Ten Things Vendors Won’t Tell You in the Collections Platform Selection Process

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Here, in this report from CR Software, you’ll find information and questions to ask before making a decision on a new collections platform. What’s key is asking the questions that give you the ability to accurately compare platforms. For example, some vendors offer free licenses or platform, giving you the impression the cost of the new platform is much lower than another provider with a higher up-front cost.

The reality of the comparison is that after just a short time period, custom programming, integrations, transaction costs, maintenance and support fees turn the low up-front cost into a distant memory, followed by years of dramatically bigger monthly costs. Transaction fees alone can cost many thousands of dollars each year. You have to know the questions to ask.

These ten go a long way to identifying the collections platform that best fits your needs.

• Integrations are key. Put this at the top of your list.
• Communicate your reporting needs, and understand the tools you get to create reports yourself.
• Define Your Infrastructure
• List and Description of Custom Development
• Describe Month-End Requirements for Clients and Vendors
• Beware of Data Extract Costs
• Understand Regulatory and Legislative Requirements
• Document Manual and Automated Processes Performed by Your SMEs
• Do you Need an Exit/Roll-Back Strategy for Your Legacy System?
• Don’t Forget about an Escrow Account.