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There are generally 7 steps involved in debt collection:
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.
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: