Business-to-business (B2B) professionals can use the alternative data solutions below to improve workflows and increase the return of investment (ROI).
Data is crucial in debt collection efforts, and tracking people’s whereabout can be difficult if you don’t have the right tools. You can use skip tracing software to track your debtors down and collect what they owe.
Here are the good reasons why you should use skip tracing software in B2B debt collection:
Whether you’ve agreed with invoice factoring or lend cash to an investor for a promising business venture, account segmentation is crucial in the debt collection and recovery process. Save time and effort using a reliable account segmentation software program.
It’s crucial to sort out potential debtors who will likely pay you using an audience segmentation software program to organize your work and increase collectability. Prioritize your debt collection efforts by assessing the following:
Your B2B debtors may have valuable assets you can chase to recover the money they owe you. These assets may include cash savings, new employment, and properties.
Increase the likelihood of debt recovery by identifying your debtor’s assets using an asset identification tool, which includes the following features and benefits:
Track business associates using a data monitoring software program, automating your search from millions of data records in real-time. Using a data monitoring tool, you can check profile changes such as updates on the business address, email addresses, contact information, account numbers, bankruptcy filings, liens, and judgments.
A data monitoring tool is used to prevent skips, loan defaults, and returned mail, tracking changes to a B2B client’s bankruptcy status or address.
Use multiple filters in different ways such as:
Debt collection can be difficult during uncertain times. So, you need modern tools to help you. Choose the right alternative debt collection and recovery solution by checking the reviews of the tool and the software developer’s reputation. Check these helpful tips when choosing the best alternative debt collection and recovery software for you:
The different alternative debt collection and recovery solutions include skip tracing software, audience segmentation software program, asset identification tool, and data monitoring tool. Asset identification software has built-in bank and debtor locator, employment reporting, and property reporting tools. By using these tools, you can increase your collection and run a more successful business.
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