Companies and their debt collection agencies can now - for the first time - share a software platform to collect debt in a streamlined, productive and cost-effective way.
Technology, especially specialised software, is increasingly used to simplify debt collection. This vital business process requires companies and their chosen debt collection agencies to work closely together. Yet, until now, they haven't really had a software tool that facilitated true synergy between their efforts. The result of using different, independent IT systems is costly, admin-heavy and time-consuming debt collection.
This platform is an add-on to Swordfish debt collection software and counts banking groups, legal firms and debt collection agencies among its clients. What's more, it has been developed for South African businesses in line with our regulations.
The new Swordfish platform makes seamless and secure collaboration between all debt collecting parties possible. It basically enables companies to keep ownership of their data while giving external debt collectors "ring-fenced" access to their debtor information. As they're working on the same system, companies are able to track collectors' progress on accounts. The system allows for detailed information sharing, which also prevents the duplication of work and costly errors.
Importantly, it addresses the challenges of debt collection - saving time and costs while boosting productivity and facilitating open, transparent communication.
The system can be used from any computer with a web browser and involves no hefty software purchase costs. Moreover, it is user-friendly and parties can start using the system after a mere two hours of training.
"From throwing your finances into turmoil to affecting your reputation, too much bad debt is risky business," said Estelle Roux, client liaison manager. "In the corporate world, where rescue deals are hard to come by, companies and their chosen debt collection agencies have to work closely together to avert the potential risks of bad debt. The new Swordfish addition supports and encourages teamwork. It is just one more way in which we help companies and debt collection agencies simplify and streamline the debt collection process."
