Included in our servicing of the entire debt lifecycle, VeriCred Collections provides additional support in the form of unrivalled technological innovation, accompanied with data analytics solutions that provide actionable insight to both us and our clients.
VeriCred Collections operates all of its debt collection functions on our powerful in-house developed VeriNet software platform. With its built in business rules that take our cumulative operational experience since 1990, and over 100 years of combined executive managerial expertise into account to operate a seamless and streamlined collections service platform. That has a direct impact on our clients profitability.
Using our strategic affiliation with several national and international credit bureaus, accompanied by our own data vetting procedures, we enable our debt recovery agents to have access to the best data washing solutions on the market, enabling far greater contactability in a considerably shorter duration. This also provides us with the ability to gain valuable insight into how the debtors under each of our clients books behave.
We also utilise cutting edge technology such as our innovative workload manager, which enables us to keep record of all transactions and arrangements made between our consultant and the debtor. Our secure data storage and processing facilities allow us to keep full, detailed records on each debtor and to report on progress made towards collection. Accompanying all of this is our powerful VeriNet Dialer software, which allows us to easily update contact data, and with its “click to call” functionality ensures that our professional consultants always call the freshest contact data. And this without running the risk of human error due that occurs when numbers are dialed manually.
Some key benefits of the VeriNet platform include:
- Manages payments, interest calculations, commissions, payable as well as debt collector expenses and fees.
- Manual or Electronic imports of handovers onto the system.
- Sophisticated network of business rules to ensure that there is total compliance during the debt collection process.
- Automatic management and allocation of all payments received.
- Performs the full reconciliation process and calculates the amount owing to the client automatically.
- The software allows for the creation and subsequent drawing of financial and management reports, and enables easy access to ensure client-partner transparency. Daily turnover and income stats are thus available at the click of a button.
- VeriNet Dialer allows managers to define rules that allow a number or account to be dialled a limited number of times per day, week or month, depending on outstanding amount, status code, or agent level. This also enables pre-emptive blocking of unwanted numbers / unnecessary calls which in turn increases collection productivity.
- VeriNet Dialer also allows for real-time monitoring of all call centre professionals to measure performance, and also enables call recording for quality assurance and training purposes.
In addition, the capturing, control and reconciliation of client accounts are easily handled by our system and our remote data capture procedure makes interfacing between our systems and our clients incredibly simple and efficient. Reconciliation for massive volumes of accounts, with huge balances involved, can be processed quickly and easily. Furthermore, the business rules built into VeriNet ensure that human error that could negatively affect the recon process is minimised.