Automated debt collection is one of the key concepts behind TRAQ software. With clear insights and easily automating processes you immediately gain the upper hand to focus on more important tasks – all while utilising TRAQ’s powerful debt collection software features to consolidate and assist you with the time consuming processes and increasing your recovery rates!
Keys for Debt Collection Success
Is your business struggling to collect on outstanding debts? Bad debt is a major challenge for businesses in South Africa. It directly impacts profitability and company cash flow. Studies have shown that businesses in various industries both locally and internationally lose a significant portion of their company revenue to unpaid debts. Chasing late payments can be a time-consuming and frustrating task for all businesses. TRAQ software helps businesses improve their collection rates; And here is just some of how we do it.
Increase Recovery Rates with TRAQ Software
We understand the importance of recovering outstanding debt efficiently. Our debt collection software is specifically designed to increase your recovery rates faster. With TRAQ software you gain access to advanced features and automation tools that improve collection rates, debt recovery and automated debtor management. This enables you to consolidate your debt collection tasks and enhance cash flow quickly and smoothly – for all parties involved!
Automated Debt Collection
Traditional debt collection methods can be slow and labour-intensive. They give inconsistent results. Automated debt collection technology accelerates the process and enhances efficiency with recovering debt. TRAQ Software offers a variety of automated features to speed up collections – while freeing up your staff for more strategic and complex tasks. Design and implement automated workflows to manage the entire collection process. From early reminders to late-stage escalations. Using Personal Omnichannel Communication you are able to communicate with debtors through their personal preferred channels, such as email, SMS, or phone calls – using automated templates and personalised messages.
With 24/7 availability your automated debt collection system operates around the clock, ensuring that debtors can make payments or contact your team at a mutually agreed convenience. This increases the opportunity to collect outstanding balances faster!
Improve Debtor Management with AI-assisted Automation
For over 20+ years TRAQ Software Solutions has led the way in the debt collection software industry in South Africa. When the concept of AI was just an idea being brought into the world – we’ve been blue-printing additional features ever since. This gives you a major advantage of having the best and most powerful debt collection software in South Africa (tried and tested) now assisted by AI. It’s a win-win! Not only have we scoped the future, we’ve also covered AI in debt collection with ethical responsibility.
We understand debtor management is a crucial aspect of effective debt collection – this is where automated debt collection becomes powerful. We’ve had enough time to scrutinise and strategise every aspect of traditional approaches that can be reactive and inefficient. With continuous improvements TRAQ Software is strategically and effectively integrating AI-powered additions to enhance existing features.
Simplify Credit Control and Increase Recovery Rates
Credit control is very important for maintaining a healthy financial status. However when you are manually chasing late payments it can be a time-consuming and very resource-intensive task. With debtor data on-hand, our features like “Best Time To Call” handle this for you so that you can gauge when, where and how to contact a specific debtor or debtors. This allows you to have a higher recovery rate by gaining rapport using their preferred contact methods. TRAQ Software empowers you to automate key credit control functions, such as:
- Early intervention: Send automated payment reminders via email or SMS shortly after a due date – prompting customers to settle their invoices, promptly.
- Escalated communication: Our software can generate and schedule personalised collection letters at the appropriate intervals needed. It urges overdue payments while maintaining a professional, personal tone – the “people first” principle at TeamTRAQ!
- Flexible payment options: Offer customers convenient ways to settle their debts through secure online portals integrated with TRAQ. This allows for self-service payments – reducing the burden on your team.
By automating these tasks you can free up your staff to focus on higher-value activities and experience a significant increase in recovery rates.
Refine Account Receivable Management and Cash Flow
Account receivable management (ARM) is a critical component of any healthy business. Uncollected receivables can negatively impact your cash flow and harm your ability to operate business effectively. TRAQ Software empowers you to sort and organise your ARM tasks through automation and efficient data management. With real-time visibility you gain a clear overview of your outstanding receivables with our intuitive user-friendly interface. Track overdue payments, analyse customer payment patterns and identify potential bottlenecks in your collection process.
Generate customisable reports to track key performance indicators (KPIs) like collection times and recovery rates. This data empowers you to make informed decisions and continuously refine your ARM strategies. With TRAQ Software you will experience improved cash flow, faster invoice settlements and a healthier financial bottom line.
Enhanced Compliance with Automated Debt Collection
Keeping up with legal compliance in South Africa is a crucial part of the debt collection process – and rightly so. At TRAQ, we understand the importance of ethical and legal debt collection practices in South Africa. Our innovative software solutions are designed to have automated debt collection features to organise your collection processes while maintaining compliance with regulatory requirements and industry standards.
For debt collection agencies and businesses, TRAQ Software offers comprehensive compliance management. With the power of automation, you can ensure that every step of your debt collection process meets necessary legal and ethical guidelines.
Recover Debt Faster with TRAQ Software
TRAQ Software offers a powerful solution for businesses in South Africa. Our automated debt collection features smooth out and speed up processes more efficiently and boost recovery rates, leaving you to focus on higher-level tasks. Stop wasting time and resources chasing payments, simply request a demo. TeamTRAQ is here to help you every step of the way.
If you request a demo now, you may qualify for a Free 3 Month Proof of Concept!