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SimplicityCollect is a cloud-based SSAE16 compliant debt collection solution designed for companies of all sizes. It features loan management, business-debt management, consumer-debt management, credit card integration and reporti...Read more about Simplicity

4.33 (95 reviews)


GiniMachine is a no-code SaaS solution, which helps businesses combine machine learning technologies with their historical data. GiniMachine can be used for multiple purposes: credit and collection scoring, the discovery of upsell...Read more about GiniMachine

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Creatio CRM

Creatio CRM is a full-fledged suite of products for marketing, sales, and service automation integrated on one no-code platform. - Marketing Creatio - a ready-to-use platform to automate marketing campaigns and lead management w...Read more about Creatio CRM

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Gaviti is an accounts receivable collections management & automation solution with everything you need to control, manage, and automate your A/R processes. Gaviti streamlines the whole collections process, from automating highly ...Read more about Gaviti

4.72 (25 reviews)

HES LoanBox

HES LoanBox is a ready-made software solution that automats loan servicing processes. The platform provides a functional borrower portal with SMS/email notifications, a built-in calculator, custom dashboards, etc. The system is po...Read more about HES LoanBox

4.70 (10 reviews)


Cogent is an on-premise debt collection and case management solution designed for companies of all sizes. It features document management, a rules engine, on-boarding and calendar management functionalities within a suite. Co...Read more about Cogent

3.86 (7 reviews)

Beyond ARM

Beyond ARM is a cloud-based and on-premise debt collection software for businesses of all sizes. It is suitable for Accounts Receivable Management (ARM), financial services, government, health care, legal, consumer lending and com...Read more about Beyond ARM

4.13 (38 reviews)

365 Collect

The collection and debt recovery process for businesses is made simpler, more efficient, and automated with the help of 365 Collect. The majority of your debt recovery process may be effectively automated by our debt collection so...Read more about 365 Collect

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Probate Finder OnDemand

Probate Finder OnDemand is a web application that allows organizations to locate open probate estates for their portfolios. The application searches across the country and uses a database of estate accounts to file claims on open ...Read more about Probate Finder OnDemand

5.00 (1 reviews)


Lariat is a cloud-based debt collections software designed for collection agencies, debt purchasers, education, medical, government entities, retail and collection departments in large organizations. Key features include a client ...Read more about Lariat

4.50 (4 reviews)

Alvaria CX Suite

Alvaria CX Suite takes the best of the proven and feature rich platforms - Aspect® Unified IP®, Aspect ALM, Noble CC and Noble OnQ - into a comprehensive go forward solution for inbound service and outbound engagement available on...Read more about Alvaria CX Suite

4.00 (21 reviews)

Turnkey Lender

TurnKey Lender provides an end-to-end system that automates every step of the lending process, from the loan application and borrower evaluation to origination, underwriting, servicing, collection, reporting, compliance, and more....Read more about Turnkey Lender

4.57 (30 reviews)


FrontSpin is a cloud-based sales and leads management solution which provides businesses tools to manage sales and service communication with their clients. FrontSpin helps businesses to manage call targets according to the n...Read more about FrontSpin

4.14 (22 reviews)


My DSO Manager is a cloud-based debt collection platform that helps businesses manage cash flows, accounts receivables, collection disputes and other financial processes. It provides a dashboard, which enables professionals to tra...Read more about MY DSO MANAGER

4.67 (12 reviews)


Upflow is an account receivable automation solution designed to help businesses manage invoices and payment reminders using pre-defined templates. Administrators can gain visibility into outstanding amounts, aging balances, Days S...Read more about Upflow

4.79 (14 reviews)

Visual Queue Network (VQN)

Visual Queue Network (VQN) is a web-based debt collection software designed to help financial institutions and hospitals or physician billing institutions streamline the collection of overdraft checking, loans and credit cards. Ke...Read more about Visual Queue Network (VQN)

4.27 (22 reviews)


Totality is a debt collection solution that helps small to mid-sized businesses streamline processes related to interest calculations, court detail management, client communication, and more on a centralized platform. It allows st...Read more about Totality

2.50 (2 reviews)

Aston iTF

ASTON iTF is an accounts receivable and cash collection solution that helps businesses takes care of ensuring and speeding up your collections with confidence. It allows staff members to increase overall cash flow, automate remind...Read more about Aston iTF

5.00 (3 reviews)

Case Master Pro

Case Master Pro is a legal case management solution that helps law firms and debt collectors manage case files and accounting operations. It enables lawyers to store critical documents in a centralized database, assign task lists ...Read more about Case Master Pro

5.00 (16 reviews)


iNexus the most Innovative dialing solution that never displays "SPAM or SCAM likely" while dialing. it's proven to increase sales by 500%. Request-free trial Now. Outbound: predictive, preview, SMS, emails, Omni Channel. ...Read more about iNexus

4.33 (3 reviews)

Buyers Guide

Last Updated: March 16, 2023

There's an adage that goes, “If you loan someone $20 and never see them again, it was probably money well spent." While that financial rule may be a good for your social life, it hardly works as a business model. Things get a little tricky for business owners when balances are left unpaid, and that's where an easy-to-use accounting system can really help.

According to statistics updated by the Federal Reserve earlier this year, the average American household owes $16,425 in credit card payments. You can imagine how difficult it is for small or midsize businesses to keep their doors open with that kind of money pending. Fortunately, debt collection software exists to help you keep track of outstanding invoices and manage collection efforts in order to keep your books squared away.

Here's what we'll cover:

What Is Debt Collection Software?

Common Functionality of Debt Collection Software

What Type of Buyer Are You?

Market Trends to Understand


Invoice feature in Intaact

What Is Debt Collection Software?

One way to think of debt collection software is as the little brother to billing and invoicing software. It's true that these two types of programs are incredibly similar, and, in fact, many debt collection vendors offer integration with billing systems in order to streamline the collection process.

The distinction between the two is this: billing happens after a product or service is sold—within the normal course of business—whereas debt collection comes into play after the balance for a product or service becomes overdue.

Most debt collection software will integrate with either enterprise resource planning (ERP) systems or accounting software to fully automate the process. The benefit here is that you can incorporate your new debt collection system quickly into whatever program you're using now, and you can customize the software to fit your business needs.

Like most software, debt collection systems are generally priced out at different tiers or editions that offer varying services. A few elements of these packages that impact value are:

  • Number of credit users

  • Number of accounts

  • Number of integrations

  • Level of customization

Additionally, debt collection software is available to businesses as either cloud-based or on-premise software.

Common Functionality of Debt Collection Software

Email IntegrationDramatically increases debt collection rates by making collection notices, payment options and itemized bills visible and accessible to consumers via email. As of 2016, 88.5 percent of Americans are online, meaning the easiest way to get information in front of them is electronically.

User Types

This is a useful option if multiple people need the ability to manage invoices, such as sales representatives, credit managers, customer support associates or clients. Some debt collection systems are priced according to the number of different types of users, while others are more simply priced according to the number of general users.

Billing and Invoicing

Having a debt collection system that automatically works with your billing setup can save invaluable time on your end. Invoices are automatically moved to the debt collection process when they pass the due date and are identified by the system as outstanding. Additionally, these programs can generate billing paperwork without input from managers or sales reps.

Automated Follow-Up

This feature assumes control of the collection timeline by queueing, creating and sending out follow-up letters or emails. It also keeps track of how many notifications have been sent out and when.

Contact Management

Helps agents find the right contact information to ensure no time is wasted sending letters or emails to inaccurate addresses or calling wrong numbers.

Performance Management

Allows managers to keep an eye on collectors' history, records, rates and behavior. Not only is this important for internal metrics, but also for compliance with government rules regarding appropriate debt collection practices.


This feature protects collectors from violating the Fair Debt Collection Practices Act (or any other government regulations, for that matter). Compliance applications manage the legal aspect of collection to ensure everything you and your agents do is up to code.

Credit Bureau Reporting

Creates documentation for reporting credit history to bureaus so that made, missed or delayed payments will be reflected in credit checks.

Client Portal

Client-facing dashboard where they can view pending payments, balances, notifications, and anything else they may need to verify.

Credit Card Processing/Online Bill Pay

Enables individuals to make payments directly and immediately without having to mail cash or checks.

What Type of Buyer Are You?

Because of the variance between debt collection software vendors and the features they offer, it's good to identify your specific needs ahead of time. Different businesses will require different things of their software.

  • Collection agencies or third-party collectors: This type of collector focuses its entire business on managing debts, which means that these companies will require much more robust systems that offer access to a larger number of users and user types. Additionally, these companies may be collecting on behalf of other businesses, in which case a client portal could be very useful.

  • B2B collectors: This type of collector is generally using debt collection software to collect on commercial debts that are accrued through service transactions. These companies will typically have more than just debt collection on their daily agendas, so they may require software that is more automated and customized.

Market Trends to Understand

Process and decision automation. Quite a few processes involved in collection have already been automated, including phone dialing and follow-up notifications. Analysts are looking to see even more of those small steps taken over by AI in order to make the human collector's job faster and easier. In fact, we may not be all that far away from a time when machines handle the entire process. Using collection history as a basis, systems may one day learn how to interact with consumers to track and collect payments.

Mobile technology. It was only a matter of time before cellphones became tools for collectors to reach consumers, and mobile apps are definitely leveraging that accessibility as well. Be it SMS notifications or proprietary debt collections apps, more and more vendors are taking advantage of smartphones to collect on accounts.

Data analytics. It's amazing what can be gleaned from even the most basic data, and debt collection is one market that definitely proves this. Through identifying demographics and simple behavioral trends of consumers—for example, what time of day people are more likely to answer the phone—agencies can improve almost every metric. It's a safe bet that data analysis will only get sharper in the future, both in terms of what kind of information gets collected and what kinds of assumptions can be drawn from it.