How to Manage a Collection Agency Successfully

A healthy and prosperous collection agency needs a recovery management software solution that can put it one step ahead of the competition.

Karen Jonas, Senior Vice President of Field Sales for IC System, and Thom Majka, Director of Business Development, DebtNext discussed the partnership between the collection agency and software platform provider and how this bond makes success at IC System possible.

“DebtNext software is a platform, a recovery management platform, that brings technology into the credit and collection industries,” Majka said. “Within the industry, we’re a leading application that allows us to manage every aspect of account placement securely and recoveries of accounts receivable.”

“It’s nice to have DebtNext as the middleware company,” Jonas said. “We have about 20 clients that we partner with, and with that, we can work any tier, we can get scorecards, and we know where we are for performance. We do reconciliations every month, so we have the correct balances. That’s an advantage. The invoice is automatic through DebtNext. There are so many great things in partnering with them, and it allows us to focus on collections.”

Majka recommended that collection agencies work with multiple vendors and review numerous strategies.

“We have conversations with our clients to make sure they are working with organizations that bring about the best people and the best systems and processes,” Majka said.

And, with competition increasing in the debt collection industry over the past five years, healthy relationships and striving for the best in all areas may very well be the advantage that separates a thriving agency from the rest.