Top 8 Credit Collection Software

Monday, June 20, 2016, 6:00 AM | Leave Comment

Credit collection agencies’ main task in business operations is pursuance of debt owed on behalf of businesses or individuals.

Knocking on doors literally to collect these debts is cost ineffective leading to the utilization of software applications.

There are many software systems in the market used by credit collectors for better debt management and agency control. They help facilitate client management as well as payment plans.

The following are the credit collection software available in the market:

  1. Collect!

    This is among the easiest credit collection tools in the industry. Accounting functions are easily managed because of the accounts receivable systems already installed in the application. With all financial obligations organized, your business operations will be enhanced and profitability will increase.

    In addition to Reports and batch processes, management of clients for debt collecting firms can also be done with Collect. In-house collections and reporting to the credit bureaus is simplified with this software.

  2. Case tracker Law

    This software is preferable by many debt collectors and other service providers because of its integrated features for monitoring administrative processes, call back, generation of necessary documents and even forwarding claims to attorneys.

    You can also calculate fees, interests, costs to balance and the collection rates therefore generating comprehensive payment plans and statements for all debtors.

    You will not experience delays because of featured automated services, schedules for call backs and an updated contact database.

  3. Efficient App

    A cloud based or server based software that gives you flexibility on credit collection services. It is customized for your business needs and make possible operations on reporting through charts, CRM, SMS business logic and IVR. It is easy to use thus adaptable and increases business efficiency.

  4. Win collect

    This software is invaluable to businesses in Account Receivables industries. It is preferred because of interfaces that are easy to work with, the stability of its platform as well as its intuition in business operations.

  5. Credit Point software

    This is a necessary tool in commercial loan management, credit risk and collections management as well as supplier risk management. The configurations options available are suitable for any debt collection agencies because of their high automation that increase business performance. It however lacks a payment plan management feature.

  6. Anytime Collect

    This is a necessary application to remind you of overdue payments. It is fully integrated with your business’s CRM creating automatic notifications on payment emails and sends notifications to your clients as well. The success rates of the overdue payments are revealed through custom graphs and spreadsheets.

  7. Beyond ARM

    It is a fully integrated application that manages and issues payment receipts, bills, accepts partial payments and basically enhances dent collection and management of accounts receivables. It also helps in consulting with clients and/or debtors where it gives risk and credit scores. The authenticated e-signature capturing capabilities make it possible for acceptance of credit card payments.

  8. Athena Collector

    It boosts business’s financial health by maximizing collections. More insights on your business success are reflected through this software. It is efficient and has an optimized workflow system.

In conclusion, most of these debit / credit collection software exhibit features of efficient communication through scheduled call backs and automated notifications made possible by client management databases that contain client details.

Agency management is also capitalized and payment plans offers by some of this cases.

Reporting to the credit bureaus is also simplified by these software applications.

Therefore, every business person and debt collector must have at least one of these for efficiency of collections.

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