Integrated Collections Management Solution ICMS
Providing the Power to Collect
The financial strength of any organization depends on how well it can maintain its position within the marketplace. Specifically, a company must continuously focus on two crucial areas:
- controlling production costs
- reducing losses by collecting accounts receivables or debts
Timely A/R and debt collection systems must include the following:
- the ability to identify delinquencies
- the tools to actively pursue, follow-up and ultimately, collect or recover funds owingBevertec CST Integrated Collections Management Solutions (ICMS) has been designed to solve the above problems, and more.
Built on state-of-the-art Web technologies, ICMS employs a Graphical User Interface (GUI), and operates in industry standard environments. Designed to effectively drive quality collection activities that are both timely and accurate, ICMS is supported by a knowledge-based system that guides Collectors through pre-determined collection scripts, resulting in precise outcomes, based on the severity of the case.
ICMS consolidates a customer’s A/R activity, provides up-to-date information and empowers Collectors to perform at the highest levels. ICMS streamlines the entire collection process, leading to an integrated, efficient and effective collection environment.
By matching ICMS technology to an appropriate collection model for your business, debt Collectors becomes more efficient, resulting in greater cost control and the reduction of debt ratios.
ICMS Systems Administration
- General online processing
- Online User defined processing parameters and options
- Flexible user definition of collection work queue priorities. This allows the user to properly sequence accounts, and assign to a collector dynamically
- Customized collection work screen for each loan/debt product using the GUI
- User defined “promise to pay” activity parameters, defining the factors of lagged “broken promise” dates, minimum payment percent and method
- Account trace/work support with unlimited lines for free form text
- Ability to provide external links to support online collections document (i.e. credit bureau reports, beacon score, loan/debt application systems, etc.)
ICMS Online Collector Support
Collectors are provided with a “work queue” consisting of accounts prioritized by the user defined organizational parameters.
- Browse/inquire into the work queue
- Browse/inquire accounts in the work queue
- Access customer accounts by doing an alpha search using any part of the customer name
- Follow a consistent collection approach using the knowledge-base script
- Save memo history and retrieve questions asked and responses given exactly as formatted
- Use the Online letter and destination facility to support automated and on request letters
ICMS Online Supervisory Support
- Collectors activities are monitored by primary categories such as “attempts to contact customer”, contacts made, and “promises to pay” by the customer
- Review Online collectors performance statistics
ICMS Management Support and Reporting
ICMS provides extensive reporting features to allow management and support staff to monitor collections performance.
ICMS provides system-defined reports, including:
- Collection activity/reconciliation reports
- Collector work activity in date and time sequence
- Uncollected accounts write-offs/recoveries
- Performance statistical reports
- Collected accounts reports
- Broken promises reports
- Delinquency reports by number of days
Integrated Collections Management Solutions Benefits
- Reduced Receivables
- Reduced Debt/Loan Losses
- Reduced Write-offs
- Timely and consistent collections throughout the organization
- Significant productivity gains for collections personnel
- A consistent collections approach for the organization
Bevertec’s 5Rs Collection Management Philosophy
The key to having your customers pay on a timely basis is to let them know you are closely monitoring the relationship; ICMS software incorporates our credit collection philosophy, and is based on the principles of the five “R’s”:
1. Relationship Building With The Customer
- shows all relationships and customer profiles to allow collectors to assess the complete situation. Provides logging and access to all customer collection activity history, to allow collectors to know what was said in previous contacts.
2. Retaining The Customer
- our knowledge-based Script (KBS) allows the organization to present a standard corporate image to the customer.
- service by multiple collectors reduces the possibility of personality conflict.
3. Reminding The Customer
- timely customer contact by letter or phone call based on prioritized work queues, usually brings the collection process to a satisfactory conclusion.
- timely follow-up shows the customer you care and again contributes to speeding the collection process.
4. Rehabilitate The Customer
- different scripts for different occasions ensures that every effort is made to help the customer to get back on track financially.
- use of corporate knowledge in scripts provides greatest opportunity of success in collection.
- provides information that allows the financial officer to restructure payment arrangements.
5. Recover Your Assets
- timely determination of impending recovery ensures maximum dollar value to be recovered.
- tracking and monitoring of recoveries easily allows third party recovery.
- our Knowledge-Based Scripts (KBS) encourages the collector to quickly get to the salient points of the conversation and minimizes the time spent on the phone.
- automatic generation of work queues ensures the most exposed risks are processed first.
Frequently Asked Questions
How Does It Work?
ICMS is an online real-time system that controls the process of debt collection.
Features of the system include:
- User controlled options and parameters
- Online security, limiting access to specific accounts only
- An extensive Online Help facility
- An Online letter writing tool
ICMS is easily customized to provide an interface for uploading or downloading data between your current system and ICMS. Daily delinquent accounts can be selected and extracted from loan/debt systems using pre-determined criteria, and downloaded to ICMS client/server platform.
The ICMS package then analyzes new delinquent data and generates appropriate Collectors queues, based on your parameters. Queues typically consist of new delinquent loan/debts, aged A/R, “broken promise” debts, or accounts that need to be escalated due to length of time spent on recovery.
How easy is ICMS to Use?
Collectors benefit from ICMS’ ease-of-use; logging onto the system requires a unique identity and secret password. ICMS then delivers a delinquent account queue that can be managed in any number of ways. The Collector can either browse the list, or use the search using the Alpha Name selection criteria. As each name/account is browsed, relevant demographic and loan/debt information is displayed on screen.
What About Review Options?
At any time, an account can be pulled up for complete review, and specific loan/debt records can be managed. ICMS automatically displays an additional screen providing more in-depth information on any account. The Collector has options to review an account history, including previous calls and promises made by the customer.
Can I Review My Scripts and Scenarios?
On contacting the customer, ICMS automatically delivers a unique set of knowledge-based questions to be posed, depending on the severity of the debt; these can be customized by your organization. ICMS also provides possible response scenarios for the Collector, creating a conversation that determines when and how much, the customer will pay.
ICMS logs all customer responses, which can be reviewed at any time. ICMS delivers a summary screen of all contact and transaction activities, exactly in the order they occurred. The end result is a consistent collection management system throughout the enterprise.
How Do I Manage the Work Queues?
ICMS calendars all “promise to pay” and automatically retrieves customer accounts on the due date, verifying whether the account is paid or if the account is cured. If a payment is outstanding, ICMS assigns the delinquent account to a Collector queue for follow up.
What Operating Platform Does ICMS Support?
ICMS is a web technology based. ICMS employs a Graphical User Interface (GUI), and operates in industry standard environments.