be done in such a manner that not only recovers the outstanding amounts due, but also strengthens vendor relations. With Collect Point Vendor Manager, customers get the help they need while vendor revenue is increased.
By using a software solution, companies can recover an old debt and save the expense of hiring a collection agency. This means the software can save money and improve profitability.
Michelle Amodio is a TMCnet contributor. She has helped promote companies and groups in all industries, from technology to banking to professional roller derby. She holds a bachelor's degree in Writing from Endicott College and currently works in marketing, journalism, and public relations as a freelancer.
Edited by Jennifer Russell