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Roughly 75% of American employees feel that they lack access to the latest efficiency-boosting technology. The Accounts Receivables industry at the forefront of technological evolution, which means it can be easy for organizations to fall behind if they do not implement a product that can grow alongside them.
Here are four a few topics to consider when exploring cloud-based collections solutions.
- Real-Time System
Operating on a real-time platform is the most important factor when deciding on a financial system. If a system does not operate on a real-time basis then it can be assumed the functionality within the platform will not be up to par with industry standards as the technology it rests on it dated. Platforms not working on a real-time basis hinder users from making decisions quickly, lack the ability to keep up with changing consumer behaviors, and create compliance gaps due to stale data display. Real-time systems enable management to instantly view
- User-Defined System
The absence of user-defined windows, tables, and fields within a collections system contributes to the lack of flexibility in functionality of legacy systems. Utilizing a system with user-definable attributes enables organizations to tailor their system to support evolving operations while utilizing language and workflows the company is already familiar with.
- User Interface
A modern financial platform should promote ease-of-use for users via logical drop-downs, icon-based menus, verbose verbiage, color-coding, multi-screen use and a workcard with all relevant information on a single screen at a minimum. Utilizing a system with a clear and simple user interface enables users to quickly move through the system eliminating wasted time and promoting efficiency.
- Consumer Facing Features
Getting consumers to pay on time and in full can be a difficult task if the payment options are confusing, unclear, or inconvenient. Ensure that the platform possesses payment portals that offer simple billing and payment options for the consumer. Features such as text-to-pay, voice payment via Google Home or Alexa, or even through Twitter direct messaging is available. Quicker payments are more easily facilitated by seamlessly integrating into the consumer’s established daily behaviors.
Choosing debt collection software, retail billing software, or any other digital financial systems can be an arduous process. By considering these four components, companies can better assess which a high-quality system meets their most important needs.