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News Alert from PR Newswire via Quote.com
Topic: Microlog Corporation
Quote.com News Item #4357284
Headline: Microlog Introduces 'The Automated Collector' for the Collections
Market
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GERMANTOWN, Md., Oct. 27 /PRNewswire/ -- MICROLOG CORPORATION
(NASDAQ:MLOG) has just made collecting debt easier and more cost productive,
by introducing The Automated Collector(TM), an interactive communications
application that automates the process of collecting outstanding debt from
consumers. Designed to significantly enhance the productivity and
profitability of corporate collections operations, as well as independent
collection agencies, The Automated Collector was originally inspired by a
custom application Microlog developed for the Internal Revenue Service, one of
the largest collection call centers in the world.
The Automated Collector is a flexible, robust, interactive communications
tool which interfaces with collections databases to access debtor information
to place outgoing calls and receive incoming calls. In accordance with the
Fair Debt Collection Practices Act, The Automated Collector first verifies
right party contact by asking debtors to enter an identification number such
as their social security number or other unique data. Then, through a series
of scripted messages, debtors are asked to either commit to pay their debt
in full, or are given the opportunity to negotiate a payment schedule over a
period of months. The Automated Collector is designed to work alongside
collection agents -- freeing them to focus on more complex accounts. The
system can operate 24-hours a day, 7 days a week, 365 days a year-all without
human intervention.
The Automated Collector can accommodate a variety of debt collection
strategies including small balance or most likely to pay accounts, while live
collectors pursue larger balance accounts or those least likely to pay. The
system can be fine tuned for a wide range of collection needs.
In trial operations, the Automated Collector's performance speaks for
itself. In one example, for accounts with a balance due of $50 or more, using
the system in both outbound and inbound modes, the collection agents'
productivity increased up to three fold. The agency recorded an additional
145 promises to pay per day resulting in over $2.6M in additional yearly
revenue, with an associated positive impact on retained fees. The attractive
value of the Automated Collector, in conjunction with proven positive results,
yielded a convincing business case with a payback period of less than
6 months.
"We are excited to deliver the Automated Collector to the collections
market," said Microlog President and CEO, Richard Thompson, "We expect this
product to have a strong impact on this market as the Automated Collector
increases productivity, contact rates, and overall dollars recovered while
driving down variable costs for collection operations."
Headquartered in Germantown, Maryland, Microlog Corporation designs,
develops, markets, and supports a complete family of interactive
communications systems and application solutions that improve customer service
and increase productivity, while reducing costs. The Company's products find
a wide application in retail, government, health care, utility,
media/entertainment, transportation, and many other markets, with over 14,000
installations worldwide. Microlog's interactive communications products are
sold through distributors, original equipment manufacturers, and value added
resellers. Microlog is certified ISO 9001, meeting the highest international
standard for quality assurance. For more information, please visit the
Microlog home page on the World Wide Web at mlog.com.
SOURCE Microlog Corporation
-0- 10/27/97
/CONTACT: David Burd, Public Relations of Microlog, 301-428-9100/ |
