Checklist: Collection Agency Data Capture

Collection Agency Data Capture Solutions

Most collection agencies have paper documents moving through their offices 24/7. Collection agencies are also unique as they are required to adhere to government regulations and client standards. Therefore, document management and organization are essential for any collection agency. Below is a checklist you can use to determine if it’s time for your agency to start implementing InStream’s Data Capture solutions. 

If you answer “yes” to any of the following questions, it might be time to consider data capture and business process outsourcing solutions. 

Your company needs a solution that extracts, organizes and simplifies data, so your team can always be equipped with correct information.

Do you struggle processing payments?

Does your agency have trouble keeping track of invoices and bills? Does payment processing seem to take a lot longer than it should? If any of these problems apply, a Virtual Lockbox Payment service is the solution you need.

 InStream’s Virtual Lockbox service securely outsources incoming check processing. Lockbox solutions include posting payment information into the client’s accounting system. InStream processes and posts incoming payments. A secure online document repository for ongoing client viewing stores all check and remittance advice. 

Is your agency bogged down by paper?

The traditional method of storing paper documents can be a nightmare for any organization. Manual paper processing is particularly difficult for collection agencies that deal with a high volume of paper documents. Additionally, InStream will work with your agency to remove the paper bottlenecks that hinder workflow. Once you no longer manually process paper, your agency can become more efficient and productive.

How much time do you spend trying to locate documents? Too much?

Collection agencies need to have their documents organized and readily available for clients. Nothing is more frustrating than when you can’t find a document for an important meeting or client. With InStream, your frantic document searches will be a thing of the past. From there, your agency can retrieve any invoice or document and send them to any authorized recipient. Document management systems ensure that data is digitally indexed and instantly accessible. 

InStream will provide you with cutting-edge solutions that support agency workflow and efficiency. To learn more about Data Capture for your collection agency, visit InStream today