Most organizations partner with third-party collection agencies to help recover from their severely delinquent customers. However, placing an account for collection might turn out to be tricky! Do you know which accounts to place and what is the right time to do that? How many times have you placed an account with incomplete backup documentation and your collections partner had to request it from you repeatedly? These issues reduce your collection partner’s success rates & restricts the past-due recovery rate.
In order to plug in the leaks created by manual, error-prone account placement the Collections Agency Data Exchange (CADE) ensures complete transparency into process-level data and helps automated collections account placement. Join Bill Weiss, VP Business Development, Credit & Collections, and Sam Fensterstock, Senior VP Business Development, AG Adjustments Ltd. as they walk you through the step-by-step process of how an inefficient, manual collections placement has necessitated the creation of CADE and a snapshot of what AI-integrated CADE could deliver in the future.
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.