Debt Collection Software
Best Debt Collection Software
Comprehensive debt collection software streamlines the loan collection process. It enhances and improves the operational procedures of loan management. It can deliver higher Promise-to-Pay (PTP) rates by using cutting-edge technology.
Robust debt collection software can perform multiple tasks through automation. It can send payment reminders and minimize the time spent on unproductive tasks. Hence, it helps speed up the debt recovery process and eliminates critical issues from it. And it optimizes the loan management process to decrease the level of bad debt.
Specialized debt collection software integrates existing systems of the organization. It incorporates the banking system, accounting system, and managerial aspects together. Brings transparency to the loan management process and helps to expand.
It integrates different other software systems to reduce the time for data entry. This software through automation compiles reports by following debt collection laws. It reduces every kind of error in the system related to loan data management. Personalized debt collection software keeps on checking that company’s specific needs get met. Further, enhanced it provides a better experience for customers too.
Debt Collection Software and Its Benefits
Automatic allocation
Automates loan allocation by assessing borrowers’ profiles. It highlights credit repayment history, assesses repayment intent, checks amount due, and others. In a single platform, all collection activities including stock management, PTP tracking, and follow-up process will get managed.
Payday follow up
It handles professionally controlled Promise to Pay (PTP) including payment reminders. It checks loan records on a daily basis and sets payment reminders.
The software installs a trailing system in the loan collection process. It generates automatic notifications on PTP dates. It helps the loan-collecting agents by reminding them to collect loans on the due dates.
Payment posting & collection
The software manages loan collection and registers them in the database. The field agents can post the collection details online in real-time. Also, they can register the collection by doing calls.
All types of payments channel into the system, whether it is cheque, DD, or online transfers. The software helps to manage payment collection through the mobile application. The field agents and tele callers all can post and track payment details via the mobile app.
Payment reminder
This efficient software supports notification alerts on receiving loan payments. Therefore, field loan collection agents will get notified each time they receive payments. Besides, tele callers or back teams can track the payment system and find loan defaulters.
CRM with call center
With the CRM software, your agents can directly communicate with the customers. They can update customers’ information and implement new development into the system regularly. Our software will enhance the power of customer relationship and connection management. The following facilities getting covered in our robust loan management CRM software.
- IVR customization
- Direct Inward Dialing (DID) management
- multiparty conference
- report customization
- tracking caller ids
- call transferring, forwarding & parking facilities
Loan disposition
The software automates the loan disposition process using different sources. It automatically updates the database by inserting data from Excel. All the data will get presented in the interface of the software. It would ease the assessment process for the system users, especially tele callers.
Loan reconciliation
The software reconciles different types of loans and records them on the database. It gathers all loan records including internal records and updates the database. It also compares expenses on interest through automation.
Reducing errors from the system is specially focused by the software here. It prepares reconciliation statements after reconciling all the loan data from different sections. The software will reconcile all the loan payment details.
Field staff management
The loan collection process involves efficient management of field staff. So the software here manages the loan collection process by planning staff deployment. The software plans out meetings for receiving collections and eliminates loan defaulters.
The software enhances the functions of analytics and increased operation visibility. It assesses borrowers’ profiles, repayment performance, pending payments, and other information. The software quickly informs the collection agents about borrower details. The software does that via sending text messages, email, or via other channels.
Live tracking & monitoring
Maintaining transparency in loan management is very essential. Thus the software efficiently monitors and tracks the loan payment process for that. It tracks live each employee deployed in the field for collecting loans.
The software provides login options where field agents have to log in every day. They need to record the payment once they received it from the borrowers. This way the institution can track its agents and loan collection simultaneously.
Consolidated borrower profiles
The software deliberately stores borrowers’ profiles along with their information. Besides profiles, the software also stores the credit history of the borrowers. It generates customized reports on each borrower’s profile before allocating any loan.
Advanced Features of Debt Recovery CRM Software
Voice Bot
Chat Bot
Automated Whatsapp
Automated Email
Automated SMS
Auto Dialer
Auto Call Distribution
CRM Integration with Live Chat
Inbound & Outbound Call
Advantages of Debt Collection Software
Debt collection software offers numerous advantages for businesses and organizations involved in the process of recovering overdue payments from customers. Here are some key advantages of using it.
