Beyond Spreadsheets: 5 Reasons Why Debt Collection Software Is Best
Are you still trying to input your debtor information in the old-fashioned way of spreadsheets? Doesn't it seem a herculean task now, entering facts in a meticulous manner, in this fast-paced world? Is scarce information on a spreadsheet putting a toll on you, that you are unable to comprehend between the paid and the unpaid debts? If you are facing similar challenges and even intense issues on your debt net collection, it is time to upgrade from using spreadsheets and move to using a dedicated software, that will ease all your worries.
The move from conventional mode to modern era
There are still a few enterprises that conduct their procedures in the traditional method and are unable to make a breakthrough in their debt recovery. A dedicated software company will not only help a collection agency retrieve its lost debts efficiently, but also optimizes its productivity. Although spreadsheets have been the norm for a longer generation, in the current scenario, it is best to adapt to new developments, especially with debt collection and recovery software to get back the lost debts. Read on to know more on why spreadsheets are losing their sheen in the digital world.
Efficient Data Management
In a spreadsheet, modifying or erasing data is easier than in software. Ensuring that you have easy access to all the data or information is crucial when it comes to recovering debts. If the data is accidentally erased in a spreadsheet, retrieving back the lost information is not always easy. However, it is not the case in software. In this, the data is protected in a secure manner and without authorization, access is not possible. So, deletion of data is quite rare. A prime factor that you need to consider in data management, between spreadsheets and software is that, in a spreadsheet, data can be noted anywhere, given that it has several columns and rows. But in the software for debt collection, each data will be in perfect alignment, and it is much easier to identify the necessary data required. With Maxyfi’s software, you can get access to a user-friendly portal, with easy navigation, providing real-time checks, that help to analyze and track debtor actions and monitor the collection progress, even in small businesses, enabling agencies to take strategic decisions. With such advanced data management features in debt net software, manually handling spreadsheets seems like a herculean task.
Customization tailored to your Needs
As you insert more data on a spreadsheet, it is likely to get crammed and for easy identification, similar information is color-coordinated. This is a basic pattern utilized in spreadsheets, as it has less customization features. However, in automated software, there are numerous customizations that can be implemented in a shorter period, without extensive technical expertise. In a spreadsheet, customization is limited to usage of formulas, cell formatting or creating an excel table for analyzing data, however in Maxyfi’s, it allows personalized dashboards that display key performance indicators (KPIs), real-time checks and in-depth insights for better progress in tracking. Customization in a software takes less time and is kept user-friendly, whereas customizing traditional spreadsheets is time-consuming. Using advanced software will enhance operations effectively, without much work and it will provide flexible reporting and automate your workflows in a smooth manner. Also considering that spreadsheets are used for a longer time, customizations might alter or delete data, which could lead to more errors. This won’t be the case with debt collection software, as it remains updated with the latest features and security enhancements and optimizes its customization on a regular basis.
Advanced Communication tools for better interactions
A major part of debt collection is through communication or interacting with debtors. The reason why many agencies are unable to recover their lost debts is due to poor communication. When they try to communicate, it is often by a phone call, which does not always turn out to be productive, as the call may not be answered, or the number will not be valid. Tracking debtors manually will take a toll on one’s time and effort, as it holds up all other tasks. Also, after multiple interactions, integrating the data in a spreadsheet would seem confusing, and may show lack of progress. However, with Maxyfi’s, interactions are more effective due to seamless integration of omni-channel communication platform. With a click, you can either call or send an Email or a WhatsApp message, from the same platform. With the help of standard communication templates, you can send customized letters to debtors, enabling quick response from their end. With effective communication, delegation of tasks becomes easier in software than spreadsheets. Automated reminders are sent through various channels in software, whereas spreadsheet users don’t have that feature. The integrated communication tools in the software facilitate consistent and timely interactions with debtors, reduce manual follow-ups, thereby increasing efficiency of debt recovery.
Data Recovery
As much as data needs to be secure and synchronized, retrieving lost data is extremely important. In a spreadsheet, using shortcuts, you can retrieve only a limited amount of data, but getting back large portions of lost data is not an easy task. However, in software, with exceptional backup features, retrieving lost data is very easy and quick. In a spreadsheet, you need to manually store data on external drives or other networks for safety purposes, whereas software can save data to its backup automatically. If the said data is manipulated, then the purpose of recovery is lost, but in software, only authorized members get access, and this annihilates any data theft. Also, for data to be recovered from a source, there should be consistent backups. If there are no back-ups, data cannot be retrieved from anything. The debt collection software keeps a backup of its data frequently; hence you can retrieve any information from any period, effortlessly. Automated debt recovery software reduces manual operations, thereby increasing efficiency and productivity. Additionally, it is a known fact that recovery of data manually in a spreadsheet is time-consuming, whereas it is quick in software.
Security and Compliance
Unlike spreadsheets, the software has an advanced security feature, providing a secure and reliable solution for collectors, in increasing their debt net collection. Maxyfi’s software has an established Information Security Program, adhering to SOC-2 guidelines. It hosts all its solutions on Amazon Web Services (AWB), a provider known for its strong security program and numerous certifications. By leveraging its services, Maxyfi provides a reliable and trustworthy platform for managing all processes. However, in the case of a spreadsheet, the common security feature is a password, but if any two people have access to the same password, then there is no safety for the data. In Maxyfi, the cloud-based debt collection software has a dedicated security feature that protects sensitive data through advanced encryption, two-factor authentication and stores them in secure servers, completely protecting them from unlawful access and cyber threats. Additionally, it is compliant with other guidelines, such as Regulation F, CAN-SPAM ACT, Telephone Consumer Protection Act (TCPA), Fair Debt Collection Practices Act (FDCPA) and Consumer Financial Protection Bureau (CFPB). Unlike the traditional spreadsheets, the software helps to mitigate legal risks by adhering to these guidelines. It further provides a reliable solution for increasing debt recovery in a compliant and ethical manner, thereby boosting the overall debt net collection.
Conclusion
On an overall thought, using spreadsheets in the digital era is not of much use, as it mostly delays your progress. Spreadsheets make you procrastinate your primary task of debt recovery, as you would be either trying to recover lost data or making non-effective communication. However, when you implement advanced software, like Maxyfi’s, you can get an increase not only in debt recovery, but also be stress-free and focus on other tasks. Maxyfi’s management software reduces your time and efforts to a maximum, helping you make great progress at a professional level.