Top 25 Business Debt Management Tools

A debt management tool is a software that helps users ensure that their customers pay for the goods and services they receive from the company. Debt management software helps plan strategies for financial planning to lower your current debt and eliminate it. It is used by accounting teams to manage collection problems like bad debt, determine which invoices are past due, match bills and payments, and minimize processing mistakes.

Here is a list of the top tools for debt management that will help you create a financial strategy for your company.

1. LeadSquared

LeadSquared is an excellent debt management tool that allows you to distribute loan defaulters automatically based on any factors you want, including loan type, geography, default amount, and more, to your teams. With capping logic, you can even restrict how many leads each agent is allowed to assign.

Key Features:

• Organize your defaulters into groups based on all relevant factors, including credit repayment history, the date past due, the amount owed, repayment intention, and more.

• You can give all of your call center and collections agents automated notifications so they can keep on top of their tasks.

• LeadSquared automatically schedules every aspect of your collections agents' days, including meetings, the best routes to take, and daily goals.

• It allows you to automate debtor communications based on their actions and stages.

• You can monitor all field force actions as a manager to maximize productivity.

Cost:

Starts at $25 per user per month

2. Gaviti

Gaviti is a solution for collection teams that helps SMEs receive faster payment on more of their bills. The system enhances every step of the collection process, from job management to generating highly personalized dunning emails. Your internal collections team will work together in the shared, centralized workspace. You can receive payments more quickly thanks to a secure customer payment site that offers your clients a variety of payment choices.

Key Features:

• Payments forecasting, risk rating, and practical insights can help collection teams improve their performance over time.

• Gaviti's ERP autonomy enables SMEs to begin optimizing after just one billing cycle.

• With a simple dashboard and insights screen, you can immediately comprehend your receivables.

• You can send customized dunning emails and design efficient workflows for various customer groups.

• The system forecasts cash flow based on the date when invoices are due and the previous payment patterns of your clients.

• Streamline your operations by establishing effective, standardized processes and being aware of how each member of your collections staff spends their time.

Cost:

Contact Sales

3. Beyond ARM

Beyond Arm offers cloud-based debt collection tools for companies of all sizes. It helps users with accounts receivable management, predictive dialing, credit/risk rating, reporting, and analytics. It assists businesses in speeding up client receivables and decreasing debt collection time. Beyond ARM minimizes the stress associated with ensuring that accounts are handled in a compliant manner while reducing costs and overhead.

Key Features:

• Beyond ARM enables business managers and employees to control the system's action workflow, on-screen design, and accounts receivable management.

• It integrates with several services, including CompuMail, QwikDial, RevSpring, FocusOne, and LexisNexis.

• Users can access an inbound IVR with smart messaging and calling options.

• It allows you to concentrate on collecting by enhancing your capacity to work more accounts effectively and assisting you in keeping your clients informed of results.

Cost:

Contact Sales

4. ICanPe

ICanPe allows businesses to automate collections and payments with Bank Grade Security and improved ROR on their credit books with the use of an AI-enabled credit management software. You can expect a higher Rate of Recovery because of the special synchronized integration of telecalling, digital, and field campaigning.

Key Features:

• Obtain real-time dashboards on the interaction and collections of your borrowers.

• ICanPe is able to create borrower-centric repayment choices at scale using a combination of data from lenders and its own behavioral measures.

• The credit management tool from iCanPe monitors borrowers' repayment intentions digitally to identify early signals.

• It provides scalable and robust software engineering choices.

Cost:

Contact Sales

5. ENCollect

ENCollect is a field collection app that allows backend payment deposit screens for backend staff and APIs to interact with other payment solutions. It provides both on-premises and cloud-based deployment options. The debt management system includes delinquent management, modules for payment tracking, settlements, reconciliation, legal actions, and repossession.

Key Features:

• The platform offers workflows for back-office digitalization and automation.

• Users can configure the settings for automated account allocation to field agents, phone agents, and branches in the allocation engine.

• ENCollect interacts with financial systems and credit card management software to enable settlement and recovery operations.

• The product includes helpful features, including a virtual assistant, speech recognition, multi-language support, and a pre-configured bot.

Cost:

Contact Sales

6. Growfin

Growfin is a finance CRM designed to assist B2B businesses all over the world automate and streamline their accounts receivable. It allows businesses to collect cash faster and accelerate their inflow of cash. With Growfin, you can improve productivity sales by upto 40%.

Key Features:

• It offers cash tracking and reporting features to see where money is being spent.

• The platform automates the invoice-to-cash process to make smart collections.

• Speed up your debt collection by better collaboration with the team members.

• It gives you insights about which customer is likely to pay in a short span of time.

• Growfin helps you to enhance productivity and save money on working capital while reducing your DSO by at least 20%.

Cost:

Contact Sales

7. Kuhlekt

Kuhlekt is a cloud-based debt collection service that assists companies in managing their accounts receivable, client interactions, and accounting reviews. Kuhlekt offers escalation matrices, routine noticeboards, dashboards for managers and debt collectors, as well as a reporting tool for creating customized reports. Its table field classification can produce data summaries. Additionally, users have access to multi-field query by example (QBE) searching features.

Key Features:

• You receive a dashboard with a condensed visual representation of the overall status.

• Your collectors are always on top of things thanks to multiple to-do lists, ensuring prompt customer contact, provisioning, and dunning runs.

• You can view the imported open goods from the ERP system.

• Kuhlekt keeps the overall provisioning data up to date by ensuring that accounts are provided as soon as they are required.

• You can contact customers via email without ever leaving the Kuhlekt environment because it has built-in email capabilities.

• It manages conflicts, streamlines their passage through inquiry and approval, and, if necessary, generation of a debit memo.

Cost:

Contact Sales

8. Creatio CRM

Creatio CRM is equipped with no-code tools and unique features to assist businesses in digitizing workflows, improving employee and customer experiences, and increasing productivity throughout the entire organization. Additionally, Creatio offers a marketplace with pre-built connectors, templates, and solutions for a variety of use cases.

Key Features:

• Creatio enables non-technical people to develop powerful commercial apps without coding.

• Creatio apps, which are highly adaptable and simple to use, assist companies in managing client-facing operations and providing fantastic customer service.

Cost:

Contact Sales

9. Ameyo

Ameyo is an automated debt recovery software that can help you stick to your set collection activities and reminders. It can establish daily activities for your collection agents, deliver pre-programmed reminders to clients, and eliminate the possibility of bad debt situations.

Key Features:

• It offers complete borrower and agent management.

• Its workflow automations ensure a meaningful distribution of all use cases.

• IT offers the option to restrict case distribution, allowing collection agencies to focus first on the highest priority debts.

• Businesses can collect more money without having to work with or pay a collection agency.

Cost:

Contact Sales

10. Chaser

Chaser is an all-in-one automated accounts receivables platform. Users can perform credit checks, keep tabs on debtors, recover debts, chase down overdue invoices by SMS and email, and collect payments, all in one place. The software ensures on-time payment of invoices without sacrificing the personal touch by sending automated and highly personalized payment reminders.

Key Features:

• Chaser offers credit control services to assist organizations in effectively reducing late payments in order to increase cash flow.

• Get paid 25+ days sooner for invoices

• Save over 15 hours per week on duties related to accounts receivable

• 75% reduction in days of sales outstanding

Cost:

€47 per month

11. Collect!

Collect! is a multipurpose debt collection solution that gives organizations the ability to manage different aspects of debt collection procedures through flexible options, add-ons, and interfaces. It helps users in the credit and collection sector in managing several aspects of debt collection processes, such as automating collecting letters, monitoring phone calls, processing payments, and other activities.

Key Features:

• Collect! offers any business the perfect software solution, allowing for cloud and on-premise deployments.

• It offers data access that complies with HIPAA regulations.

• It provides scale and process automation for all businesses.

Cost:

Contact Sales

12. TurnKey Lender

TurnKey Lender is leading the way in Unified Lending Management. The company creates smart, award-winning software technologies that fully automate the lending process. It includes SME financing, traditional and alternative lending, grant administration, money lending, trade finance, in-house financing, and more.

Key Features:

• TurnKey Lender completely automates the lending process, including the loan application and borrower inspection.

• Deep neural networks and AI techniques that are proprietary to the system enable unequaled credit decisioning efficiency and overall security.

• Loan judgments can be made with the loan origination software in about 30 seconds with excellent decision-making quality.

• The scorecard and decision rules can be adjusted using the TurnKey Lender decisioning engine.

Cost:

Contact Sales

13. Lariat

Lariat is a cloud-based software that is used by collection agencies, debt buyers, institutions, hospitals, government agencies, retail businesses, and collection divisions to collect debt. Lariat use can manage numerous debts owed by various clients to a single debtor.

Key Features:

• Users have the option of setting notification reminders to inform clients of their outstanding balances.

• Users get access to the system's debtor information using the advanced search tools.

• Users can also update specific profile fields in bulk.

Cost:

Contact Sales

14. Zuora

Zuora is an end-to-end subscription management solution for all business sizes. It helps users in developing a subscription business model, and establishing, fostering, and monetizing recurring customer relationships.

Key Features:

• Zuora helps users launch their subscription offerings, then expand and maintain their clientele through a variety of ways.

• Automate collections, and billing to grow your firm and support your go-to-market plans.

• Get a thorough understanding of your customers and the state of your business.

• Zuora Billing enables businesses to scale up their billing operations.

Cost:

Contact Sales

15. HighRadius Autonomous Receivables

Highradius Autonomous Recievables is a debt management tool that allows you to lower DSO and bad debt. It frees up your collectors by sending letters, making calls, recording phone calls, or even issuing promise-to-pays. Use Freeda, the digital assistant powered by AI, to monitor blocked orders and carry out quick and accurate credit evaluations.

Key Features:

• Create a single business process that combines billing & invoicing, credit, cash application, collections, and deductions.

• Establish a culture of high performance for your O2C teams.

• AI predicts future invalid deductions so that your deductions analysts may concentrate on solving and collecting invalid deductions.

• Determine when your client will pay the next amount.

Cost:

Contact Sales

16. Debtor Daddy

Debtor Daddy assists finance teams, CFOs, business owners, auditors, and bookkeepers in automating their accounts receivable processes so they can return to providing real value to their organizations. It assists organizations in improving cash flow while preserving great client relationships by using an integration of intelligent software and the human touch.

Key Features:

• Debtor Daddy offers tools that can easily automate the process of sending out accounts receivable reminders.

• You can make sure that the appropriate tone and messaging are used for various customer segments by making everything personalized.

• A streamlined dashboard and updated reports make keeping track of your debtors easier.

• Call console offers all the information you require at your fingertips so you can move through the call queue quickly.

• With current customer information and notes on earlier interactions, you can be sure that you're making the proper calls.

Cost:

Starts at $89 per month

17. FinancialForce Accounting

FinancialForce Accounting is a cloud accounting software that is used for expanding sales. FinancialForce Accounting interacts with Salesforce for cash flow optimization, cash flow management,and vendor payments. It is a cutting-edge accounting solution created to fully utilize the strength and versatility of the Salesforce platform.

Key Features:

• Create customized user forms and take advantage of relevant content panels that include up-to-date information into the most helpful perspectives.

• Sales, billing, and receivables are all handled automatically and securely through this platform.

• FinancialForce's 360° view includes customer contacts and transactions in billing, accounts receivable, sales, and services.

• It has an accounting engine that can handle even the most complicated or diverse corporate requirements.

• It incorporates innovations that provide businesses with real-time business insight and help reduce period closes.

Cost:

Contact Sales

18. Quicken

Quicken provides complete financial management software with a debt reduction feature. Your bank accounts, stocks, loans, and other financial information are all visible in one location when using this money management application. You can also construct a debt reduction plan and keep tabs on all of your spending with tools that enable you to search for transactions and ascertain where your money is actually going.

Key Features:

• It allows you to create a debt reduction plan and manage your spending.

• Some plans have an interface that you may use to manage and pay your bills.

• Its 256-bit encryption system protects all your financial data.

• The platform works diligently to analyze your debts and determine the best way to pay them off.

Cost:

Starts at $3.99 per month

19. Rocket Collector

Rocket Collector is an automated debt management solution for all businesses. Rocket is simple to use, quick to implement, and highly automated. Your collectors' time is freed up to interact with clients thanks to business rules, batch letters, and text messages that are automatically generated.

Key Features:

• Rocket Collector combines various technologies into one location to create a 360-degree view of a company's debts.

• The account is automatically loaded with copies of all papers created.

• Its reporting tools will give you a thorough evaluation of how well your collections approach is working.

• Send HTML emails in bulk or as individual emails with support for multiple mailboxes.

Cost:

Contact Sales

20. Tally

Tally provides a line of credit to its users with a lower interest rate than what users are now paying on their credit cards. It then leverages its smart technology to assist you to determine which credit cards to pay off first by keeping track of each card's balance and usage.

Key Features:

• Tally often uses the debt avalanche strategy, which requires you to pay off your credit card bills with the highest APRs last.

• This program gives you the option to manually pay your credit card bills.

• It helps you with debt reduction and managing your financial situation.

Cost:

Contact Sales

21. Qube Money

Qube Money is a complete financial management application that uses the envelope budgeting method. You are compelled to set spending caps with this way of budgeting for all discretionary expenses. From there, a Qube Money debit card associated with your account is used to set up digital envelopes that function in conjunction with it.

Key Features:

• The software keeps tabs on your company’s spending, allowing you to stay within your budget and on schedule.

• Automated debt reduction will assist you in effectively managing your debts.

• You can "discover" extra money that you were wasting before and utilize it to pay down debt more quickly with the Qube Money budgeting.

• It helps you spend money with purpose.

Cost:

Starts at $8 per month

22. BEAM

Beam’s debt collection system enables debt buyers, debtors, and collection agencies to simplify time-consuming administrative processes.Its capabilities include service provider placement and account data management. Beam offers a secure debt collection solution that is housed in the Azure cloud environment.

Key Features:

• A drag and drop interface in Beam's feature-rich debt collecting solution enables organizations to automate intricate workflows.

• It includes account setup, data cleaning procedures, and investor reporting.

• Beam has built-in dashboard analytics that provide real-time insights.

• It provides investor management solutions for all businesses.

Cost:

Contact Sales

23. Satago

Satago's expertise, information, and financing are used by businesses to manage their financial connections with their clients. The ground-breaking platform from Satago offers integrated capabilities that reduce the likelihood of bad or past-due loans. It can release working cash when required. The Satago platform supports each stage of the payment cycle, assisting SMEs in taking charge of their operations and promoting sustainable growth.

Key Features:

• Satago interacts with your accounting software and over 300 desktop connections to monitor debtors, identify credit risks, and close cash flow gaps.

• Increase payment speed by automating invoice chasing.

• Utilize credit summary and reports to safeguard your company from late-paying clients.

• Fast funding can help you unlock the cash in your unpaid invoices.

Cost:

Contact Sales

24. Quadient

Quadient is an automated, cloud-based account receivables management solution. It provides real-time analytics, process automation, and CRM capability to improve team collaboration, reduce unnecessary human effort, and retain customers. Quadient AR is the best option for B2B organizations who generate 500 invoices or more per month and have a back-office accounting team that wants to better handle a high volume of bills.

Key Features:

• Use Quadient AR to enhance your internal processes with streamlined workflow, self-serviceability, and capability to employ machine learning to forecast payment behavior.

• The credit evaluation, cash app, and dispute management features help track even the most complex orders.

• Users get access to real-time metrics and cash forecasting capabilities, giving them a single-page snapshot of the status of their AR pipeline.

Cost:

Contact Sales

25. My DSO Manager

My DSO Manager is a cash flow management program created to assist organizations in managing a variety of financial operations like accounts receivables, collection issues, and more. Actionable analytics enable supervisors to monitor weekly or monthly cash predictions, create progress reports, and analyze data based on payment patterns.

Key Features:

• My DSO Manager enables businesses to keep track of the history of client actions.

• The program offers a dashboard that enables users to track and get an overview of sales performance.

• Managers can create invoices, export necessary data in Excel format, and modify user profiles.

• Businesses can combine the My DSO Manager platform with a variety of third-party programs, including Oracle, QuickBooks, Sage, and Salesforce.

Cost:

Starts at €99 per month

Things To Consider For Choosing a Business Debt Management Tool

Although you may be aware of the advantages of debt management software, such asautomating communications, reducing obstacles to payment, etc., you can only benefit from those advantages when you select software that comes with all the required capabilities. Here are some things to consider for choosing a business debt management tool:

• User types: Even if you are the sole collector in the workplace, other people frequently want to know how your accounts receivable are doing. Choose a software program that enables many users to send and control invoices.

• Integration: Keeping all of your data in one place is essential for an effective debt collection approach. Ensure that your software can interface with your CRM system, email, ERP/accounting system, and other essential apps.

• Options for invoicing: Many companies find that sending invoices via email is far more efficient than sending them via regular mail. A system that allows consumers to view and pay their invoices online using a credit card or an ACH payment is another choice you might want to take into account.

• Automation: Think about the reasons behind your initial search for debt collection software. If you're like most people, you want to improve the effectiveness and efficiency of your procedures, which calls for automation.

• Notifications and alerts: It is best to get a software that sends automated notification for debt collection.

Conclusion

So, this was the list of the top 25 business debt management tools. Make sure that you weigh your options properly before choosing the best debt management software for your business.

FAQs

What are business debt management tools?

A debt management tool makes it simple for individuals who owe you money to pay money through a payment portal for the acceptance of online debt payments.

The software gives you the choice of contacting debtors using various channels. This covers communication via phone, SMS, regular mail, fax, and email. It enables you to communicate with people who owe you money in a variety of methods that will guarantee they hear you out.

What are the things to consider while using a debt management tool?

Some of the things to consider while using a debt management tool are:

• Tracking and finding debtors

• Report analysis tools

• Options for billing

• Various payment gateways

• Integration with other accounting services

How does a debt collection software work?

A debt collection software's sophisticated features, such as sending payment reminders automatically and resolving client inquiries, can assist you in managing the collection process smoothly. As a result, fewer payments will be past due and your payback rate will rise.

What advantages can collection agencies offer?

Collection firms are a good option in the following circumstances:

• When there are no customers

• If the debtor's debt exceeds your state's threshold for sending them to small claims court

• When you have numerous difficult-to-recover debts

• If you are certain that you won't be doing business with this client ever again

• If you need to maintain a relationship with this customer, however, you might not want to engage a collection agency since if you send a "bill collector" after them, they might quit doing business with you.