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Debt Recovery Software: Your Questions Answered

Have you got a burning question about itsettled’s debt recovery software? Read on for the answers.

What is Debt Recovery Software?

Let’s start with the basics. Debt Recovery Software is software that a business owner can use to recover their debts and chase for payment on invoices. A business owner can manage all their invoices in one place, and gain an overview of their cashflow position through Aged Debtor Reports

Why is Debt Recovery Software Important?

Debt Recovery Software is one of the most important and often underused tools available to business owners. Every CEO and MD knows that cashflow is key to business survival and success - if you don’t have a consistent cashflow, you’re not going to be able to keep your business running. This article from the British Business Bank explains the importance of cashflow to your business. 

How does Debt Recovery Software work?

A Debt recovery software such as itsettled works by automatically sending out invoice reminders before the invoice is due, and following a gently escalating process once the invoice becomes overdue. itsettled’s process is built on co-founder and CEO Glen Morgan’s near three decades of experience in the credit management industry, so is expertly tailored to send the best communication at the right time. 

What are the benefits of Debt Recovery Software?

There are numerous benefits to using Debt Recovery Software, so we’re only going to cover the top few here. First up, and definitely the most important, is that by using a piece of debt recovery software, you’re going to get a significant boost in cashflow. When you have an automated system in place that sends out expertly-written credit management communications on your behalf, your business will be paid faster. Consistency is key here. By using a piece of automated software, you’ll also be saving time - after all, you won’t have to spend valuable time on credit control tasks that you don’t enjoy doing. One of the most frequent things we hear from itsettled customers is that they get peace of mind from itsettled - they know that everything is being done to protect their business. We provide much more than debt recovery software - we assign every customer an expert account manager who is there to answer questions and provide support. 

How can Debt Recovery Software prevent Late Payments?

When you’re using debt recovery software, you’re not just using a piece of software. You’re using a proven process that has collected over £420 million for 1,600 UK businesses. This consistent process will become familiar to your customers. They’ll come to expect the invoice reminders, and will understand that if they pay late, there will be consequences. Our customers compare using itsettled’s debt recovery software to having an in house credit controller, but for a fraction of the price. 

Why should I use Debt Recovery Software consistently?

You might think that you only need to use debt recovery software when you’ve got unpaid invoices that have been overdue for a certain period of time, say 30 days. However this is the most inefficient way of using such a piece of software. 

Our CEO Glen has found over his three decades within the industry that when a business uses a consistent process, their customers are far more likely to pay them on time. itsettled’s debt recovery software provides that process, and more. When you wait to upload invoices to itsettled, you’re just delaying getting paid - and that doesn’t make for a healthy cashflow. 

Can any business use Debt Recovery Software?

As long as your business trades on credit and sends out invoices, you can use itsettled’s debt recovery software. 

Anyone within your team can use it - our debt recovery software has been designed to be easy to use with no complicated setup or configuration of templates to organise. Simply enter a few basic details, upload your invoices (either manually or via your accountancy software), and you’re good to go. 

Whether you’re an office manager at a recruitment agency, or a financial director at an engineering firm with no other finance staff, itsettled is designed to slot into your work life as smoothly as possible. 

What’s the best Debt Recovery Software to use?

itsettled’s debt recovery software is an award winning software built on three decades of experience. Our CEO and co-founder Glen has contributed to the parliamentary review on late payment and is an active member and Fellow of the Chartered Institute for Credit Management - so we’d say he’s pretty great at what he does. 

itsettled’s debt recovery software is fully automated, meaning that you can sit back and relax, knowing that we’re protecting your business growth on your behalf. We provide so much more than a piece of software - from free credit reports on your customers to a multitude of platform features that simplify the process even more, we’ve created something that’s got your back. 

Still on the fence? Read some of our customers stories to find out why they love itsettled. 

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