Debt Collection Software, also called Accounts Receivable Management (ARM) software, supports the needs of agencies and lenders by providing business process automation, compliance assurance, and other features essential to orderly and effective collections efforts.
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Debt Collection Software, also called Accounts Receivable Management (ARM) software, supports the needs of agencies and lenders by providing business process automation, compliance assurance, and other features essential to orderly and effective collections efforts.
Debt collection software includes the following identifiable features:
Call logs and notes
Collection scoring and Key Performance Indicators (KPI)
Access to credit reports
Debt dispute tracking
Payment processing
Integrations: deduction management, accounting, and CRM software
When comparing debt collection software, consider the following factors:
Customer accounts: Debt collection software pricing and features are determined by the number of customer accounts.
Invoicing: Collection agencies and lenders use these products to customize and generate large quantities of invoices.
Performance indicators: Choose a debt collection that uses performance indicators to track credit control.
Debt collection software vendors typically charge on a monthly or annual basis with limits on the number of accounts and users. The price can range from $40/month/user to over $100/month/user. You should contact specific vendors to request a demo and get a quote to determine the cost of your debt collection software.