One of the most astounding statistics from the U.S. economy centers on the level of debt carried by some Americans. For example, by the end of 2018, the amount of outstanding consumer debt is estimated to be at the level of $4 trillion. In order to pay down their debts, American consumers are owing an astounding 26% of their annual income.
How to break this vicious cycle? It is incredibly difficult to do as an individual. There is debt collection software designed to address the matter of consumer debt, in which receivables management systems pay online. This is a debt collection system service which lets receivables management systems pay online in an attempt to alleviate the consumer debt issue.
With such a vast financial network and extensive data base, debt management system software services rely heavily on financial software to work as receivables management systems pay online. Here are some tools utilized which help receivables management systems pay online.
Bill Collection Software
Bill collection software replaces the traditional, tedious, torturous and time-killing spreadsheet. With bill collection software, all the financial information is consolidated in a database so the entire debt collecting process is managed.
Bank Loan Software
Loan origination software is an automated process used by banks, lending companies and leasing companies to make the bank loaning process more efficient.
Retail Billing Software
Retail billing software is designed to keep track of purchases in retail establishments and send out bills to customers for purchases.
Auto Loan Software
If you are in the automobile and vehicle industry, then auto loan software will help make your lending easier by making the process more efficient.
With all these programs available to let receivables management systems pay online, it would appear that business owners would be able to conduct their work flow efficiently and with less room for error.
However, it has been found by many businesses that this kind of software, and even new technical advancements for businesses, will be selected by half of their targeted users, or less.
One problem seems to be employees being overwhelmed by their workload. This problem, which is highly serious since it leads to increased sick time and burnout, has been shown that it is at the root of employees being less productive. In fact, productivity decreased by as much as 68% among employees when they felt that they could not complete their work responsibilities because did not have enough time to do so.
To sum up, companies are making a concerted effort to rectify this dilemma. Research was conducted by Contegix about software users and the results were interesting. They found that 47% of companies were willing to invest more money in software that would help workers and bolster customer service. Perhaps this is the good start that is needed.