What features should your company's collection software have?

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Do you want to improve your collection rate, save on collection costs, and reduce your percentage of delinquent accounts? Collection software is the solution. However, do you know which software features you should evaluate? In this Moonflow post we tell you more about it.

What will you find in this text?

Collection software features you should consider

1. It must be automated

2. You must implement artificial intelligence

3. Your interface should be easy to use

4. It must provide tailor-made solutions

5. Provide real-time data and report access with just a few clicks

6. That it can be integrated with software used by the company

7. Offer a self-service platform

Collection software features you should consider
In this list that we have prepared for you, we share with you 7 key features that the accounts receivable software you choose to implement for your business must have.

1. It must be automated
Gone are the days of traditional debt collection software that involved long hours of manual work. Today, efficient debt collection software must be fully automated. This means it can handle processes like sending buy uk email list reminders, generating reports, and following up on delinquent accounts without constant human intervention. That way, your debt collection team is freed from repetitive processes and can focus on strategic tasks: like making debt collection calls to reach payment agreements with difficult customers.

2. You must implement artificial intelligence
Implementing artificial intelligence (AI) is a software feature that is critical in modern collections software . AI enables the system to analyze large amounts of data quickly and accurately, which in turn improves the efficiency and effectiveness of collections strategies . Here are a few ways AI can supercharge your collections software:

It facilitates the analysis of customer behavior, based on their payment and contact history. This way, you can predict accounts that are likely to fall into arrears.
AI makes it easy to segment customers based on payment behavior, among other qualities, to personalize the collection strategies you will apply to each group.
AI helps predict the best time to contact each customer segment.
It makes it easy to automate complex tasks, such as creating a customized payment plan for a client.
3. Your interface should be easy to use
It is important that the collection software provides the user with a user-friendly interface. This way, less time is wasted on training and the efficiency of collection management is improved. Ideally, the software should have an intuitive design, so that there will be less predisposition to rejection of the implementation by team members who are accustomed to traditional processes.