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Proper management of funds is very important for the successful functioning of every organization. A business is involved in various transactions and sales are the source of revenue. These sales are not necessarily done with direct payments. In some cases, businesses sell goods on credit to attract more buyer, and sometimes they also give loans to clients. It is very important that debt is collected on a timely basis, otherwise an organization may face huge losses because of the amounts they are owed.

Since the collection of debt is very critical for any organization, businesses have debt collection policies that focus on realizing debts in such a manner that they do not impact business relations. Debt collection software can be very helpful in collecting debts. It enables you to send reminders to your debtors through various mediums such as emails, letters, faxes, calls or SMSs.

Debt collection software facilitates the process of debt collection in a cost-effective manner. This software utilizes the useful features of Hermes Eagle. This predictive dialer improves the efficiency of your collection agents by automatically dialing phone numbers of the defaulters, identifying wrong numbers, leaving messages on voice mails or answering machines. It even manages call backs, sends SMSs and emails.

Debt collection software can help in designing an interactive voice response (IVR) scenario in such a way that it automatically dials the numbers of the debtors. It also informs them about their account details by playing a customized message. This message contains important details such as the account number, amount due, days past due, and the payment terms. The messages are automatically customized depending on the delinquency stage of the account. The advantage of the IVR is that you can reduce the burden of debt collection agents. It can even send SMSs to debtors reminding them about their account details. The software can also leave messages containing the account details and number of failed attempts made to reach the debtor.

Debt collection software also has an integrated scripting tool that enables the collection agents to access all of the details about the debtors such as account details and account history. The agents can easily process collection calls and will be able to take credit card payments over the phone, update information on the account, process transactions of different types and request authorizations. The predictive dialer filters out the non-productive calls such as wrong numbers from their campaign. Thus, the agents do not have to waste time and their productivity is enhanced.