DebtConnect Online Announces Rapid Growth in Q1

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DebtConnect Online™, the leading provider of innovative technology solutions to the debt relief industry, announced first quarter 2014 results which clearly demonstrated significant progress in  signing up new users.  Since making the platform available to all debt relief providers in the 4th Quarter of 2013, DebtConnect has received very positive reactions from both creditors and debt relief providers.

Jiunn Tan, President of DebtConnect Online said, “This has been an extremely productive quarter for us.  I am very pleased with the progress we are making and am even more excited by how the industry has embraced the technology. The DebtConnect platform is going to revolutionize the industry because we help our users realize significant cost savings, bring about process efficiencies and the ability to identify incremental revenue opportunities.”

In the 1st Quarter of 2014, DebtConnect increased the number of creditors on SmartOffer® by 30%, and on DebtTracker™ by 27%, while also adding nine new debt relief portfolios. The debt relief providers currently using the portal include five of the top ten providers based on households served.

“In March alone, DebtConnect’s users processed $2.86 Billion in balances using DebtConnect tools and the data exchange not only identified creditor moves and balance updates, but also uncovered $108 MM in incremental settlement opportunities for DebtConnect’s users. This really goes to show that it is a win-win situation when everyone operates on the same platform given the fragmentation of this industry. The end result is data transparency and more opportunities for everyone involved,” explained Tan.

Rounding out a productive quarter, DebtConnect released two new products for debt relief providers to simplify offer presentment — EasyOffer™ and SmartOffer®.  EasyOffer provides users the technology to present, review and approve settlements online – this eliminates the need for two parties to be available at the same time for a transaction to occur, thereby reducing cost of offer presentment.  It also speeds up the entire settlement process by removing the manual and paper intensive aspect of settlement with systems generated digital copies of settlement letters.  Creditors save time by not having to create hard copy settlement letters while debt relief providers no longer have to wait for faxed or mailed copies to confirm a settlement.

SmartOffer provides the highest level of settlement automation available to debt relief providers by including all the benefits of EasyOffer and more.  With SmartOffer, debt relief providers can instruct DebtConnect to automatically validate and present offers to creditors for review daily and whenever there is updated information using their customized offer submission rules.  This significantly reduces negotiations costs by requiring minimal human intervention.

DebtConnect evolved from the debt settlement industry’s growing need for a more secure and efficient platform to connect debt relief providers and creditors. It allows debt relief providers and creditors to leverage the technology and scale of its portal to increase settlements and lower the cost of negotiation interactions. DebtConnect functionality is available 24 hours a day, 7 days a week.

To learn more about DebtConnect or to request a demo, contact Dennis Jordahl at 847-477-8535 (djordahl@debtconnectonline.com) or go to debtconnectonline.com.

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Posted in Collection Software, Collection Technology .

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