How Much Does Collections Call Center Software Cost?
Last Updated: April 26, 2023
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Debt collection is a difficult task. It can be a hassle but it's a natural part of business. Make it easier by choosing the right software for your call center. Follow this call center software buyer's guide and you'll be closer to making an informed decision on the best solution for you. A comprehensive software package should increase debt recovery rates, ensure compliance with federal regulations governing debt collection, and optimize your staff's productivity.
The least expensive option is basic software that manages and routes inbound and outbound calls and organizes customer information. Features like automatic dialing, call logging and historical reporting will cost you more, but they'll increase the efficiency of your call center, saving you money in the long run.
On-premise collections call center software #
You have two basic options in how your software is delivered: a traditional on-premise system or a hosted "cloud-based" system. An on-premise software system is more expensive but typically comes with higher-end functions and is more customizable.
An on-premise debt collection software system requires a large upfront expense. The charge is usually based on the number of users with volume discounts for call centers with more users. There also may be a setup fee, per-usage charges for customer support, and annual fees to cover new updates and releases.
If you're starting a large call center, plan to spend anywhere from $100,000 to $500,000 on software and equipment. You'll also need to budget for installation and setup, which can run up to $25,000, and small fees for ongoing support and maintenance.
- CR Software Platinum, high-end on-premise software for collections call centers, costs about $150,000 for 200 users. The price is due upfront and includes training. Support service carries an additional fee.
Hosted collections call center software #
With hosted call center software, your information is stored on the provider's server, not your own. There is little or no upfront expense, but you'll have less control over the system and its operations.
Hosted software providers typically charge on a monthly basis based on the number of users in your call center. With hosted call center software, you'll pay a monthly per-agent fee of anywhere from $50 to $300.
- Atlas ASP, an online subscription version of CR Software, charges about $700 per month for a four-user package. The web-based system allows clients to access debtor files remotely and debtors to make payments.
The least expensive hosted software options will provide just the basics, including inbound and outbound calling, and access to client and debtor information. The most expensive software will include money-saving features like predictive dialing, which improve agent efficiency.
Although start-up costs are relatively low with hosted call center software, some providers do charge one-time access and setup fees. Be sure to ask for a complete list of all the costs before you commit to a provider.
Choosing collections call center software #
Many software providers offer both on-premise and hosted products. It's up to you to figure out which is best for your collections call center.
Although on-premise software is more expensive upfront, the investment pays off in the long run for larger call centers. You'll also have more in-house control of the system and its features, but you're stuck with the product for the long-term, so make sure you do thorough research before settling on a provider.
Smaller companies without and in-house IT staff are probably better off choosing a hosted system. Aside from the low startup costs, one advantage is that you can switch providers when your contract ends if you're not happy with the service. Many hosted call center providers also offer a 30-day free trial to let you test the service before you commit.