Debt collection agencies to receive new recovery tool for delinquent accounts

Debt collectors and large contractors may soon receive help with collections through new software that helps them collect delinquent accounts, AnnArbor.com reports. Technology startup HealPay recently received hundreds of thousands of dollars in angel investments to fund its software, which creates payment portals for agencies and clients. It offers a clear deposit method that debt collection companies can use to recoup funds, with the ability to offer multiple payment options for debtors. "We've collected over $500,000 in debt or receivables," co-founder Erick Bzovi told the news source. "Agencies use our software to send out links and payment plans and in turn their debtors are logging on making payments." Healpay launched in May 2010, and prides itself on the fact that debt collectors' conversion rates will rise with the product. "I can say with certainty through data that we have a 14 percent conversion rate," Bzovi said. "This means that every time a debtor logs in, there's a 14 percent chance they'll pay." In addition, collectors can use the software to monitor their accounts receivable cycle with real-time metrics and receive notifications when payments are made or missed, its website adds.