Why Your Collections Agency Needs Batch Processing

Estimated reading time: 5 minutes

If you work in an industry in which you need to run many searches and process large amounts of information, you know how tedious the process can be. No one wants to sit at a computer and run the same searches over and over and over again, especially when you could be focusing your efforts on more interesting and important parts of your job. 

If you work in collections, you need to be able to skip trace addresses, search large amounts of people, and get contact information for them so that you can then provide them with information about their debt and collect on it. So how can you avoid wasting valuable time and money running individual searches over and over again, and instead focus your energy on other parts of your job? With batch processing. 

What is batch processing? Big data batch processing tools allow you to run multiple searches and process large amounts of data all at once — saving you time, boosting efficiency, and streamlining your collections process. Here’s why your collections agency should utilize a public and private records search engine with data batch processing options.

Get batch processing tools to save time and work more efficiently 

A key part of collections is the need to skip trace people in order to perform debt collection and recovery. But searching through thousands of records in order to skip trace many different people is incredibly time-consuming — especially if you’re manually performing each individual search. 

One of the best debt recovery resources is batch processing. When you use batch processing for the best batch skip tracing, you can process thousands of records with one simple search, streamlining the process of collecting the information you need to skip trace people and recover their debt. This helps reduce your busywork and allows you to focus on the actual collection and recovery aspect of your business, rather than on performing the records searches to locate people.

  • Debt collectors need to skip trace debtors in order to track them down at their location and get into contact with them.
  • Rather than individually searching each debtor, debt collectors can use batch processing to get addresses for multiple debtors all at once.
  • Batch skip tracing speeds up the skip tracing process so that you can move more accounts through collection.

Gather data with batch processing to cut costs and boost profits

When using investigative research software, you usually have to pay for individual searches. And when you’re in collections and performing hundreds or even thousands of searches all the time, these costs quickly add up. So rather than spending money paying for individual searches, your collections agency can pay once for a batch processing search — allowing you to cut the costs of data collection.

But using fast batch processing in your collections agency doesn’t only help you cut costs, it also helps you boost profits. Did you know that a less than .5% increase in utilization rate can allow a law firm to more than double its revenue in 5 years’ time? This same statistic can apply to collections. If you and your colleagues are able to spend less time doing menial tasks like performing individual searches and more time on productive work, you’ll be able to take on more collections cases and bring in more revenue for your agency. 

  • Batch processing helps cut overall costs for debt collectors by allowing you to avoid paying for individual searches and instead pay once for a batch lookup.
  • When you’re able to reduce your busywork, you’ll increase your overall efficiency which will in turn help you maximize your profit.
  • With batch processing, you can spend less time on menial tasks, work more efficiently, and in turn bring in more revenue. 

Batch processing to quickly weed out uncollectible records 

In collections, you don’t want to waste energy following through on accounts that end up being uncollectible, but you also know that weeding out these uncollectible records can be difficult and time-consuming.  

With batch processing, you can scrub mass amounts of records all at once in order to weed out the uncollectible records. One batch processing example is that you can do a batch lookup of a bankruptcy case search, deceased records, and an inmate record search – quickly showing you all the accounts that aren’t worth following through on. Scrubbing uncollectible records with batch processing allows you to implement a more efficient collections strategy by helping you focus your efforts on accounts that are actually collectible. 

  • As a collection agency, you need to be able to weed out uncollectible records so that you can make sure you’re pursuing accounts that you can legally collect on.
  • Batch processing allows you to search mass amounts of uncollectible records all at once, like bankruptcy records and deceased records.
  • When you can weed out uncollectible records in less time, you’ll be able to quickly prioritize collectible accounts and maintain compliance with regulations.

Use batch processing for easier and faster right-party contact

Right-party contact is vital for people working in collections because you need to be sure that you’re contacting the right debtors. The bad news? Many contact records are outdated or inaccurate, leading you to dead ends when trying to pursue a person. On top of that, people involved in collections may try to hide, making the process of skip tracing even more difficult.

A fast batch processing search in Tracers provides bulk information pulled from a variety of unique sources, such as utility bill records and multiple credit headers, allowing you to cross-check information and get up-to-date data about 99% of adults in the US, even people who have no credit or bank activity.  These batch searches also provide insight on employees or relatives of debtors by delivering large amounts of data on employment records, phone numbers, and history of an address — enabling you to get in touch with people who may know about the debtor’s whereabouts and ensuring you get right-party contact in a timely and efficient manner. 

  • To ensure right-party contact with debtors, you need access to up-to-date, accurate contact information.
  • Tracers pulls information from a variety of different sources to provide you with the most current and correct contact information available.
  • With batch processing, you can get updated lists of contact information at once  — allowing you to contact the right debtors more quickly. 

If interested in using batch processing to help your collections agency save time, boost profits, and work more efficiently, check out Tracers public and private records database today.