Collection Agency Software Guide

Aug 20, 2013

Major industries across the country need some sort of software program to help with their ROA’s and those that are behind. Receivables are the life blood of their industry and without the help of great software; they can’t collect what is rightfully theirs, especially if they did the job without difficulty and on time. Of all the hundreds of companies out there, some of the following stand out among their peers. Their services are above and beyond what others offer and they work a little more with their customers.

FICO

Fico products have a great amount of service built into their products. They offer classes to help the industry giants stay on top of their programs and continue to help them collect. Although their site is a bit ostentatious, it only conveys what they want to say and in a professional way.

They have Decision Management tools, Decision Management applications and Scores under their product icons. Their services are Global Business Consulting, Customer Support, Training and Education, and Fraud Alert. That covers a lot of ground and keeps the confused consumer on the right track to making everything work for their company.

They have designs for the Banking Industry, Insurance, and Health care, Government and Retail and Consumer Goods. If there are questions about them, not only do they have the above mentioned customer service, but a blog and discussion areas. It seems that they have all the bases covered and are ready to take care of whoever may need their assistance.

Simplicity Collection Software

Their website is warm and easy to use. Unfortunately, they don’t have as many icons as the Fico site, but this brings on a much more personal touch.

They have a phone number that displays itself right on the front page and for free you get to try some of their software. A personal review is on video for you to peruse and choose if this is for you. They are an Idaho Falls, Idaho Company, and that is a plus to be in the states and it also breathes more of that hometown charm right into the software choices.

Lariat

Although third on the list, Lariat boasts an incredible site with a mixture of the top two companies listed above. A free demo, and even screen shots of some of the software, so you can see what you are about to purchase. A client’s list page, the administration details, and many more.

Above and beyond the other two, this one stands out more, as it gives prices to choose from. The others did not present any options, and with the economy only just improving, a price to compare others with, is a big help with the budget.

Overview

Overall, all three companies have great advances in their software programs. Choose wisely and do your homework. These three may stand out a bit more from the crowd, but don’t discount others down the list. Each may have something better to offer than the others, but your specific needs are what you are looking for. And of course, the cost is also a factor to determine.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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