Swordfish Software released the below press release in March 2012.
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.”