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Best Credit and Collections Software

Businesses use credit and collections software to ensure customers pay for the products and services delivered by the company. By recovering the amounts due on time, companies can rely on a consistent influx of money to finance their operations. This type of software is used by accounting teams to identify which invoices are overdue, match invoices and payments, reduce processing errors, and manage collection issues such as bad debt (amounts owed by customers that are unlikely to be paid). Accountants also use credit and collections software to manage customer credits to mitigate the risk of not getting paid. This type of software can also be used by collection agencies that recover outstanding payments on behalf of their customers.

Credit and collections software can be delivered as a standalone product or as part of a financial management suite. Standalone credit and collections tools need to integrate with accounting software and ERP systems or with related point solutions such as AR automation software.

To qualify for inclusion in the Credit and Collections category, a product must:

  • Allow users to define customer credit limits and adjust them based on payments history or type of customer
  • Match invoice information such as the amount or the due date with payments
  • Identify upcoming payments due and notify customers by email, phone, or mail
  • Manage overdue payments and apply penalties or overcharges for late payments
  • Monitor payments history and identify customers that are more likely to pay late
  • Analyze discrepancies between invoices and payments and determine what caused them
Compare Credit and Collections Software
Results: 29
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    The FICO Network is the fast, direct connection to resources that collections and recovery professionals need to save time and effort. It provides a single point of connectivity to service providers to streamline business processes and automate transactions between creditors, collection agencies and attornies, plus access to account information from more than 90 databases and data consolidators

    In as little as 15 minutes, Tesorio can connect to your ERP to learn from your customers' historical behavior, and project forward to instantly increase the accuracy of collections forecasting. Collectors can automate key aspects of their workflows through advanced dunning, and prioritize white glove outreach with user friendly filtering and template managers. Improved outreach results in lower DSO and a reduction in stale invoices (aged 60+). When feedback from your clients on promise-to-pay or expected pay dates is tracked and updated in Tesorio, those new expectations automatically flow through to update the forecast- driving additional accuracy to inform cash management. With a better understanding of inflows, our clients are positioned to more effectively manage outflows, and we empower them to do exactly that as strategically as possible. We can make recommendations on payments to delay and push payment holds directly to NetSuite, all while quantifying the net working capital impact. Tesorio also reduces noise associated with Foreign Currency exposures, by automating exposure reporting to display midmonth gain/loss analysis, net exposure positioning, and easy drill downs by currency or entity.

    CollBox demystifies the collections process and simplifies collections management with an integrated platform that connects QuickBooks Online with a network of certified and vetted collections agencies.

    Anytime Collect automated accounts receivable software puts the entire A/R process on auto-pilot, allowing collectors to save time and focus on building key customer relationships. Users are able to automate email, including attachment of supporting documents such as invoices, purchase orders, and more. Available online bill pay allows customers to pay by clicking an email link and entering through a secure payment portal. Anytime Collect has a prioritized actions list that tells you who needs to called right away, whether they need to be called or emailed, their account info and past communication notes. Even more features are available and are shown in a demo.

    ARC Collections automate routine tasks with over 150 notifications that can be tailored to business, allowing collectors to focus on the customers that can't (or won't) pay. It has access to accurate data, proactive reminders, and intuitive online tools remove friction from the AR process, allowing customers to collaborate and pay when ready. Leveraging data from current ERP and billing system, ARC enables a holistic, central view of the status of all receivables.

    Carixa is an end-to-end credit-to-cash system for mid and large corporations that can also be deployed standalone or as a high-performance production bolt on where you need it. Either way, Carixa will enable you to maximize your financial performance.

    Churnback is Stopping Churn, Revenue Loss and Chargebacks by automation. Churnback makes sure your customers pay on time, increasing your revenue through automation and fight back chargebacks by automation and a global collection network.

    Cogent automates the collections process across the complete lifecycle, reducing the cost of collecting debt and increasing debt recovery.

    The Collect! cloud based hosted solution is all inclusive; the hardware, the applications, the environment, the backups and the maintenance are all taken care of for you. This substantially lowers the cost of getting started, allows you to pay for what you use in the cloud, and enables you to grow without having to reinvest in additional hardware or reconfigure systems that were not properly sized.

    Collection AdvantageSM helps you identify which accounts have the greatest and least recovery potential.

    HighRadius Collections Cloud is designed to automate and optimize the credit collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships and reduce DSO.

    HighRadius Credit Cloud is designed to replace a paper intensive credit management process with an electronic one to enable better credit portfolio and risk management and to quickly onboard new customers.

    CreditForce's range of products are integrated with over 40 of the world’s leading Accounting Systems, including SAP, Oracle, Epicor, Axapta, JD Edwards, Microsoft Dynamics, Microsoft Navision, Sage, Lawson, Infinium, and many Legacy Systems, with Editions for Industrial, Commercial and Government, and Professional Services Businesses complemented by a range of Supporting Applications.

    CreditPoint Software's SaaS platform offers the most comprehensive B2B credit risk and collections management solutions available. The product suite offers: online credit app, ratings & financial data, bureau integration, configurable scoring models, rule-based workflows, analytics driven monitoring and alerts, and business intelligence.

    Debtmaster360 offers everything you need to run your collections department. Quick setup and seamless operation with secure features allows your agency to be the best of the best, while significantly reducing capital expenses and exponentially increasing reliability and redundancy. This leaves you to focus on the core business of Debt Collection.

    HighRadius Electronic Invoice Presentment and Payment (EIPP) Cloud provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers.

    ENCollect is a mobility driven solution for collection agencies, field agents and banks to colloborate on debt collection activities, end to end.

    Collection Optimization uses FICO’s sophisticated decision modeling algorithms to quantify the impact of business decisions and actions on debt collection and recovery outcomes. With the ability to run “what if” scenarios and stress test results, managers easily and confidently choose the optimal decision for virtually any aspect of collection operations, including placements, settlements, resource allocation and other objectives.

    FICO Custom Collection and Recovery Models help organizations accelerate collection revenue by bringing analytic models up-to-date with today's changing economies and consumer behavior. FICO's sophisticated predictive analytics, domain expertise and careful tailoring to the operational environment assures credit issuers and collectors they have the precise models they need to determine whether to allow accounts to self-cure or charge-off

    Organizations collecting debt successfully gain control of collection costs and profitability by implementing the FICO Debt Manager solution, a complete and highly automated system for collection and recovery

    A comprehensive credit and collections management solution suite, aggregates data for a single view of cash and risk.

    iMX is a commercial finance/debt collection software including accounts receivable, accounts payable, corporate finance, and more. iMX provides all the tools natively integrated to perform commercial finance/debt collection and supporting activities.

    InterProse ACE is the most flexible, feature-rich, intuitive, mind-blowingly friendly debt collection solution on the market

    Lariat is a cloud debt collection solution that provides agencies and corporations with a wide array of tools to manage collection accounts. CRM module for sales agent to track leads and convert them to clients.

    numberz is an analytics driven, secure, online enterprise solution that helps you achieve your collection goals

    Pairity's advanced AI quickly streamlines all of your organization's data, leverages it to its full potential, and increases the success of each contact in a user-friendly and compliant interface

    Simplicity collections software provides the most affordable and sophisticated solution for managing and tracking your debt collection cases.

    WorkflowAR is a cost effective solution designed by receivable professionals. With WorkflowAR, the information you need is at your fingertips. WorkflowAR is a web-based application designed to take the valuable data your ERP or A/R System creates and turn it into useable, valuable receivables information, provide Portfolio analysis tools and monitor and improve workflow processes.

    We make collecting money fast, easy, and highly predictable. YayPay is a cloud-based, predictive accounts receivable automation solution that leverages data and automatic payment communications to accelerate collections. YayPay integrates with multiple accounting, billing, and CRM applications for a complete look into the collections process to help organizations better predict cash flow and increase revenue.

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