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