365 Collect

How can debt collection software help you?

There are generally 7 steps involved in debt collection:

1. Check contract terms to see when payments were due
2. Contact the customer in writing to request payment
3. Keep records of all customer correspondence
4. Set up regular payment reminders
5. Send a formal letter of demand
6. Consider hiring a debt collector if the customer still won’t pay
7. Consider taking legal action

Debt collection software can efficiently automate the first five steps in your debt recovery process and provides the information necessary to consider steps six and seven.

Once set up, this software will evaluate your database of accounts and send invoices before payment is due. This often occurs three weeks prior to the due date, however, you can tailor the message and time between communications to suit your business.

This customisation allows you to create a tiered communication structure for different levels of payment requests and demands across multiple touch points, all from one platform.

Overview

365 Collect is a Microsoft powered solution that simplifies, streamlines and automates the collections and debt recovery process for organisations.

365 Collect’s capabilities overview are the following: