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Debt collection software: how to choose?

What is debt collection software?

Today, the management of unpaid invoices to be dunned is a time-consuming task: dunning emails, registered letters, phone calls… A lot of tedious administrative steps with little added value.

A collection software or platform allows you to automate the dunning process from A to Z: from the pre-dunning to the management of disputes while giving an immediate vision of the financial receipts and the collection forecasts.

What is the advantage of using a debt collection platform?

Unpaid invoices and the risk of unpaid invoices weigh heavily on a company’s cash flow: 25% of bankruptcy filings are due to unpaid invoices. It is therefore essential today to be equipped with a software that will be less expensive in the end than having to resort to collection agencies on a regular basis.

To name a few, there are many benefits to using a collection solution on a daily basis:

  • Firstly, the reduction of payment delays and non-payments thanks to personalized scenarios for each group of customers with similar behaviors.
  • secondly, saving time on a daily basis by automating repetitive tasks: the platform relaunches for you.
  • Improving your customer relationship: an adapted and personalized reminder will preserve your relationship.
  • A real-time view of customer risk.

What features should a good debt collection solution have?

It seems obvious, but first of all, collection is the central functionality: thanks to a process defined beforehand, the collection agents have access to a calendar and a timeline that gives them daily reminder actions to be carried out automatically or manually.

Another key feature of a dunning solution is risk management. This will allow the company to :

  • define a scoring
  • Administer credit rules and payment terms for each customer.
  • automatically integrate financial elements related to clients.

It is essential to choose a solution that offers reporting. Today it is a mandatory feature to help decision making: an excellent platform must have indicators such as DSO, unpaid rate, forecasting future collections based on payment history…

How to choose the solution that will really save time?

Of course, the functionalities seen above are essential, but you also need to find a tool that is ergonomic and easy to use.

Finally, for a good grip on the tool, a human accompaniment is necessary in the beginning in order to adopt as soon as possible the good practices of dunning.

Let’s not forget also the price which must be adapted to your situation and your need.

Which platform to choose in 2022?

Today there are many players on the collection market and ASTON iTF is one of the best software: the new ASTON Cash Collection platform meets all the prerogatives mentioned above but also has certifications (GDPR and ISO 27001) guaranteeing an exemplary security.

Source : Compte Pro

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