Debt Collection Agency Software

Debt collection agency software automates the collections process and helps collection agencies and other creditors to manage their credit, collections and payment operations.

The software provides various functions, including:

Tracking and managing debts
Automated customer engagement and communications
Online payments and payment processing
Debt validation
Negotiating payment plans
Compliance management
Reporting and analytics
Accounting

Collections software integrates with third-party apps and the company's own databases for real-time information and useful data on customers. For added functionality, this software also integrates with accounting and invoicing solutions as well as CRM’s.

[See: Webio's Agent UI Puts AI Front and Centre]

Using AI to drive automated debt collection

Automation is a sought-after function in all organisations and debt collection is no exception. Using conversational AI applications to automate customer engagement is revolutionising the collections industry. AI chatbots step in to carry the bulk of customer queries (75% +) with agents taking over only in more complex situations.

Customer self-service apps are favoured by both companies and their customers where customers can quickly manage their own debt, from viewing accounts, checking balances and making payments to setting up payment plans and committing to promises-to-pay.

Debt Collection Agency Software