10 Questions to Ask Your Vendor Prior to Selecting a Collection Software Solution: Part 2

Lex Patterson

In our previous blog, we walked you through the first five questions you should ask your collection software vendor. We didn’t want to leave you hanging, so here are the Final Five questions.

As my business and the industry evolves, how flexible are your products?

As we have mentioned before, the collection industry is greatly changing and has been for some time now. We see it every day. We have noticed that our most successful customers are working to be overall providers for their clients and are moving “upstream”. To do this, many work on behalf of their clients as a billing solution or pre-collect. Our successful customers are evolving into other industries or departments as the 3rd party collection space faces further government and credit card regulation. Make sure that the solution(s) you are evaluating addresses your business needs today, but that the solution(s) also provides flexible ways to adapt for your future business plans and goals.

How are you addressing compliance within your products and software solution?

If industry compliance is an afterthought for your vendor and it’s not built into the core application with configurability to adapt accordingly to necessary regulations, continue to evaluate your vendor solutions. If your vendor isn’t on the leading edge of regulation and compliance, then continue to research your vendor pool.  Ask your vendor:

○     Does the system offer built-in compliance or do I need other “modules” that I will be charged extra for?

○     Is the system configurable to adapt to the state regulations that I am licensed in?

○     Does the system offer an enforced compliance architecture, where business rules are applied, followed, enforced and documented?

○     How does your product addressRegulation-E? Are there integrated services?

How easy is it for me to get my data for reporting during business operation, and in the event I want to move to another vendor?

It is one of the most important questions to ask your vendor candidates.  Make sure that you have complete and full access to your data during operation via an easy to use, graphical, report writer that doesn’t require a programmer to use.  Both technically and legally, make sure you will have access to your data in the event that you do decide to leave your vendor.  Thoroughly review the vendor’s proposed license and/or service level agreements (if they are proposing a hosted system along with data conversion).

Describe your project management, implementation, training, data conversion, custom development services that you will provide to quickly and efficiently get my organization live and using your products?

Any software product geared towards the accounts receivable and collection management market is only as good as the team who helps implement, train and consult, convert data and provide custom interface(s) development required for the go-live of the project. Be sure to ask thorough and detailed questions regarding this process of your system implementation project.  If there are not clearly defined, explained or provided references for you to review, be cautious.

What is your average turnaround time on a customer support request?

The service level and experience after implementation is complete is vital to your business success; you need a technology partner who is an extension of your office or organization and who can ensure your technical and functional requests are rapidly handled. If your vendor cannot provide the average turnaround time on a customer support request or if the references you contact provide negative information regarding customer service after the sale, spend your valuable dollars elsewhere.

Every expense you incur is critical in your operations and selecting the right technology partner is the most critical decision you will make. We look forward to getting the privilege to earn your business in this important decision. Contact DAKCS today to arrange youronline or onsite consultation today.