Unfortunately, businesses don’t always pay their bills on time. If your company is struggling to manage and collect on past due commercial accounts, commercial collections technology might be able to come to your rescue. There are many commercial collections software solutions on the market that might be able to help you clear more of those old invoices. But which commercial collections software is the right choice for your business?
Maintaining good business relationships is a critical component of any business, so you want to select a commercial collections software solution that will support your accounts receivable department with collecting the revenue owed to your business. You don’t want a program that will attempt to collect so aggressively that it alienates customers and drives away good clients.
Here’s a review of some of the top choices in commercial collections software that can help with your commercial collections in Texas.
Anytime Collect is a B2B collections software that aims to help automate your entire billing and collections process. Features include:
- In-depth reporting allows you to see the revenue collection status of your entire company or a single account at a glance.
- Ability to automate and send account alerts within your organization for specific account issues, such as a critical account, a disputed invoice, and more.
- The payment schedules feature offers an easy way to manage clients with payment plans or other specialized billing agreements.
- Tracks the aging of invoices and automatically follows up via text, email or phone to direct clients to an online portal for easy payment.
- Allows customers to make promise-to-pay agreements and follows up on payment deadlines.
Anytime Collect can be used by both large and small businesses and has helped companies collect more than $50 billion in receivables to-date.
Credit Point Software
Credit Point Software is a comprehensive commercial credit risk and collections management software for businesses. Their collections and dispute management solution offers a variety of features that can help your business collect more bad debt. Features include:
- Ability to create and configure custom collections and dispute strategies that fit your business and customers.
- Help improve transparency on outstanding and collected revenue with robust reporting options.
- Automated workflows save time for your team and money for your business by handling repetitive tasks for you.
- Provides a single access point for all of your customer and AR data, making it quick and easy to see the status of any customer at any time.
- Audit trails of customer correspondence, dispute/deductions and more, making it easy to see a complete account history of all customer-related transactions.
Credit Point Software helps users to achieve shorter sales cycles, grow revenue and control costs.
CreditForce is a collections management software that aims to help your business improve cash flow by focusing on cash generation and quick resolutions. Features include:
- Automated payment allocation system learns over time, and is able to match payments to invoices with over 95% accuracy.
- Measure accounts receivable performance with an interactive dashboard and advanced reporting and analysis.
- Set and manage client credit limits to reduce potential exposure to bad debt.
- Offers integration with more than 40 of the world’s top accounting systems.
- Track email communications and automate outbound emails to support the collections process.
CreditForce delivers proven results and can help your business improve collections productivity by 50 percent or more, along with a significant reduction of bad debt.
HighRadius automates financial processes and improves them through ongoing learning and predictive insights, and even provides a virtual assistant to expedite your day-to-day operations. Features include:
- Electronic invoicing through web, email, fax, print+mail, and easy payments with ACH and credit cards.
- Streamlined reconciliation of bank statements give more accurate visibility to company finances.
- Automation streamlines the collections process, allowing your accounts receivable team to operate much more efficiently.
- Proven ability to help reduce past due accounts receivables by up to 75 percent.
- Includes a collector dashboard that proactively prioritizes collections activity to improve efficiency and collection rates.
HighRadius is used by more than 200 Fortune 1000 companies and has processed more than $1.3 trillion in transactions.
Commercial Collections Assistance
Of course, technology won’t always do the work for you. In many cases, clients operate with systems that might not be supported by these technological options, and unfortunately, no amount of technology will completely erase accounts going to collections. For those times, it’s best to consult with a professional collections agency as soon as possible to avoid incurring even greater losses.
In our experience, B2B collections with or without technology still rely heavily on clients and customers making payments on time and actively participating in resolving debts. With a collections agency on your side, you can rely on people that have years worth of industry knowledge to help you organize and collect on debts. Automated notifications, easy to set up recurring payments, and streamlined cash flow programs are certainly a boon for your business, but if someone owes you money and simply ignores these options, what will you do?
As with many things, it’s all about striking the right balance. Find technology that works for your business, but don’t lose sight of the potential risks and side steps that may cost you income in the long run. Traditional collection techniques and investigations can help shore up your overall accounts receivable and collections efforts because it’s an active approach.
Are you tired of working on those commercial collections accounts? Are you struggling to collect the money you’re owed? Alexander, Miller & Associates specializes in collecting large balance accounts from businesses, LLCs and Corporations. Contact Alexander, Miller & Associates today to get help with your commercial collections in Texas.