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Integrating your core system with a fully functional debt collection software isn't really a choice anymore, it's a must. While most core systems have some form of "collections" built in, they fall short in almost every aspect, and with consumer debt growing every day, you need to find a way to combat the ever-increasing figure. Here are the three main reasons why adding a collection platform can not only help your institution grow, but also make you an invaluable asset in the industry.
  This one is obvious, but we sometimes forget the number one reason why we collect; to recover lost money. This all comes down to simple statistics. Here's an example of how having the correct collection software can increase you bottom line:

You have ten collectors who make fifty calls a day, and let's say they recover on ten percent of those calls. That's five debtors a day per collector. Not too bad, but if you can increase their call productivity by just ten calls a day bringing the total calls to sixty per collector (with AdvantEdge's innovative workflow that number would be far higher), you get ten more recoveries every day! Over the course of a year that leads to thousands and thousands of extra dollars for your institution.

On top of just being able to make more calls, your collectors recovery rates and efficiency will grow as well when using dedicated collections software. Having correct and pertinent information, accurate state laws, compliance standards, multiple pitches, and objection handling at their fingertips, collectors will be able to close deals more effectively, and without having to rely on intensive training. So just remember, the cost of a system will be quickly offset by the increased productivity and effectiveness of your collectors.
Extensive collection reporting is generally not something built into core systems, but it is desperately needed by managing parties. Not only can AdvantEdge report on the amount of money recovered, commissions, payments processed, promises, and postdates; it can also give you detailed reports based on how many accounts a collector has worked, looked at, called, and changed. Collectors are also able to track promises taken compared to promises kept, what the results of each call are, what time of day are they most active, and can even give you a detailed breakdown of what your institution has spent on every account; from letters to collector time. This is only the tip of the iceberg when it comes to the in-depth reports AdvantEdge offers. You can even subscribe to your favorite report, so you don’t have to pull them up every day or every week, they can just be emailed directly to you. AdvantEdge has thousands of built-in reports and we can make a report on anything you could possibly need.
  With increased automation and improved efficiency, organizations will be able to streamline their business processes to make them more profitable. The best part about increased automation and ease of use means you free up your employees to do the more important tasks. This doesn't mean you have to replace your employees with innovation, this just means instead of them wasting time on the daily grinding tasks, they’ll get far more work done every day.
With increased compliance, you can sleep better at night knowing you're doing right by your customers. Nothing can bring down the reputation of a bank or credit union more than a lawsuit brought on by illegal collection acts. With AdvantEdge's built in compliance modules, you don't have to worry about every call a collector makes. This makes it easy to stay ahead of the ever-changing nature of debt collection litigation. The peace of mind that comes along with being compliant is worth a fortune in its own right. 
Then set up a demo with us! We'll give you hundreds of more reasons why integrating your core system with AdvantEdge is a must!

With the collection industry shifting towards automation and multi-channel collection strategies, effective software is becoming increasingly more important. Failure to integrate with the newest applications and add-ons can make your agency lag behind the competition. For your software to be effective, it must be able to increase the speed of your collectors, simplify your business rules, and keep you ahead of the constant changes within collection compliance.
With automation, you can send your customers thank you messages, payment notices, and voicemail reminders to name a few. Automation also enables collectors to quickly work accounts, allows for correct and efficient workflows, and generates automatic reports to be sent to your email without even pushing a button. Automation can make credit reporting simple, and most importantly, save you money on letters, labor, and headaches while freeing up your workforce to collect more money. Automation has moved beyond the simple application of emails, texts, and voice drops to include every process connected within your agency. Implementing automation with Advantedge can save you thousands of dollars a month, from the simplest to the most complex of tasks your current software may not support.  Obviously the automation and customization of Advantedge does not stop with just what we can do. We built the software in such a way that we can integrate with all types of add-ons, applications, and other core systems.
Not only do you need software that will help automate your day-to-day processes, but you need a solution flexible enough to fit your current business rules and help you expand on them to truly become successful. A rigid system can hinder the growth of your agency immensely. Imagine having a system that could fit to your needs rather than having to constantly hamper your growth to stay within the framework of your current software. Advantedge is an industry leader in the collection space when it comes to customization. We have a team of developers who will mold the software to fit your business and to make your life easier through the day-to-day grind.
When is the last time you evaluated your current software solution? Does it stand up to the test of time? You must stay ahead of the curve in this industry. If you are just barely keeping up or falling behind, you won't make it long in this age of automation and technology. We strive to stay far ahead of the technology curve and are constantly updating and improving upon our already proven solution. If you get stuck in the past, your profits will stagnate to a state of nothing. With a mixture of new talent and old school collection knowledge, we are able to handle the changing industry with ease. We understand the delicate nature of changing your software, but we also know how to make the switch as painless as possible. Why not take a look at how we could help improve your bottom line today? The worst thing that could happen is you find out your current software hasn't kept up with the times, and if you want to keep growing, a switch is not only helpful but necessary. We would love to be the ones to help you grow into the future and make you more profitable.
You can reach us at 610-357-9360 or by email at ads_sales@accelerateddata.com .
Good luck in the future and hope to hear from you soon!

"We can't be afraid of change. You may feel very secure in the pond that you are in, but if you never venture out of it, you will never know that there is such a thing as an ocean, a sea. Holding onto something that is good for you now, may be the very reason why you don't have something better."
-C. JoyBell C.
Too often in business, and in life, we let the small success of our current situation hold us back from achieving our true potential. The fear that a wrong step will lead us down a dark and winding path keeps us from seeing the fact that a single step in the right direction can bring us face to face with our goals.
This may seem like I'm simplifying a day at work, but if we do not take this life seriously and wholeheartedly, what do we have? The idea of achieving true potential may feel like a far-fetched notion, but when we let fear of change stop us from doing what we know needs to be done, we are only hurting ourselves and our colleagues.  Often times, a current solution or business rule is barely letting us stay afloat. We know there are better options out there, or more complete solutions, but we let the fear of change act as an anchor to hold us down.
When is the last time you took a hard look at your collection procedures? I'm sure everyone can find some fault in their process, although many may not admit to it, but the opportunity to change for the better is always available. Often, the hardest things to change is something that is working. Although many people realize that there are better alternatives out there, many stay with their current technology out of convenience. The one question you must ask yourself is:
Have your collectors been given all the tools they need to succeed by you and your team?
In the ever-changing world of debt collection, we must be willing to change and grow with new solutions to allow our teams to be as successful as possible. In an industry that changes every day, the average collection group moves slowly to adapt to the environment. Does your current solution help you to stay ahead of the curve? Or do they hold you back from becoming the most successful company you could be?
Flexibility and customization are two of the pillars that ADS is founded on. ADS and its employees strive every day to stay ahead of the constant changes affecting all of us on a daily basis. That's how we survived in this volatile industry for over twenty-five years.
One thing that isn't going to change anytime soon is debt! Consumer debt continues to rise yet collection rates are falling. This is due in large part because of the failure to find the right system that will help you grow into the future. We want nothing more than to be the solution that pushes you over the top!
The real question is; will you be the one to survive and recover all that money?

In the collection industry, efficiency is extremely important in making sure that the organization is productive in their collection efforts. There are many ways to achieve increased efficiency. These can be accomplished through the workforce, through business processes, and through advancements in technology. One of the big changes to come to AdvantEdge version 2.0 is the Linking functionality. This feature allows collectors to quickly and easily find and pull up accounts that are related to a specific debtor. In many situations, organizations will have a single debtor with numerous accounts. If these accounts were not all established together, they will sit independently from each other in a collection portfolio. With the Linking feature, accounts with the same debtor can be linked together so that a collector can work numerous accounts for a single debtor at the same time. While many industries see these situations arise, one example of where this can be consistently seen is in the medical industry.  

In the medical industry, it is not uncommon for someone to be admitted to the emergency room, then admitted to the hospital, then scheduled for follow-up visits and appointments. While these may be surrounding one incident, because the individual visits different doctors and locations, they may have numerous billed accounts. If the individual does not pay their invoices and is taken to collections, their accounts will be separate. By linking these together, collectors can prioritize which account should be paid first, highest, etc... The linking functionality can be set up to automatically post payments to specific accounts in the linked group based on specific business rules of the organization. This can be true for many different industries, and because of this, different industries will have a specific set of business rules to follow when collecting on linked accounts.  

Another benefit to linked accounts is the ability to negotiate past due invoices together rather than separately. In most collection departments, there are specific business rules that tell the collector how much they can settle for depending on the financial situation of the debtor. When a collector is not able to see all the accounts attached to a specific debtor, the overall financial state of the debtor is not as accurate. By being able to quickly identify the linked accounts, collectors will be able to reach payment options on the batch of accounts more successfully.  

AdvantEdge has been designed in a way to make it easy to link accounts. The software highlights numerous fields in the collections screen to help the collector identify linked accounts. These accounts can be linked on SSN, name and address, driver's license numbers, accounts numbers, or agency numbers to name a few. Payments can be applied to a lead account in the linked group, or payments can be spread throughout accounts. Please contact ADS to learn more about how AdvantEdge Linking functionality can work for your organization.

One of the big changes of the 2.0 release is the "Toolbox". The new Toolbox gives the client more options to perform custom inquiries for their business rules without the need for IT custom programming. This gives the client the power to wrap AdvantEdge around their business rather than having to "fit" their business into a rigid software system. Another benefit of the Toolbox is that in the event you do need some custom programming done, the IT staff at ADS can get it done quickly without having to do a whole new update of AdvantEdge. If you have IT talent on your staff, they will love our open Microsoft SQL platform that will allow changes to be made easily and effectively. However, if you do not have your own IT staff ADS would be more than happy to assist in setting up and using the new Toolbox application.