Buying a Collections System - What Vendors Won’t Tell You #4

This is question 4 in your handy guide to shopping for a collections system. I’m offering 10 tips — things most vendors won’t tell you that are absolutely critical to selecting the right system.

What features I currently have will need custom development?

While many of the features you require may be available in a new system, don’t expect them to all be there. For example, you might be limited to the number of status codes you have on an account in some systems. A complete review is necessary to improve processes and ensure all business needs are met in the new architecture. Lists and descriptions make this process much more productive.

Over time, custom development affects all aspects of the day-to-day functions of a mature system. Documenting these modifications to the existing debt collection solution is essential.

It’s common practice to contract with vendors to make changes to the core functionality. It requires the same kind of time and expertise to recognize what’s been done and how this translates to the new system.

Next week I’ll share question #5. To make sure you don’t miss it, subscribe to the FICO Blog using the box on the right side of this page.