First-Party Collections Software
Right-party contact solutions for efficient debt recovery.
First-Party Debt Collections with Enformion
Handling accounts receivables in your business doesn’t need to be stressful or confusing. First-party collections software can help you get accurate data — and streamlined process — for a more effective and efficient debt collection. Therefore, your debt collectors and the in-house team can close delinquent accounts faster.
Improve right-party contact rates
Verify individuals and businesses
Reduce manual investigative research
Close cases faster, saving time and money on bad debts
First-party Collections — The Basics
First-party collections is when a company takes on collection processes by itself. Instead of outsourcing to a secondary company (third-party collections), your business can have a dedicated collections department. What you need is information and Enformion offers access to billions of public records (covering almost every United States adult).
- The only competitive edge third-party collection companies have over your business is information.
- Enformion bridges this gap by giving you access to billions of public records in the United States.
- Therefore, you can create an in-house collections arm and stop relying on third-party collection agencies.
Keep collections in-house
First-party collection lets you retain the full amount collected. Therefore, handling all collection efforts by yourself increases your profits while reducing the time spent. You can safeguard your bottom line and stay competitive within your industry.
Equally, first-party collection gives you total control of correspondence with your client. Sometimes, owners of delinquent accounts are having trouble securing funds due to temporary financial setbacks. Controlling the conversation ensures you don't lose loyal clients.
Your company's reputation needs to be a priority at all times — including during debt collection. Keeping your collection in-house helps you avoid mistreating clients (which is quite common among third-party agencies). Doing this also helps eradicate legal problems arising from debt collection in your business.
What Problems Does First-party Collections Solve?
Third-party agencies find it much more difficult to collect debt than an in-house collections team. For starters, they did not offer credit to the client. These collection agencies, therefore, do debt recovery assessments to calculate the level of risk before doing business with your company.
Equally, first-party collections will collect more funds than third-party collections. You are always the best option to recover debt since you understand the workings of your industry. Clients also feel at ease when dealing with the company that offered them the line of credit in the first place.
Who Needs First-party Collections Software?
Enformion's first-party collections software can help you deal with delinquent accounts. You can make right-party contact to ensure you get your funds and retain 100% profit. You also won't have to worry about risking the reputation of your company.
There is no specific industry that is best suited for first-party collections software. Instead, different businesses within diverse industries can leverage this tool to handle accounts receivables. For instance, any corporation with an in-house credit card can use first-party collections. However, a government agency that offers no line of credit doesn't need one.
Having excellent tools is instrumental in recovery collections. The longer delinquent accounts take to closer, the more money you spend. Therefore, this situation creates stress for you and the client. First-party collections software lets you effectively handle your accounts receivables while maintaining a good reputation.
Get Started with First-party Collections Today
First-party collections is considerably easier when compared to third-party collections. However, it will help to have access to information and the right processes. Doing this ensures your in-house collection department can function effectively.
At Enformion, you get access to more than 120 billion records from over 6,000 sources. Our first-party collections software ensures you close delinquent accounts quickly without risking your relationship with the clients. Ensure you contact us today to get started.
Frequently Asked Questions
What is first-party collection?
There are typically two ways to handle credit accounts that go unpaid. You can either send them to a third-party collection company, which will attempt to collect the debt on your behalf, or you can send them to an internal first-party collection branch to keep the debt collection process in-house.
Who can benefit from first-party collection?
First-party collection is beneficial for any agency that needs to collect on debts and wants to minimize costs by allowing them to keep the process within their own organization rather than hiring a third-party service.
What does first-party collection do for a company?
One of the major benefits of first-party collection is that you have more control over your client relationships. When you try to collect on debts in-house, there’s more of a possibility that you’ll be able to maintain your relationship with your client. A third-party collection agency doesn’t give you that amount of control.
What do I need to get started doing first-party collection in my own company?
First-party collections can be easier than third-party collections, but only if you’re able to get access to the same quality tools that third party collections companies have access to. With a high-quality public records search engine like Enformion, you can draw from over 120 billion records, sourced from over 6,000 sources, for the information you’re looking for so that your in-house collection agency can function more effectively.
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