Tips for Choosing Debt Collection Software
When looking for the right debt collection software for you, there are a lot of things to take into consideration. It is not an easy task!
We have already touched on the benefits of using a debt collection software, but now we need to consider what key features are important for you to have within the software of your choice.
Below, we will break down the key features or elements you debt collection software should have to be an effective solution for your business.
#1 Does the debt collection software run on a real-time system?
When looking through your options, make sure the software is running on a real-time system. If it does not run on a real-time system, it could mean slow processing times and can create compliance gaps. It will also make it harder for you to manage the system.
#2 Consider user types
Within a business, you have multiple stakeholders who may need to be involved in the debt collection process besides collectors. Consider whether your debt collection software allows for different user and access types. Most importantly, ensure your system allows for multiple users who can send and manage invoices.
This will allow all of your teams to collaborate and keep up to date with progress on outstanding invoices, credit limits, and be able to talk to customers effectively.
#3 Integration with other tools
Integration is an important feature that your debt collection software should have. It allows your software to work in collaboration with all other information in your business, creating an all-in-one tool that you and your team can easily use.
Make sure to check that the software can integrate with your ERP/accounting software, your CRM, email and other applications you use the manage the debt recovery process. This way, you save time and reduce the amount of errors or miscommunication that can happen.
#4 Does it automate?
The reason you are looking for a debt collection software is to help you streamline your collection process and save time, right? In order to become more efficient, ensure that the software you choose offers automation features for time-consuming daily activities.
- Prioritised lists
- Payment reminders
- Late invoice notifications
- Follow up schedules with customers
- Assignment of actions and tasks
- Closure of issues after payment
- And more
#5 Easy to use interface
You want to ensure that the software you choose is useable for you and your team. The interface should be easy to use for your users, intuitive and logical. It is important for you to be able to quickly move through the system to save time and increase efficiency.
If your system has automation features, this should eliminate a lot of time spent using the system as well.
#6 Reporting tools
Does your debt collection software have the capability to provide reports? This may be an important feature for you if you set clear goals for credit and collections. It is important to measure your KPIs and you can do this with a KPI dashboard.
Look for a software that integrates business intelligence or artificial intelligence software that will help give you smart insights for your teams – whether that’s for your collectors, managers, sales department or executives.
If you are stuck trying to find the right solution for debt collection software, check out 365 Collect. This is a Microsoft-powered solution that helps to simplify, streamline and automate the collections and debt recovery process for organisations.