You might be aware of the benefits of debt collection software, such as making invoice creation faster, automating communications, removing payment barriers, etc. but you can only recognize those benefits when you choose software equipped with all the necessary tools. Each business is different and will have its own unique needs and goals, but we find that there are 8 areas any company will want to consider during the debt collection software selection process to ensure the needs of both your customers and your employees are met.
- User Types This is a useful option if multiple people need the ability to manage invoices, such as sales representatives, credit managers, customer support associates or clients. Some debt collection systems are priced according to the number of different types of users, while others are more simply priced according to the number of general users.
- Billing and Invoicing Having a debt collection system that automatically works with your billing setup can save invaluable time on your 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, these programs can generate billing paperwork without input from managers or sales reps.
- Automated Follow-Up This feature assumes control of the collection timeline by queueing, creating and sending out follow-up letters or emails. It also keeps track of how many notifications have been sent out and when.
- Contact Management Helps agents find the right contact information to ensure no time is wasted sending letters or emails to inaccurate addresses or calling wrong numbers.
- Performance Management Allows managers to keep an eye on collectors’ history, records, rates and behavior. Not only is this important for internal metrics, but also for compliance with government rules regarding appropriate debt collection practices.
- Compliance This feature protects collectors from violating the Fair Debt Collection Practices Act (or any other government regulations, for that matter). Compliance applications manage the legal aspect of collection to ensure everything you and your agents do is up to code.
- Credit Bureau Reporting Creates documentation for reporting credit history to bureaus so that made, missed or delayed payments will be reflected in credit checks.
- Client Portal Client-facing dashboard where they can view pending payments, balances, notifications, and anything else they may need to verify.
- Credit Card Processing/Online Bill Pay Enables individuals to make payments directly and immediately without having to mail cash or checks.
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