Octagon recently introduced the collectIT module into its range of credit products: CreditPartner, E-Properties, CreditAbility, Evolution, Armada Connect and Lexpro Credit.
"The demand from our clients to facilitate a range of debt collection services has led us to conclude a business arrangement that allows our clients to submit electronically through our software products various issues to a registered collection agent," says Greg Brill, sales and marketing director.
Continues Brill: "We are very excited to have a registered collection agent with the stature of ITC Business Administrators as part of this innovative service."
Some of the services offered through CollectIT include the following:
1. Request for a demand letter to be sent to a defaulting debtor.
2. Request for collection of debt.
3. Request for collection on dishonoured cheques.
4. Request for listing on the ITC database.
5. Request for tracing of debtors.
6. CollectAbility rating of debt.
The system also allows the client to access batches that have been submitted so as to ascertain the progress on an ongoing basis.
Says Brill: "This new functionality allows the SME business to have access to the large collections agencies, thus improving their ability to collect bad debt and helping cash flows. Small businesses have always faced a cost barrier when trying to collect on bad debt. This is now removed as the client only pays for the services they use.
"Clients who subscribe to any of our credit products will have access to these services automatically as all the Octagon Credit Products use the latest patch update technology to download any new features or services when they connect to SPOC. The client will only have to complete the CollectIT agreement to go live," emphasises Brill.
Says Lorraine Nevin of ITC BA: "We at ITC BA are pleased to be partnering with Octagon in offering this service. Clients using this CollectIT module will now see the benefits of working with Southern Africa`s leader in the collections segment of the risk management cycle. Harnessing the power of the ITC BA name increases the probability of getting paid sooner, and of doing business better in the future."
Octagon Business Solutions is a leading IT solutions company providing credit vetting and financing solutions to more than 3 000 clients. Octagon`s SPOC (Secure Point Of Contact) ensures that the 3.2 million plus transactions per year are switched between the suppliers and clients
ITC Business Administrators (ITC BA) is a subsidiary of Information Trust Corporation (ITC). ITC BA has been in operation for over 10 years, specialising in all aspects of credit consultation, cash and credit administration, and debt collection. ITC BA operates through a national network of offices throughout the country, supported by a highly developed and focused computerised debt management system and a professional team of collections specialists.
Clientele currently utilising ITC BA services comprise of a large portion of high volume corporate, retail and banking companies, as well as hospitals and medical practitioners, municipalities, government agencies and over 1 000 SMEs in the commercial sector.
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