A collection software is primarily used to follow up with your customers so that they pay your invoices on time and as quickly as possible. All customer reminder solutions have almost all the same basic functionalities: automated reminder, creditor dashboard, grouped reminder…. And the majority offers a payment solution.
These follow-up software are generally easy to set up. Because they integrate with most organizations and IT infrastructures. Moreover, they are almost all multilingual.
Some recovery software also offer specific features such as:
Predictive scoring of customer payment behavior.
The cash forecast module
Multi-currency management
Automation of bank reconciliation