I am a court bailiff / lawyer / collection agency. Why should I work with VIRTEO?
Because with VIRTEO you can respond to the real needs of your clients in a quicker and cheaper manner, and because you can reach more clients through VIRTEO.
You can offer the reports, dashboards and tools desired by customers by default through VIRTEO, without asking your IT provider to make adjustments or investing in your own IT infrastructure.
In addition, you can reach out to much larger clients with VIRTEO thanks to our collaborative model. By the way, no need to worry about service contracts, backups, updates, local servers, customer relations, etc. any more.
Make the difference by focusing on your service and the functioning of your office, without your IT being a deciding factor for your client. You will reduce IT and sales costs, and you can concentrate on your core activities.
How much does it cost to use VIRTEO?
Working with VIRTEO does not require upfront investments and you also don’t need new hardware. The platform usually runs on your existing workstations.
There is no license fee and there are no fees for maintenance, upgrades and so on. There is only a transaction fee. This fee is calculated in function of the number of effective successful cases you handle on the platform. Therefore, the cost charged to you is completely variable, in function of the effective use.
At start-up there may be a one-off cost to train your staff and to ensure that the models and case templates are properly prepared, and for the guidance we provide during the first weeks or months. This will be estimated and agreed upon in advance. Clients / creditors / applicants also receive a user license and a training, free of charge.
Do I need to pay to get cases ?
No. VIRTEO is not a party in the decision who receives cases, but merely provides technical resources to clients and debt collection partners to manage, in close collaboration, cases much quicker and more efficient and to evaluate debt collection partners.
It remains at all times the client (creditor, applicant) who determines to which debt collection partner a case is assigned. This is usually based on the postal code and a selection of accepted debt collection partners.
However, it may be possible that the extent to which a partner fulfils agreements (regarding timings and procedures, avoiding unnecessary costs) is included in the assignment criteria of clients. So, if you provide good results, you will eventually receive more cases automatically.
Do I need to change the way my office works?
The VIRTEO platform includes all functionality to process cases end-to-end in large quantities in the amicable and judicial phase. This includes connections to external data sources, volume processing, SMS integration, automatic interest calculations, subpoena drafting and more. Because it is a cloud platform you have access to all your cases, no matter where you are, on the road, at the customer or debtor or in the office. The methods and screens largely match what you are familiar with in other applications.
With VIRTEO, you do offer more transparency to the client, in particular regarding the costs charged to the debtor. As a quality office this transparency is an element to your advantage.
You can further process your existing cases in your existing application, though we notice many offices ultimately decide to handle all cases in VIRTEO. VIRTEO also offers fast and qualitative support and is also validated by DIAM for Vlabel and the like.
Who is VIRTEO?
VIRTEO was founded 4 years ago and is a Belgian company with its headquarters in Mechelen. Currently Virteo counts 17 staff members. VIRTEO is a so-called FinTech player, creating value in specific sectors through technology and process innovation.
The focus is on innovating processes for debt collection, debt management, management of nominee accounts and so forth, as well as data privacy compliancy, new banking technologies such as PSD2 and several other domains.
Next to our main shareholder PMV (Participatiemaatschappij Vlaanderen), Ark Angels Activator Fund, Sherpa Invest and the management are part of the shareholders.
Can I pair with my existing application?
That is possible. There is a link with your accounting and a consolidation of the repertoire, yet an exchange of cases can be provided as well.
What about accounting and repertoire?
There are various ways to link accounting application and an automatic consolidation of the repertoire. You can continue using your existing accounting package.
Is there a training program?
VIRTEO provides a training for you and your most important case manager(s). We ensure that your office can create and customize models and case templates autonomously. The training is included in our standard start-up package.
What is needed to get started in practice?
First, we have a chat. We will get an image of what your profile is (lawyer, bailiff, debt collection agency), any specializations of sector focus you might have, the type of customers you focus on, the volumes you handle and so forth. We will also explain how the star-up works, and see when this could be scheduled.
Who are the other partners of Virteo?
VIRTEO has links and collaborations with UnifiedPost, Twikey, GIAL, IPEX, Microsoft, Realdolmen and others. These partnerships allow us to establish links quicker and easier with clients who work themselves with one of these partners.
Should I be a member of an association?
You can work with VIRTEO as individual office or as member of an association, or even as both. Associations are taking an important share within our community and in general more and more offices are working through an association. VIRTEO facilitates that even more since the problem of the common IT is solved.
Are there acceptance criteria for service providers?
Yes. To work with VIRTEO partners must commit themselves to adhere to the professional ethics of the corps, as well as to the civil and social ethical standards that the clients wish to see applied.
Partners also accept that – by working with VIRTEO – they give the client full insight into their working methods. As a quality office that carefully doses resources and costs based on the situation, this transparency is an element to your advantage.
How does it work commercially? Where do the customers / clients come from?
VIRTEO is in direct contact with many customers, and often the request comes from their side. However, you will definitely score points with your customers if you bring forward the possibility to handle cases via VIRTEO yourself. This indicates your commitment to work in a qualitative and transparent manner, and your partnership attitude in the search for the most cost-effective solution for your customer.
If your customer joins us on his own initiative, you will have missed the opportunity to profile yourself in a pro-active and positive way.
Is the VIRTEO platform multilingual?
Yes. The VIRTEO platform is completely multilingual on all levels (user, administrator, documents, …).
What type of customer has the most benefits of VIRTEO?
The added value is the biggest among customers / clients who have a certain volume of cases (on average over 100 cases / month), unless these cases have a large geographical spread (national or international). In that case the added value is also considerable, even with smaller volumes. The VIRTEO platform is ideally suited for public tenders; you can submit together with colleagues / partners without IT being a concern.
Amicable and judicial phase?
The VIRTEO platform is a complete end-to-end solution. This means the entire amicable phase and the entire judicial phase are covered through the platform’s functionality. Of course, only bailiffs and lawyers have access to sources such as the National Register, D.I.V., seizure reports and so on, to which they legally have access in the framework of their assignment.
Who determines the price? On what terms will I work?
The commercial terms always remain subject to a negotiation between you and the customer. But given the transparency and the thorough analysis capabilities, it becomes possible to take the true net results into account, and to have a more open discussion about pricing and conditions.
In other words, a competitor who wins clients by offering bottom rates, but actually achieves poor net end-results, will soon be exposed in VIRTEO.
Can collection agencies partner with VIRTEO?
That is possible. From VIRTEO’s perspective, a collection agency is both a potential client for the cases requiring a judicial phase, as well as a service provider for the amicable phase. Several collection agencies are partnering with VIRTEO.
Can I completely replace my existing application with VIRTEO?
Court bailiffs can manage all their cases through VIRTEO. However, we do not recommend to migrate existing cases all at once. Migration per customer or case type can be controlled much better and involves far fewer risks. For lawyers this makes little sense as VIRTEO is currently focusing on debt collection cases.
VIRTEO does however include all specific functionality for lawyers in the framework of a debt collection procedure – whether or not via iOS – and for distribution cases (for example, in (collective) debt settlement)
How are payments processed?
All inbound and outbound payments are automatically sent and processed by CODA and SEPA. Once the banks are ready for this and publish their APIs, we will also support PSD2.
How are maintenance and support organized?
The application maintenance is included in the use of VIRTEO’s platform. All legal changes, yearly interest changes, street databases and so on are centrally managed and updated. Every 2 to 3 months we release a new version (this has no impact on your operation) with new features and improvements. Support is delivered via our state-of-the-art Zendesk application, and user assistance is given by driven people with experience and in your own language.