In today’s fast-paced world things are constantly changing, technology evolves on a daily basis. You buy a new computer at the top of the tech chain, but by the time you unpack it from its box, it will already be outdated. There will be some other, faster and smarter machine being released, making your new computer seem obsolete.

If we had to track the progress of the personal computer, it is true that technology has indeed grown exponentially. This change in technology was observed many years ago by one of the co-founders of Intel, Gordon Moore. In 1965 Moore made the observation that the number of transistors per square inch on integrated circuits had doubled every year since the circuit had been invented. He predicted that this trend would continue in the foreseeable future. “Moore’s Law” in essence refers to the driving force of technological and therefore the social and business change, of this and the previous century.

The rise of the mobile device

Perhaps the most fascinating aspect of the rapid evolution of technology and echoing Moore’s law is the rise of mobile devices. Today, the smartphone holds 100 times the intelligence and capacity of the world’s first computers. In fact, industry insiders are asking whether smartphones are spreading faster than any other technology in human history. One technology review highlights the massive change that has occurred in business and various industries due to the unprecedented speed at which mobile computers are spreading.

Technological advances will always dictate how you conduct business; more companies have come to embrace this change.  With constant improvements in software and technology, the saying “adapt or die”, has become more pertinent than ever to the survival of your business.

Technology in the collections industry today

How has your collection software moved forward with technology? Previously, businesses were handling their collections with posted letters and telephone calls. Today the situation looks vastly different. A decade ago, debtors were easily able to avoid payment and delay communications entirely. Excuses like, “I never received that letter or invoice” made collections tough and time consuming. While stalling tactics from those who owe your business money are still common today, the technology available to us today, has revolutionised the collection process. Anybody can be reached anywhere at any time. Tablets and smartphones help companies maintain contact and update debtors regularly via SMS or email. This is instant and reaches debtors directly.  Experts believe that debt recovery will continue to increase as more consumers become technology enabled.  The most notable improvement in the collections industry thanks to technology is the processes and systems working behind the scenes. The software available to help debt recovery today,  enable collectors to be efficient, maintain security over their information, keep accurate records and make huge savings in time and money. The most efficient collectors today are using SaaS (Software as a Service) and Cloud Computing.

What is SaaS (Software as a Service) and Cloud Computing?

SaaS refers to the delivery of software resources for your business over the web. It is the same as using a Gmail, Yahoo or Hotmail email account, for example. SaaS describes when users rent software online from a provider, instead of purchasing the software and installing it themselves. The software provider will provide maintenance, operation and support for their software remotely. The software and its applications are typically hosted by a service provider over the internet.  SaaS works best with cloud computing, the “Cloud” is the internet and the mechanism through which the service is actually provided.

It is internet based computing, where resources such as servers, applications and storage are delivered to a company’s computers over the internet.  It removes the need for you to handle the installation of hardware, set up, maintenance and daily upkeep of the system.

Why SaaS and Cloud Computing?

Swordfish provides a SaaS and Cloud Solution and is the smart choice for overseeing your organization’s collections. Incorporating Swordfish SaaS Cloud into your operations means a reduced cost for everyone involved as hardware and software is accessible via the web. In addition it offers secure data storage. Swordfish systems are thoroughly backed up at regular intervals, you do not need to manually sync your data to storage devices. There is no risk of forgetting to back up software and then having to deal with the dilemma of crashed or stolen devices. All data and information are stored with state of the art secure data hosting and Secure Service Layer (SSL) encryptions.  SSL is a system that uses keys or codes to encrypt data. It transmits your data securely and creates a secure connection between yourself and your online servers where all your information is being stored. It is a protocol which maintains your confidentiality.

The benefits of Swordfish SaaS Cloud Hosted Solutions include:

Why SaaS is Popular for the Enterprise

It simplifies deployment and reduces customer acquisition costs. With SaaS, developers can support many customers with a single version of a product. This approach, called multitenancy, allows companies to scale as fast and as much as needed without replacing costly infrastructure or adding IT staff.

SaaS Cloud allows for a massive cost reduction in the following ways:

• You do not need to purchase your own hardware (servers)
• You do not need to purchase any software.
• You pay per month (usage based)
• You are not locked into any long-term contracts
• No specific operating systems or other software needs to be purchased.
• Saas can run on most operating systems and free web browsers
• No in-house IT skills need to be employed to support the system.
• Swordfish provides all support and maintenance

 SaaS Cloud is convenient

• Upgrades to the system are easy and automatic. You do not need to upgrade software on individual workstations – upgrades of software happen only on the server without interrupting users at work. This also makes it possible for the software developers to deploy updates more often.
• Remote support is easier and immediate
• No need to upgrade hardware or software as usage increases

SaaS Cloud has high availability

• You can connect to the software from any location at any time from different computers and devices.

It integrates seamlessly

• Many SaaS providers offer customization capabilities to meet specific needs. Plus, many provide APIs that let you integrate with existing systems.

The Swordfish SaaS Cloud solution will help you keep up with the technological race track!

We help your business save time and money and move with technology to keep you collecting successfully. We provide constant and sophisticated upgrades and maintenance to the software online; ensuring your business always has support. So what are you waiting for? Call us now to try our SaaS solution today and swim upstream with Swordfish!

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Knowing how to deal with certain customer profiles is especially important in the collection process, and is an essential component to helping your business stay liquid. The correct combination of diplomacy and professionalism is fundamental to connecting with a debtor. However, these attributes are not enough to ensure a winning strategy that gets you paid. Some debtors require more urging than others. In order to ensure your efforts are effective, you need a collection system that drives your objectives forward. Swordfish Debt Collection Software is an intelligent system that will guarantee you are not caught off guard and keep you 10 steps ahead of the following most difficult debtors.

1. The Difficult Customer

The difficult customer can be grouped into the following: the repeat offender and the angry/abusive customer.

The Repeat Offender: The repeat offender fails to pay repeatedly or always pays long past the expected payment date. They are also the debtors you can never get hold of through telephone and email communication to inform them of their account status. Popular knowledge advises that the best way to deal with this customer type is to avoid them entirely. The repeat offender is the customer who tends to have bad financial habits. If you are constantly chasing money from a repeat offender, you should be using a collection system that can manage and streamline communications with the debtor.

The Angry/Abusive Customer: An abusive or screaming debtor may be using aggression to get you to end the call. Do not let an angry or abusive customer manipulate you.

If a debtor starts screaming or swearing at you:

• Remain composed
• Speak to the debtor in a calm and neutral tone; “I am doing my best and would really like to help you find a solution but I can’t help you if you are raising your voice. Let’s start again, please explain why you have had difficulty in paying” and etc.
• Listen to their explanation. Then repeat what they have said to you to make sure you are on the same page.
• If this still does not work in calming the situation say; “I don’t think I have called you at the appropriate time, when can I call you back?”

How Swordfish can help you deal with the difficult customer

• The system allows you to create and set customised flags, on all your accounts.
• These flags function as “sticky notes on a file” and will inform you of the customer profile, such as untraceable, default, rude or unemployed, for example.
• Intelligent “heads-up data” (or client information) is readily available to you when you open an account and dial out to a customer, or when receiving a call.
• An account can have multiple flags and can be deleted at any stage, which means should the debtor redeem themselves and become “The perfect client”, ‘heads-up’ flags can be removed.

 2. The Game Player

This type of customer is often the most frustrating, as they are not outwardly refusing to comply, nor are they giving you tangible reasons why they cannot comply. They are generally just monopolising your time and giving you more admin with excuses and stalling tactics. Before you call “the game player”, make a list of all the most common customer excuses and make sure you have the correct response for each one. The benefit of this list is that you are able to remain in control of the call. A common excuse of this customer type is “I did not receive the invoice, SMS or email notification”.

Swordfish can help you stay ahead of the game player in the following ways

• You can run automated or manual SMS, fax, email and print campaigns directly from the Swordfish system.
• It also offers an integrated debit order system, which ensures an increase in secured monthly payments. In this way you avoid the “I forgot to pay” excuse.
• There is a long list of available reports such as; payments, action histories, promises to pay per collector etc. with these techniques in place your collections won’t be side-tracked by “the game player”.

Nedbank Retail Recoveries explains how Swordfish has helped their collections:

“The system offers our collectors various methods of contact which have been fully integrated and include live SMS, email and fax. We are also able to store documents in various formats. Those documents are not only available to the individual (and linked) accounts but one can also forward, fax or email them. This functionality has reduced our turnaround time, especially in the query department and ensures considerable savings.”

3. The Genuine Cash-Flow Problem

This is often times a complying debtor or customer, one who pays on the agreed date and who you never have to chase payments from. These are the customers who have been hit by some financial difficulties and are having trouble paying you as they normally would. In this situation you need to convey to the debtor that while it is very important that you get paid, you will give them some flexibility.

How to deal with the genuine cash flow problem customer:

• Reassure the customer that you understand their situation, “I understand that times are difficult.”
• Introduce a payment plan which accommodates their position but allows you to get paid. Give them the following options, “We would like to help you by extending your payments to the following date, or reducing the payments to the following amount”.
• The payment plan should be an arrangement that is mutually beneficial and fair.
• Ask if they can make a partial payment before the month ends.

How we can help you best manage “the genuine cash flow problem”

• Swordfish has a repayment calculator feature which can assist you with debtors who are really willing to pay but are strapped for cash.
• This handy little calculator is a quick and easy way to establish either a debtor’s monthly instalment or based on the instalment amount, how many months the debtor still has to pay.
• This calculator helps in not only assisting you in your negotiations for the payment plan, but also accommodating a cash strapped debtor and so you reach a mutually beneficial agreement.

Confrontations or conflicts with customers are unlikely to result in payments. The goal of all collection efforts and customer relationship management should be; to examine the situation your customer presents you with and talk about possible options and implement a winning strategy. A streamlined debt collection system such as Swordfish can help you reduce significant costs and improve your collection rates.

Contact us at info@swordfish.co.za for more information.

We wish you all the best with your customers!

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SMS Campaigns in Debt Collections

How much time and money have you spent to-date trying to reach debtors? Chasing down debtors through numerous telephone calls and letters ultimately eats away at your time and overall profit, since you have to bear these costs.

What if you could streamline this entire process; have confirmation of your clients having received your communications, get your money in and save time?

Clever, quicker and cost effective collections with Swordfish Software

According to the experts, “SMS messages are perceived as less evasive than a phone call”. A simple “Please pay your invoice by” or “Thank you for your business” can increase the percentage of invoices that are paid by more than 5 %. Swordfish allows you to run automated SMS campaigns directly from the system.

Combining automated SMS campaigns with a call for action from the debtor to respond to your SMS, can increase your collections. Research has shown that debtors tend to avoid collection letters and telephone calls, due to fear, guilt, intimidation or the anxiety of simply just being overwhelmed by their situation.

Due to the sensitivity of the nature of debt collection, SMS messaging is less confrontational and invasive than calling. You are more likely to get a response from delinquent customers. You also have the opportunity to boost your call centres self-service offering through the implementation of SMS campaigns.

The use of letters and telephone calls for collections are not only more costly but also unreliable. One has no guarantee or confirmation of a debtor having received your mail.

The use of SMS communication in collections has been found to improve recovery results and here’s why:

• SMS is immediate, personal, direct and informal. The debtor cannot avoid reading it and is more inclined to read an SMS than a letter from a collector. This means they are also more likely to respond and comply.
• It may enhance customer relationships and experience with your company as they will feel less threatened, and again will lead to better collection rates as they are more likely to comply in future.
• Reduce agent handling time by scheduling and sending “reminder to pay” texts.
• SMS technology allows you to reduce costs and time by replacing outbound calls. Sending an SMS would reduce the average 5min call to less than 5 seconds.
• SMS allows your staff to maintain higher productivity levels.
• It is quick and effective! You are able to cover many people in one day, in the shortest amount of time. You would not be able to cover as many people via the telephone, the costs would be exorbitant and all at your expense.
• SMS creates a vital shift in customer service. It enables the debtor and your staff to obtain immediate responses on accounts and queries.
• With SMS your outbound call centre could change into an inbound call centre. Because you have provided debtors with contact information, they can now call you for payment arrangements and you cut costs, while improving your recovery rate.
• Administration and payment tracking becomes easier for your staff, since you have sent the debtor all the correct details and reference numbers.
• Requesting a simple Yes/No response from a debtor on an SMS campaign saves you time, money and increases your collections.

The benefits of fast response, dramatically reduced costs and improved debt collection make SMS a clear choice.  SMS campaigns with a platform for high-volume communication such as Swordfish is a very successful collection tool; everything is automated, easy and fast.

Contact us for more information, to help you save time and money and improve your collection capacity!

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As 2012 has drawn to a close, we would like to take this opportunity to thank you (our clients) for your support. Helping keep your business liquid is our business, and we hope that all your initiatives this year have yielded big rewards!

As this is the time of year that prompts reflection, we thought it fitting to share with you some of our highlights of 2012 and look back on how strategy implementation has either worked for, or against your objectives.

2012 Growth Reflections

Development and progress are the two words that were synonymous with Swordfish in 2012. Not only from a technical perspective but also from a business growth perspective. We have forged solid business connections and become a trusted name under South Africa’s leading banks, including FNB, RMB, Nedbank, as well as in the international banking arena.

We have made significant improvements to our collection software, our efforts have now allowed you the ease of working on a more user-friendly system, through the over 250 value-adding changes we have implemented. For your convenience, there are now no hardware requirements, and functionality and features abound. All of this ensures you have a streamlined collection process.

Lastly, we would like to applaud one of our clients on their achievements. Congratulations to Elize at GLA who set up 17 601 PTP from January 2012 – October 2012, which was the most PTP’s across all Swordfish clients this year. Well done!

2013’s Great Expectations

We launch into the New Year with a sound strategy and objectives that we will realize through our commitment to innovation and great service. We are excited to announce that this year we will branch out into new industries, and grow our fish bowl into a tank!

The year ahead also holds exciting Swordfish developments for you. We have a list of improvements and additions we will be making, to help streamline your collection objectives. Your user experience will be improved through our SMS notification services. This will inform you of any down time or slow connection issues, making sure you stay on track. Added to this are; core improvements in the Swordfish System, application programming interface (API) launch and enhanced PTP’s feature.

This means improved overall system stability for you. The launch of API will enable other systems to communicate with Swordfish, and make it possible for different Swordfish applications to communicate with each other. All of which means seamless integration of your collection processes.

We are happy to have you be part of our ever increasing fish tank and by doing so will help you set free the potential in your business.

The Collection Club

Welcome to the Collection Club! This is a forum and group for all Swordfish customers. The Collection Club came about as a need presented itself for a platform where debt collecting professionals can gather and share information and ideas. We aim to shed light on challenges within the industry and present solutions. Discuss current trends and topics and how they affect your business. We will profile some of our clients and how employing smarter strategies has helped them problem-solve. The Collection Club is a space for you and your business, created by us.

Join our Collection Club; follow us on Facebook and Linkedin! We roll out this New Year with focussed and in-depth collection news/trends/ challenges/tips and insider-information sharing. Expect great insight and help in propelling your business forward from industry experts. Check in with our website for special collection industry features.

A final word

Now that 2012 is over and you look ahead to a new year’s strategy, we would like you to keep the following in mind. If your strategy has not brought you the desired results, you are probably looking at why and considering ways to employ a smarter strategy. “Swordfish can assist with deciding on your strategy and ensure the same is executed successfully”. – Jacques Lubbe

May 2013 be the year that hallmarks continued growth and prosperity for your business!

PS. Look out for our next newsletter, where we will be taking an in-depth look at the in-duplum rule and collection strategies for 2013!

All the best, from all of us at Swordfish

If you would like to receive our newsletters please send an email to news@swordfish.co.za with the email subject “Subscribe”.

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by Edward F. Robinson

As healthcare organizations follow retail collection firms in adding computer based systems to track and recover receivables, they should consider potential benefits and pitfalls while shopping for the right system.

Retail collectors report sizable productivity gains as a result of using automated collection systems. A survey by the American Collectors Association(a) found that collectors using computerized systems handle twice as many accounts as those who manage their workloads with paper files.

The appeal for healthcare organizations follows a similar line. The foremost advantage of an in-house automated system is improved cash flow. Cutting days or even weeks off average collection time can make an important difference in a hospital’s financial health.

Meanwhile, many business office managers must hold the line on adding new staff members at a time when the volume of self-pay accounts and third-party payment delays are at all time highs. Without additional staff members to handle problematic accounts, even less time is available to work on each account, and more accounts must be prematurely sent to outside collection agencies.

Benefits of automation

Computer systems bring greater efficiency, but they will not necessarily allow patient account representatives to handle more accounts per person. This is particularly true if employees already have difficulty completing their workloads. The systems can, however, dramatically improve overall recovery rates.

Typical guidelines for evaluating any computer system also apply. Research on vendors’ backgrounds should be completed.

Hospital teams shopping for automated collection systems should find out how long potential vendors have been in business and whether they are financially viable. They should ask for the number of similar systems each vendor has installed. The team also should determine whether the package has been developed specifically for hospital use or if it needs extensive and expensive modifications for this use.

Hospital representatives should visit vendors’ offices to meet behind-the-scenes people who will work on their systems. Above all, they should ask for user references and visit a user site to see the system in operation.

Because automated collection systems also require an investment in hardware, hospitals should know who is responsible for equipment maintenance, and they should gather information on the repair firm’s track record.

PITFALLS. In purchasing a new system, hospitals should determine how much flexibility is built into the vendor’s software. They should avoid a system that gives few or no options for tailoring the software to specific procedures.

For example, hospital business offices may have different criteria for assigning acocunts for follow up. Some hospitals may send one, two, or three notices before making follow-up calls. Others may send none. By selecting a system that offers a wide range of options, hospitals avoid paying for unnecessary system modifications.

source: http://findarticles.com/p/articles/mi_m3257/is_n12_v43/ai_8236695/?tag=content;col1

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SA households owe billions

Jun 05 2012 16:39 Sapa

Cape Town – Almost two-thirds of the R76.6bn owed to South Africa’s municipalities by consumers is owed by households, says National Treasury.

According to its Third Quarter Local Government Section 71 Report released on Tuesday, a “certain percentage” of this is probably irrecoverable.

The report, which deals with local government revenue and spending for the period July 1 2011 to March 31 this year, finds that the economic slowdown and “substantial increases” in electricity tariffs are starting to impact on the ability of consumers to pay for services.

The municipal financial year ends on June 30.

In a statement issued to mark the release of the third-quarter report, Treasury said aggregate municipal consumer debts amounted to R76.6bn on March 31 this year.

“Households account for the largest component of consumer debtors, accounting for 64.9%, or R49.8bn.

“It is accepted that a certain percentage of this debt is probably irrecoverable, because municipalities have not been writing off irrecoverable debts on a consistent basis.”

The statement did not put a figure on the irrecoverable debt, saying only that it was “working on reporting processes” to get better information in this regard.

Outstanding debt due to the country’s metropolitan municipalities amounted to R45bn.

“This represents an increase of R7bn, or 18.4%, from the third quarter of the 2010/11 financial year, of which (the) City of Johannesburg accounted for 31.8%, or R14.3bn.”

On municipal spending, it says municipalities had spent, on aggregate, 63.8%, or R163.9bn, of their total adjusted budget of R256.8bn by March 31 this year.

Source: http://www.fin24.com/Economy/SA-households-owe-billions-20120605

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Mar 19 2012 10:34 Reuters

Pretoria – Spending growth in South Africa’s economy quickened in the fourth quarter of 2011, helped by increased spending by both households and the government, the central bank said on Monday.

In its March Quarterly Bulletin, the South African Reserve Bank said growth in aggregate real gross domestic expenditure accelerated to an annualised 5.1% in the fourth quarter from 4.8% in the second quarter.

Household expenditure was up 4.6% in the last three months of the year, compared with a 3.8% rise in the third quarter.

“This faster pace of spending was consistent with a further increase in disposable income of households and positive wealth effects,” the central bank said.

It said the growth in spending by households was seen across all categories, with spending on services in particular regaining momentum.

The ratio of household debt to disposable income inched lower to 74.6% in the fourth quarter, from 75.6% in the third.

Source: http://www.fin24.com/Economy/SAs-state-household-spending-rises-20120319

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Can I ditch a debt review?

TERMINATING a debt review agreement with your creditors can be tricky.

A Fin24 user writes: 

I am currently under debt review and would like to resume my debt payments as usual – in other words, get out of debt review.

How do I do this?

Robyn Hersch, an independent debt management consultant at the Gauteng-based Debt Comm, responds:

Unfortunately, the National Credit Act is silent on this question. In my view, this is one of the Act’s greatest shortcomings.

The Act only mentions that once a consumer has paid off all their debt in terms of the debt review, the debt counsellor may issue a clearance certificate.

Thereafter, the consumer may apply to have the debt review order set aside. Consider the circumstances where a consumer has a bond- this could take 30 years, unless he has enough money to settle the bond sooner.

If we consider the circumstances where an individual is sequestrated, he is either automatically rehabilitated within 10 years of being finally sequestrated, or should his circumstances change to such a degree that would warrant earlier rehabilitation, he may apply to the High Court to be rehabilitated sooner.

Here, the burden of proof rests with the applicant.

As stated earlier, the National Credit Act is silent on this point. In addition, the Act is relatively new legislation, so this matter has not yet been tested in court.

Notwithstanding the above, I believe that it is not in the spirit of the Act that a consumer placed under debt review cannot apply to be “rehabilitated” (for lack of a better term) before all his debt has been settled. In my view, the following action can be taken:

1.     Inform your debt counsellor that you would like to terminate the debt review process, as your circumstances have changed sufficiently so that you can afford the instalments in respect of all your debt as per the original contracts.

2.       Before your debt counsellor does this, he should determine that you can actually afford the original instalment.

3.       In addition to the original instalment, it is my opinion that you should show your creditors that you can afford to settle any arrear amounts (taking into consideration the initial contract). Alternatively, you can restructure the instalments to slightly more that the initial instalments, thereby paying off the arrear amount within a shorter period (say six months?).

4.       Your debt counsellor should then notify all your creditors of your intention and your circumstances. He should also send through a revised repayment proposal as well as living expenses and salary details.

5.       At this point, the creditors may agree to rehabilitation, or oppose it.

6.       Either way, if a court order has been granted, you will need to go to court to make the “rehabilitation” an order of court.

7.       Only once this has been done and the order granted, may your credit bureau status change.

Source: http://www.fin24.com/Money/Money-Clinic/Can-I-ditch-a-debt-review-20110111

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SA’s indebted get fewer civil judgments

Apr 19 2012 10:22 Sapa

Johannesburg – The number of civil judgments for debt in February declined 4.4% year-on-year, Statistics SA said on Thursday.

“During February 2012, 42 239 civil judgments for debt amounting to R402.5m were recorded,” the agency reported.

The number of civil judgments recorded for debt decreased by 14.2% for the three months ended February 2012, compared with the three months ended February 2011.

Source: http://www.fin24.com/Economy/SAs-indebted-get-fewer-civil-judgments-20120419

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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 them using different, independent IT systems: costly, admin-heavy and time-consuming debt collection.

That is why debt software solutions provider, Swordfish has recently launched a facility – the first of its kind in the local debt collection industry – that allows businesses and their outsourced agencies to share an IT platform for streamlined, productive and cost-effective debt collection.

This platform is an add-on to Swordfish debt collection software, which has enjoyed growing success 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, making it unique in the local market.

Addressing a real business need
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,” says 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.”

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