Automated Debt Collection Software Eases the Headache of Collecting Unpaid Debt

Fire Lake Solutions, a growing IT company announces the release of a new software application that fully automates debt collection and is customizable to suit the workflow of any business. CollectionStream is a web application that can be used without purchasing hardware or hiring technology personnel, and can be expanded to integrate with a business’ existing software or services.

As a hosted service (ASP), installation and configuration of CollectionStream is quick, easy, and secure. The automation process gives businesses the advantage of reducing the number of staff working on accounts receivable, and increasing their percentage of debt collected.

The flexibility of CollectionStream allows business owners to select only the services that make sense to their organization without the hassle of managing multiple software applications or provider agreements. The system is completely configurable, which provides complete control over how debt accounts are processed with minimal effort.

A typical scenario of CollectionStream’s automated workflow begins with the integration of a company’s collection data and timeframe. CollectionStream then sends out demand letters and each debtor account is automatically sent to Fast Forward and NCOA, which verifies addresses and phone numbers and processes any returned mail. Collection letters can be defined in a series from 1 to an unlimited number of letters, and to include automated phone calls between collection letters. In the next step, CollectionStream sends the account to an Attorney Collections agency for a pre-determined amount of time. If the account remains past due, CollectionStream forwards the account information to a Phone Collections agency, and if the account still remains past due, the information is sent to a 2nd Agency Credit Bureau for reporting until payments are received.

CollectionStream allows for the ability to instantly view the number of accounts and monetary amounts throughout various stages of collections, and the ability to categorize accounts to suit the company’s workflow through a user configurable dashboard. Reports can easily be generated either automatically or on demand, including summaries of performance, accounts, invoices, address updates and more. Security is no issue as CollectionStream is configured to limit access and functionality to only those users who need it.

A trial version of CollectionStream and additional information about this product can be accessed at the website http://www.collectionstream.com.

CollectionStream is developed by a company dedicated to solving individual business challenges. Since 2001, Fire Lake Solutions has focused on getting to know its clients and their business through project management and ongoing communication. Fire Lake’s mission is to provide customer satisfaction by delivering the highest quality business solutions through a timely, effective, and economical approach.