Collections Management Software
AI prioritized worklist for the top 20% delinquent customers. Automated collections for 80% of long-tail customers.
Reduce past due by 20%
Increase FTE productivity by 30%
AI prioritized worklist for the top 20% delinquent customers. Automated collections for 80% of long-tail customers.
Reduce past due by 20%
Increase FTE productivity by 30%
Product
Value
The process of cash collection in collections management involves several key steps. First, send accurate invoices promptly, including clear payment terms. Follow up with automated payment reminders before and after the due date to ensure timely payments.
Regularly monitor accounts receivable to identify and address overdue invoices. Engage with customers to understand any payment delays and negotiate payment plans if necessary. If payments remain unpaid, escalate the issue by sending formal notices or involving a collections agency. Finally, accurately record payments in the accounting system and update account statuses accordingly.
Automating payment collection through collection software involves several steps to ensure a smooth and efficient process.
The three C’s of a successful collections strategy are communication, consistency, and customer focus. Communication involves maintaining clear & consistent contact with customers. Consistency means applying collection policies and procedures uniformly to all customers. Customer focus involves addressing the customer’s challenges.
This approach helps establish a reliable and predictable collection process. Implementing these three C’s can enhance the effectiveness of your collections strategy and improve cash flow.
Yes, our Cloud Based Credit and Collections Software seamlessly integrates with your ERP. It offers out-of-the-box connectivity with major ERPs like SAP, Oracle NetSuite, Microsoft Dynamics, and Sage Intacct. Additionally, it supports API integration for Quickbooks, Sage Intacct, and Microsoft Business Central.
The implementation time for HighRadius Collections Management Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.
The Collections Management Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.
HighRadius AI-powered Collections Automation Management software offers significant advantages for efficiency and effectiveness in handling accounts receivable. It leverages AI algorithms to prioritize tasks, optimize collector workload, & automate routine processes. FreedaGPT simplifies and enhances business processes with its suite of features. It auto-drafts personalized collection email responses, generates intuitive reports and dashboards from simple prompts, captures call details, and provides quick issue resolution through self-service prompts. These features collectively improve collector efficiency by over 30%, and reduce past-due accounts by 20%, resulting in faster collections and improved cash flow.
The Collections Management Software assigns different customers to various collectors using the AI Prioritized Worklist. This system predicts future delinquencies and calculates a Collections score for each customer based on factors like past due amounts, credit risk, and payment history. The software then creates a prioritized worklist for each collector, ensuring a balanced workload based on collector bandwidth. Suggested actions, such as calls or emails, are assigned to collectors, enabling efficient and targeted collection efforts. This AI-driven approach optimizes collector productivity and improves overall collection performance.
