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Debt Collection Software works as the little brother to billing and invoicing software. It’s true that software are two types of programs are incredibly similar, and, in fact, several debt collection sellers offer integration with billing systems in order to streamline the collection procedure.
The distinction between the two is this: billing takes place after a product or service is sold—in the normal course of business—but debt collection comes into play after the balance for a product or service goes to become overdue.
Most debt collection software will integrate with enterprise resource planning (ERP) systems and accounting software to fully automate the procedure. The advantage is that you can incorporate new debt collection system quickly into whatever program, and can customize the software to fit business needs.
Debt collection systems are generally priced out at different tiers or editions that provide varying services. A few elements of the packages that impact value are:
Debt collection software is available to businesses as like cloud-based or on-premise software.
Email Integration : Dramatically enhances debt collection rates by making collection notices, payment options and itemized bills visible and accessible to consumers the email. It is the easiest way to get information in front of them is electronically.
User Types : This is a useful option if multiple people require the ability to manage invoices, like sales representatives, customer support associates, credit managers, or clients. Some debt collection systems are priced according to the number of various types of users, while others are simply priced according to the number of users.
Billing and Invoicing : Debt collection system that automatically works with billing setup can save invaluable time on end. Invoices are automatically moved to the debt collection process when they pass the due date and are identified by the system as outstanding. Additionally programs can generate billing paperwork without input from managers or sales reps.
Automated Follow-Up : The feature assumes control of the collection timeline by queueing, creating and sending out follow-up letters or emails. It keeps track of when and how many notifications have been sent out.
Contact Management : Helping agents find the right contact information ensuring no time is wasted sending letters or emails for inaccurate addresses or calling wrong numbers.
Performance Management : Allowing managers to keep an eye on collectors’ history, records, rates and behavior. It is key for internal metrics and compliance with government rules regarding appropriate debt collection practices.
Compliance : The feature protects collectors from violating the Fair Debt Collection Practices Act. Compliance applications manage the legal aspect of collection to ensure everything you and your agents do is up to code.
Credit Bureau Reporting : Creating documentation for reporting credit history to bureau, missed or delayed payments will be reflected in credit checks.
Client Portal : Client-facing dashboard from where viewing pending payments, balances notifications is so very easy which ever they may require to verify.
Credit Card Processing/Online Bill Pay : Enabling individuals for making payments directly and immediately without having to mail cash or checks.
Process and decision automation. Some processes involved in collection to be automated, having phone dialing and follow-up notifications. Analysts see even more of those small steps taken over by AI in order for making the human collector’s job faster and easier. In fact, we may not be all that far away from a time when machines handle the entire process. Using collection history as a basis, systems may one day learn how to interact with consumers for tracking and collecting payments.
Mobile technology. It was only a matter of time before cellphones became tools for collectors to reach clients, and mobile apps are definitely leveraging that accessibility as well. It can be SMS notifications or proprietary debt collections apps, sellers are taking advantage of smartphones to collect on accounts.
Data analytics. The most basic data, and debt collection is one market that definitely proves this. Through identifying demographics & simple behavioral trends of clients —for example, what time of day people are more to answer the phone—agencies can improve almost every metric. It’s a safe bet that data analysis will only get sharper in the future, both for what kind of information about the collection and what kinds of assumptions can be drawn from it.
