LexisNexis® Releases New Comprehensive, Hosted Collections Platform
LexisNexis® Collect Point helps cut costs and improves efficiencies when collecting outstanding debts
February 7, 2011 — New York, NY – LexisNexis®, a leading provider of legal and risk management solutions, today announced the availability of LexisNexis® Collect Point, a new comprehensive hosted receivables management platform for facilitating the collections workflow. Accessed through the internet as Software-as-a-Service (SaaS), the new solution improves workflow and receivables management, while also helping reduce the cost of collecting outstanding debt. Collect Point is designed for any company performing collections, including retailers, government agencies, utility companies, collections agencies, debt buyers, and collection attorneys.
A constant challenge in the collections industry stems from a need to create the most efficient collections process. “Overall delinquencies and past due receivables volumes are still above historical norms,” said Robert Fite, vice president, receivables management for LexisNexis. “As such, many businesses are looking to stream line their collect workflow efforts, more efficiently handle the volume of accounts, and improve their overall collections results. However, acquiring the latest collection workflow technology can be a significant hurdle for a business due to the large upfront capital outlay (software / hardware purchase), customization fees and lengthy implementation time, not to mention the ongoing support and hardware maintenance expenses.”
LexisNexis® Collect Point addresses these challenges by providing a comprehensive, hosted, and customizable solution that companies can use to manage collections workflow, perform online collections through a virtual agent, and improve agency management. Collect Point is customizable for specific business needs by implementing any or all of its three component modules, or by integrating other existing LexisNexis Solutions.
- Web Agent—A virtual payment portal featuring a customizable avatar that can be personalized based on business specifications. The avatar acts as a “web agent” and can assist customers to accept payments, resolve disputes and collect information. Web Agent is available to customers now.
- Web Collections Manager—Technology that helps organizations improve collection workflow through online receivables management and collection tools to process payments and improve client relations. Web Collections Manager will be available to customers in the second quarter of 2011.
- Vendor Management—A file delivery and tracking capabilities platform that enables customers to send and receive data files with their outside partners/suppliers. It features a robust set of tools for assigning new business, recalling accounts receivable and sending/receiving updated information. Vendor Management will be available to customers in the second half of 2011.
Fite adds, “Often, system investment decisions focus on the upfront cost of software, but when you factor in hidden costs such as future software upgrades, hardware, and ongoing maintenance/support, Software-as-a-Service (SaaS) solutions such as Collect Point offer a lower total cost of ownership. Additionally, Collect Point offers access to the latest versions automatically and demonstrates advanced capabilities such as online collections through a virtual agent.”
For more information on LexisNexis Collect Point businesses can call 866.528.0780 or visit www.lexisnexis.com/risk/collectpoint.
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 15,000 employees worldwide.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions is the leader in providing essential information that helps advance industry and society. Building on the legacy of proven LexisNexis® services from the past 35 years, our cutting-edge technology, unique data and advanced scoring analytics provide total solutions that address evolving client needs in the risk sector while upholding high standards of security and privacy. LexisNexis Risk Solutions serves commercial organizations and government agencies and is comprised of several affiliated corporations, each offering premier customer-focused solutions. For more information, visit www.lexisnexis.com/risk/.