First Reliance Holdings Increases Revenue Using Debt Collection Solution from Latitude Software

First Reliance Holdings has reported increased liquidation rates as a result of deploying the debt collection solution from Latitude Software, an Interactive Intelligence (Nasdaq: ININ) company.

“Latitude has given us the tools we needed to better coach and automatically ‘push’ the right account information to agents for improved liquidation rates, which has resulted in a 15 percent monthly revenue increase,” said First Reliance Holdings senior managing member and founder, Joseph Thompson.

First Reliance, a debt purchasing company, replaced an existing accounts receivable management product with Latitude Center, a software suite designed to streamline and manage the entire collection process, as well as track collection agent goals and productivity. Latitude Center supports the company’s more than 75 collection agents who are located at its headquarters in Amherst, N.Y.

First Reliance selected Latitude Center after an in-depth review of multiple competitive products.

“Many products excel in one area, but not in another,” Thompson said. “For example, one product might be great for debt collection, but horrible for reporting. Latitude Center had the most comprehensive feature-set and proved to be the easiest to use. Since deployment, Latitude Center has met or exceeded our goals for increasing liquidation rates, improving agent accountability, and enhancing portfolio performance analysis.”

First Reliance is also using Latitude Agency Manager to manage data flow to outsourcing partners; Latitude Portfolio Manager to manage purchased debt; and Latitude Exchange to develop data import and export jobs.

The company recently purchased Latitude Workflow, which it will use to assist in the automation and planning of account collection strategies, and moving debt when desired metrics have been achieved.

“The Latitude solution has given us ease-of-use, maximum interoperability, and flexible customization options,” Thompson said. “Plus, the company’s been incredibly responsive to our needs. It’s no wonder Latitude is so well-respected in this industry.”

First Reliance Holdings is a debt purchasing company that provides full service support from beginning to end. The company purchases several different types of debts, including credit and private label cards, payday loans, commercial collections, and auto deficiencies.

Latitude Software, an Interactive Intelligence company, provides debt collection software and services. Latitude offers hosted and on-premise solutions that are easy to use and include comprehensive functionality for faster, more effective debt collection and portfolio recovery. Headquartered in Jacksonville, Florida, Latitude was founded in 1997 and serves more than 200 companies nationwide.

Interactive Intelligence Inc. (Nasdaq: ININ) is a global provider of unified business communications solutions for contact center automation, enterprise IP telephony, and business process automation. The company’s solutions can be deployed via an on-premise or hosted model. Interactive Intelligence was founded in 1994 and has more than 4,000 customers worldwide. Interactive Intelligence employs more than 800 people and is headquartered in Indianapolis, Indiana. It has 19 offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific.