It is very likely for a customer to disregard a company’s emails, phone calls party and letters when he owes them money. However, organizations need to send some warnings to the person who owes money to them before taking the case to the court.
I recently researched debt collection software and will be sharing information with you all as well. However, one thing that holds true for this software is that you need an efficient Internet connection. I took the Charter Internet speed test and it impressed me. So, I am sticking to it. You can select the one that you please.
What is a Debt Collection Software?
For those of you who do not know, a debt collection software enables individuals and businesses to manage their debt collection process. Starting off with your database, it enables you to have a look at all the overdue invoices. The software monitors all the invoices coming in and the ones left unpaid then go under the debt collection process.
Although the process varies for every software, a typical debt collection process involves the following:
- Sending an invoice on behalf of the company three weeks prior to the due date of payment
- Sending an email reminder to the customer ten days after the due date
- An SMS reminder 15 days after the invoice goes unpaid by the customer
- Sending the final written warning to the customer if he is unable to make the payment stated in the invoice 20 days after the due date
- Suspension of services for the client if he fails to make the payment 25 days after the due date
Popular Debt Collection Software
Collect!
Companies use Collect! as a standalone collection software. Many businesses ranging from small to large employ the use of this software. The features that make this software a favorite among companies include the easy to use interface and the comprehensive solutions that it provides. The software was built keeping the first as well as third party business in mind.
Collect! It is a customizable software include gives the company flexibility to set the functions and features according to their use. The fact that over 1400 companies use Collect! speak for the popularity of the software among businesses itself. The software allows businesses to organize the operations, and improve profitability.
You do not have to worry about not liking the software as you get access to a free trial. In case you or your team are new to using the software, you can get online training sessions too. Some of the many features included in the software are:
- Agency management
- Autodialer
- Client Management
- Payment plans
- Callback scheduling
Lexop
If your business falls under the categories of utilities, telco, bank & financial services and collection agencies, this software will be the best for you. What sets Lexop apart from other debt collection software is that it is the first A/R collection software. Some of the functions that this software allows the companies to perform include automating customer outreach, improving collection rates and offering a better payment experience.
Some features that you will get access to as a part of subscribing to Lexop include:
- Automated notices
- Payment plans
- Contact management
- Transaction management
- In-house collections
The platforms that support Lexop include Mac, Windows, SaaS, and Cloud. Lexop also provides online, in person and webinar training to people using the platform for the first time. You will also ask for help from the support team online or calling them during business hours.
Intelec
It is one of the most intelligent collection systems. Employing the use of this software means that you are enabling a machine to make decisions at the human level. Although it is pricey ($250 one time payment per person), the software is worth spending the money on. The worst part is that you do not get a free trial before you purchase the software. But once you subscribe to it, you will get support from the reps 24/7 (in case you need help with anything).
The many features that you get access to include:
- Agency management
- Client management
- Payment plans
- Callback scheduling
- In-house collections
People who have had the chance of using Intelec have given good reviews about the software. You can ask around before deciding to purchase it.
EZ Collector
Companies that can make the most out of this software include collection agencies, AR departments, and debt buyers. The best part about this software is that it comes at an affordable price and is very easy to get acquainted with. However, very few platforms support it including Cloud, SaaS, and Web. However, subscribing to this software means that you get 24/7 support through live reps.
The list of features you get access to include:
- Transaction management
- Payment plans
- Automated notices
- Agency management
- Autodialer
Some of the pros of the software include the fact that it is easy to use. Apart from that, users admire the customer support that the company’s reps offer. Not only this but people also have good things to say about the sales & tech support that they offer.
CHAX
CHAX allows businesses of various sizes to manage functions like fund transfer, automated check filling, user management, and database administration. Users get access to all these functions at an affordable rate. Apart from the mentioned functions, CHAX also allows users to create draft checks that they can deposit on the same day.
The training for using this software only available in documentations, though. However, you will get support from the reps online and during regular hours as well. CHAX only comes installed in Windows OS.
The features that you get access to include:
- Client management
- Transaction management
You can choose from the above-mentioned software to choose from. The payment modes that you can use to purchase a software will vary from one software to the other. However, I am sure almost all of them allow online payments. Just like I can pay my Spectrum bill online. Because companies are aware that people prefer online payments these days.
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