Key Differences between Debt Management Software Solutions

Computer technology is important for modern businesses to succeed. Not all corporate software systems are affordable to smaller businesses, but a few are available for credit counseling companies. Having custom integrated software created is an option, though an expensive one.

Debt management companies, particularly those in credit counseling, have had several software solutions available to them for a number of years. Three or four major companies provide software solutions, serving as many as 40-60 client CCCS type organizations. These companies have built systems for contact management, client relations management, as well as handling back-office tracking and processing of monthly payments for credit counseling customers.

In the case of credit counseling in particular, the automated process used to handle monthly payment schedules and tracking of creditor payment programs are extremely specific to the methods required by the banking system, such as RPPS processing. For this reason, entire companies exist that do nothing but handle the back-end processing for credit counseling agencies. Major programming is required to accurately handle these processes, and comprise a major part of the software solutions being offered currently throughout the debt management industry. Companies that mainly do sales and tracking of leads and contact management do not require these advanced (and very expensive) features, but may need to be able to collect fees electronically. ACH processing is the preferred method for collection of fees, and is becoming widely supported by the banking industry, but most credit counseling software does not offer this feature as an integrated solution, requiring 3rd party ACH processing services (which have separate fees).

For your debt negotiation or debt settlement agency, you will need software that has been designed specifically for the functions required to handle your clients, track your leads and handle your sales and workflow. You will need to collect money via ACH without expensive 3rd party services that cannot keep up with the volume of your client transactions. You will have no use for the RPPS and CCCS processing modules provided by software companies specializing in Credit Counseling software.

Find a Dedicated Solution for your Debt Settlement Agency

Debt Manager 2000 has been designed from the ground up as a dedicated solution for debt settlement and debt negotiation agencies, and has key functions you will require for your system to help you handle your clients, creditor relations, track sales and negotiations, handle document deployment, etc.

When you see various companies advertising software for "credit counseling and debt settlement programs" or software that "now offers a new debt settlement edition" or "module," you are looking at software that was originally created specifically for credit counseling functions, but was later adapted to debt settlement by changing field names and adding functions into the existing system. Programmers know that this kind of adaptation is never a very workable solution. It's true that for some companies this may work out okay, but the many will discover problems as they try to get the system running in their debt settlement company. They will then have to pay expensive hourly rates in most cases to get the software further "customized" to fit their actual situation. In many cases, Debt Manager 2000 already contains all of these functions because it was written for debt settlement in the first place.