Debt collection software: all you need to know
Debt collection sofware is a type of software that helps businesses and organisations manage and automate their debt collection processes. Streamline your debt collection and improve your overall financial management
What is debt collection software?
Debt collection software is a type of software that helps businesses and organisations manage and automate their debt collection processes. This software typically includes features such as automated payment reminders, payment plans, and tracking of overdue payments. With the help of this software, businesses can automate their debt collection processes, reduce the amount of time and resources required to manage overdue payments, and improve their cash flow.
With Payt, repetitive tasks are all automated, leaving you better able to focus on more important issues. The software automatically reminds your customers of any outstanding invoice. Consistency from the first invoice to the last reminder with you in complete control of the process.
Features of Payt debt collection and recovery software
Automated follow up
Payt will automatically start a reminder process with you in full control. From the first outstanding invoice until the last reminder. You can save up to 80% of your valuable time with this feature.
Dialogue
Payt keeps the communication with your debtor going. This makes an invoice a point of contact in the customer experience and ensures better payment behaviour.
Payment services
Our software offers different payment methods. You can integrate Paypal or Credit Card payment in the invoices and in the reminders. This makes the payment of the invoice as easy as possible
Payment plans
A payment plan often is preferable to a collection process. With our smart software you can set up a payment plan easily.
Internal notes
Good debtor management is efficient and stand or fall with good communication. In the Payt application you can make notes easily, keeping your colleagues informed.
Credit score
In our smart software we provide you with information about the creditworthiness of your business debtors. We do this by notifying you via your dashboard in the software when debtors decrease in their credit score
PEPPOL
With PEPPOL and Payt you automatically enter your invoices in the accounting program of your debtor. This feature saves you a lot of manual processing.
Financing
You can organise financing of your outstanding invoices via the Payt application. For this, Payt has entered into a partnership with New10 and Floryn. Easy to apply and at a low interest rate.
How does debt collection software work?
Debt collection software typically works by automating and streamlining the debt collection process. Typically, you can connect the debt collection software to your accounting software. Payt software makes it possible to send invoices and payment reminders fully automatically, from your first invoice to the last reminder. Payt structurally reminds your debtors of the outstanding invoices. This ensures consistency in the process, better payment behavior of your customers, and a lower Days Sales Outstanding (DSO).
Welcome to Payt
Efficient and effective accounts receivable management is very important, but often takes a lot of time. Moreover, nothing is more annoying than a customer who does not pay an invoice. Payt makes accounts receivable management easy and clear for you and your customers. Payt is used daily by international multinationals and small entrepreneurs in 47 different industries. No invoice volume is too crazy for Payt software.
Why would you use debt collection software?
There are several reasons why businesses and organisations would use debt collection software:
- Improved efficiency: Debt collection software can help automate and streamline the collections process, reducing the amount of time and resources required to manage overdue payments.
- Increased cash flow: By improving the collections process, businesses can increase their cash flow by collecting payments more quickly and efficiently.
- Better customer relationships: Debt collection software can help businesses communicate with customers more effectively and efficiently, improving their overall experience and relationship with the business.
- Compliance with regulations: Debt collection software can help businesses comply with regulations related to debt collection, reducing the risk of legal and financial penalties.
- Increased productivity: By automating and streamlining the collections process, businesses can free up staff time to focus on other tasks, increasing overall productivity.
Overall, debt collection software can help businesses and organisations manage their collections process more effectively, reducing the burden on staff and improving cash flow and customer relationships.
Quooker was looking for a 'total solution' for efficient accounts receivable management. The choice for Payt led to an unprecedented number of payments within a very short time.
Payt has just been amazing for Laura (credit controller at UHY). "And it's the people, that's what has made it. It is an automated system with people behind it". In this video you'll find out what that means.
Hanze University of Applied Sciences in Groningen broke its own record with the collection of payments using Payt. Curious how? Read it in this customer story
Jean-Paul Heunks
Head of Financial Administration
Benefits of automated debt collection software
Improved efficiency
Automated debt collection software can streamline the debt collection process by automating repetitive tasks and reducing the need for manual intervention. This can save time and resources for businesses, allowing them to focus on other areas of their operations.
Increased accuracy
Automated debt collection software can ensure that all debt collection activities are performed consistently and accurately, reducing the risk of errors and improving the chances of successful debt recovery.
Better customer relationships
Automated debt collection software can help businesses communicate with customers more effectively and efficiently, reducing the likelihood of misunderstandings and disputes. This can help to maintain positive customer relationships even when debt recovery is required.
Improved collections rates
Automated debt collection software can help businesses recover more of their outstanding debts by using sophisticated algorithms and data analytics to identify the most effective debt collection strategies.
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