What is debt collection software?
Today, managing unpaid invoices is a time-consuming task: reminder emails, registered letters, telephone calls… A lot of tedious administrative procedures with little added value.
A collections software package or platform automates the dunning process from A to Z: from pre-dunning to dispute management, while providing an immediate overview of cash receipts and collection forecasts.
Why invest in a debt collection platform?
Unpaid invoices and the risk of non-payment weigh heavily on a company’s cash flow: 25% of bankruptcy filings are due to unpaid invoices. So it’s vital today to be equipped with software that will be less costly in the long run than having to call in collection agencies on a regular basis.
To name just a few, there are many advantages to using a collection solution on a daily basis:
- first and foremost the reduction of payment delays and non-payments, thanks to customized scenarios for each group of customers with similar behaviors.
- secondly, to save time on a daily basis by automating repetitive tasks: the platform relaunches for you.
- improve your customer relations: 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?
This may seem obvious, but first of all, collections is the core functionality: thanks to a pre-defined process, debt collectors have access to an agenda 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 enable the company to :
- define scoring
- administer credit rules and payment terms for each customer.
- automatically integrate customer financial data.
It’s essential to choose a solution that offers reporting capabilities. Today, this is a mandatory feature to help decision-making: an excellent platform must have indicators such as DSO, unpaid rates, forecasting of future collections based on payment history…
How do you choose the solution that really saves time?
Of course, the functionalities mentioned above are essential, but you also need to find a tool that’s ergonomic and easy to use.
Finally, to help you get to grips with the tool, we need to provide you with human support in the early stages, so that you can adopt the best dunning practices as quickly as possible.
And let’s not forget the price, which must be adapted to your situation and needs.
Which platform to choose in 2022?
Today, there are many players on the collections market, and ASTON AI is one of the best: the new ASTON Cash Collection platform not only meets all the prerogatives mentioned above, but also has certifications (GDPR and ISO 27001) guaranteeing exemplarity in terms of security.
Source : Compte Pro
You can test the ACC platform free of charge for 1 month, with no obligation.
For more information, make an appointment directly with one of our sales representatives by clicking here.
