Strong credit control and debt collection procedures are essential to successful cash flow management within an organisation. But during challenging economic times, how do you know when the time is right to switch to debt collection software?
1. You Want to Automate
If you’re looking to lower costs and increase the speed at which you’re paid, then debt collection automation is the way to go. Debt collection software, powered by automated processes, means your collection teams spend less time making calls and searching for information, and instead communication is automated. Debt collection software and debt recovery software serves can send payment reminders, present payment terms to customers, and reduce the number of overdue invoices your organisation is chasing. Typically debt collection software will integrate with your current administrative solutions and processes, ensuring smooth operational efficiency across your whole organisation.
2. Late Payments are Impacting Your Cashflow
Are late payments impacting your cashflow? Debt collection software works to maximize the debts it actually collects by centralising and automating its collections process within the software. Implementing a streamlined software system for monitoring customer payments and pursuing overdue accounts makes staying on top of overdue accounts a much more manageable process.
3. You Want to Improve Customer Service
Debt recovery software and debt collection software helps your organisation to invoice accurately, delivery invoices in a timely and compliant manner, and it also improves customer service. Communications are streamlined and professional. Customer service can also be improved by automating the modifications of payment arrangements based on an individual’s ability to pay. A “single customer view” or “single view of debt”, provides greater visibility in this regard — giving users improved visibility of controller productivity and customer correspondence. Furthermore, the smooth and consistent availability of supporting documentation found within the dashboard of debt recovery software, makes it much easier for customers to deal with your organisation.
4. You Want to Identify Credit Risks
Today leading cloud-based debt collection software is powered by Artificial Intelligence (AI), which has revolutionized the debt recovery process. Machine Learning (a subset of AI) is applied within the software to accurately and promptly identify individuals and companies who pose a credit risk. In fact developments in machine learning and deep learning have empowered developers at Lateral to build their high-performance credit default risk prediction tool.
5. You’re Inefficient
The greatest benefit of debt collection software is how it impacts overall organisational efficiency. The debt collection software allows organisations to automatically assign tasks for employees, accept invoice payments online, and save time via the automation of emails and SMS. And mobile debt collection software also empowers collectors to remain productive while they’re away from the office.
Managing debt collection and debt recovery processes are absolutely vital. This is why credit control professionals are looking to automation technology to maintain a consistent, lucrative and professional relationship with their customers. Get in touch with Lateral today, and let us show you how our software helps you get paid on time.