Software providers are quick to label their products “out-of-the-box” or “custom”—but what exactly do these terms mean, and which is right for your business?
In this blog, we will examine the main pros and cons of both types of collections software. Finally, we will leave you with 4 reasons why customised software is beneficial in the collections and recovery industry.
Out-of-the-box software has one major benefit: it is extremely quick and easy to set up. You do not need to invest time and energy in deciding what you are going to change, and why, or testing out different customisations. Instead, you simply buy the product, set it up, and start using it right away.
Ease-of-use is not the only metric that matters. Out-of-the-box software is incredibly constrained. You cannot pick and choose new features, change the branding or appearance, or make it suitable according to your business’s needs. You are instead limited to the functionality and branding that the provider has already chosen for you.
Every business has its own pain points, goals, and requirements. With customisable software, you can work with the provider to build the ideal solution for your specific business. You do not have to simply accept limited functionality or try to work around features that you do not like. By working with the provider to customise the software, you will ensure it has the greatest possible impact on your business.
Unfortunately, the above benefits come at a price (both literally and figuratively). Customisable software is generally more expensive as it requires more effort on the part of the vendor. The implementation timelines can take longer than an out-of-box solution because of the back-and-forth between vendor and customer. Moreover, the entire setup process is much more complex than with out-of-the-box alternatives.
Customised software comes in all different shapes and sizes. Some are complete builds from the ground up that are pricer and do take much longer. On the other hand there are also custom software builds that already have a base in place and just need the customer’s input to add the final touches. These generally are less expensive than the former and take less time to build.
Let’s take a look at the benefits of a custom collections and recovery software like that from receeve.
Times are tough right now for collections departments. It is therefore more important than ever before to choose tools that offer the best bang for buck. In other words, you should choose collections software that gives you the greatest functionality for the amount you are willing to spend.
Customisable software offers a range of benefits that can help collections departments operate more efficiently, and more effectively. In the long term, the effectiveness of a fully customised collections software will outweigh the cost of the investment because you will be set up to scale for future scenarios and unpredictable time periods.
1. You can build products with your specific needs in mind
As a collections professional, you know and understand the collections process and industry better than anyone else. You know which tools work best and for which situation. The unfortunate thing is that in most cases, you are using multiple different tools to get the job done. This bogs down the effectiveness and efficiencies that you aim to improve in your quarterly, half-year and yearly reporting.
With customised software that combines all of your requested specifications and tools together, you no longer have to deal with endless back and forth between various tools. Custom software gives you exactly what you ask (and pay for).
You invest in software to solve specific pain points, so why not have your own custom software that meets your needs square on? By working directly with a vendor to build your customised solution, you can create software for your business that directly addresses your business’s specific goals.
2. It is lightweight (and even cost-efficient over the long run)
Customisable collections software is lightweight. It was built with your business in mind, meaning it only contains the features that you actually need. You do not have to battle your way through endless menus containing confusing and irrelevant options, or tell employees to ignore large chunks of the software’s functionality. Instead, everything you see—and can use—is relevant to your individual collections department.
Customisable software can often require larger upfront costs than out-of-the-box options. However, you only pay for (and build) exactly what you need. This means that you do not have to hire expensive developers further down the line to tweak and change the software as necessary. Instead, once you have spent that upfront cost, it is ready to go—there will be no additional charges going forward.
3. You have access to great customer support
To create fully customised software, your internal team must work closely with your vendor’s customer support and developer teams. This does not change once you have implemented the solution. As time goes on, you will still remain in close contact with your vendor’s internal teams to make sure the software is still operating as effectively and possible, and that it has adapted to change with the times.
For instance, here at receeve, we work with our clients throughout the entire process of building their ideal solution, training their employees on how to use it, and making sure it is always working properly.
4. Greater flexibility
Nobody can predict the future—so you cannot be expected to know which features you will need further down the line. The great thing with customisable software is that you can always pick and choose new modules to implement. When working with the best vendors, they understand that customisation is not a one-time deal. Instead, it means offering ongoing flexibility that allows their clients to tweak and improve their software as and when necessary.
There is nothing wrong with out-of-the-box software—especially if you are just starting out. However, if you already know which problems your collections department is struggling with and the specific functionality that you require, customisable software is the best solution.
You can work with providers to create forward-thinking, innovative, bespoke software that is created with your goals and needs in mind. They will offer ongoing support, acting as strategic partners that are personally invested in your business’s performance.
You already know that there are specific things to look for when selecting collections software. However, it is also worth considering the vendor themselves, and not just the product that they provide. Here at receeve, we work with our customers to build something that is truly special—and that meets the demands of today’s debt collection industry head on.
To find out more about our approach, get in touch to speak to a member of our team.
Cars have transformed society since they were first introduced back in the early 1900s. They’re synonymous with personal freedom, allowing people to get from A to B more quickly, easily, and indepen...
Financial institutions use big data to gain a deeper understanding of their customers: their financial history, preferences, and behaviour. In a digital-first world, data acts as the footprints in the...