Debt Collection Software

Your company wouldn’t be in business if the leaders didn’t have the drive to make money. When your customers aren’t paying for the goods or services they received, you need to collect. While most accounts receivable solutions have some basic followup and reporting functions for past due accounts, you may need a more robust collections software solution. Read on to find out more about the collection software options that are available to you.

Collections Beyond Accounts Receivable

Whether your company handles collections internally or you are a business that provides collection services to other companies, finding the right software to manage past due accounts is critical. Chances are, if you are reading this article, you have more than a couple of past due clients. Below is a list of collections software features that can help you collect a higher percentage of your outstanding receivables, more quickly:

• Customer profiles and invoice records. Have customers with multiple invoices or accounts? Under their profile, you can track all account/invoice numbers, date of initial transaction, total amount owed (prior to any payments), payments owed and amounts outstanding. Prioritize these invoices as well.

• Contact planning and tracking. Debt collection software not only tracks customer information and payment information, it also allows you to track contact attempts and notes on each contact or contact attempt. Detailed contact records can help you identify what method of communication or approach is most effective with a given client or with your client base overall. A standardized approach to follow up can help assure you are optimizing the success of your collections efforts.

• Payment processing. Once you have came to terms with the delinquent customer, the ability to easily enter the payment information and process the payment immediately is crucial.

Additional Functionality

• Skiptracing
• Credit Bureau Reporting
• Scripting for calls
• Record and track legal proceedings
• Scheduling - assign tasks or clients to your staff
• Maintain historical information by customer and by account debt
• Process credit card and ACH payments
• Document management
• Customer portal-allowing customers to make payments and view account information
• Letter generation
• HIPAA compliance
• Integration with phone systems and auto-dialers

Software Setup and Accessibility

There are a number of options available for installing a new debt collections system.

1. Stand alone or integrated. If your company deals with a significant volume of customer payments or a higher than normal rate of collections, it may be worth it to invest in ERP software that includes integrated collections software. Alternatively, there are many add-on programs that are designed to extend the functionality of standard AR to provide more robust collection tools.
2. Purchase versus rent. Do you prefer to purchase the software and own the program or prefer a solution that you are renting with a monthly subscription?
3. Install locally or hosted. If you prefer to purchase the software, do you prefer to install the software on your own servers or prefer to have the vendor host the program on their servers?

Whether you are buying or renting, installing locally or hosted, we can help you find the right solutions based on your organizations specific needs. If you’d like to find the right collections software for you, our free software search service is a great way to find the top relevant options for your needs. Get started today!