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5 mistakes the Debt Settlement Industry makes when choosing a CRM

Published on July 20th, 2017

Debt Pay ProCustomer Relationship Management (CRM) software is an essential element of managing a successful business in the debt settlement industry, and making sure you have the right CRM software for your company’s needs is an important facet of maintaining a stable client base. We often see debt settlement companies making these mistakes when deciding on which debt settlement CRM is right for their needs.

1. Going for the Cheapest Software

When it comes to CRM, cheaper is seldom better. Keeping customer relations positive is the most important aspect of any business, and if you want to manage customer relations effectively, then you can only settle for the absolute best in CRM software.

The cheaper software is often riddled with bugs and issues, which can cause the company to lose critical data. Often cheap solutions also have limited functionality when compared to high-quality CRM. While it may seem like it will save you money in the short term, the only thing you stand to gain by going for the cheapest solution is problems and the hassle of switching CRMs later down the line anyway.

2. Using Generalized CRM

CRM is a very broad field and applies to every type of business out there. This also means that there are going to be CRM solutions for both specific areas as well as general usage. One of the most common mistakes we see in the debt settlement industry is when a company goes for the general solution, rather than software more specialized for the debt settlement industry.

Using software that’s made specifically for the debt settlement industry has a significant number of advantages, from giving you more specialized tools to providing more relevant analytics, as well as initial setup being far more convenient.

3. Opting for an In-House Solution

A common mistake when looking for the right debt settlement CRM is developing an in-house solution without adequate preparation or clear goals. While it’s true that developing the software in-house allows you to craft it to match the company’s precise needs, it also means that the company will need to use its own infrastructure to provide proper support for the CRM solution, including the handling of data-loss and outages.

Reliability can also be a major concern with in-house solutions as, unless the company has dedicated development teams, quality assurance, and support staff ready to solve problems, any bug or glitch in the software can be disastrous for the business. In addition, using in-house CRM leaves the company to deal with any software problems on their own.

4. Implementing Un-Researched Software

One mistake we see all too often is a company choosing CRM software, only to find out that it doesn’t have the features they needed. Properly researching any CRM software before implementing it is crucial, both to make sure it has all the features you need, as well as to ensure that it’s the best CRM for the company.

Implementing CRM software without first making sure it’s exactly what the company is looking for can be a costly mistake, both in time and money, and can be disastrous for any business in the debt settlement industry.

5. Choosing Incompatible CRM

One mistake companies make that can prove quite disastrous is choosing a piece of CRM software that simply isn’t compatible with their existing infrastructure. Whether this is due to incompatibility with the operating systems in use by company machines or simply by adopting a piece of software that doesn’t support the company’s business model.

While in many cases, this issue can be resolved by an upgrade or change to computer infrastructure, these kinds of changes can be extremely costly for larger companies and crippling for smaller ones.

 

The lesson is to choose wisely. Create a document that you can keep track of all the features and options that are available.

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Growing my business on the DebtPay platform has been everything I expected and hoped it would be. Their staff is knowledgeable and helpful. I made the best choice for our

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We use DPP to manage our direct mail marketing efforts, manage our leads and get finance applications signed. Using DPP has put us in the 21st century. We're closing more

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