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How to Get Paid on Time with Debt Collection Software

Our CEO and co-founder Glen Morgan weighs in on how debt collection software is the best tool for boosting your cashflow.

Debt collection software can sound scary - but I promise it’s not scary at all. In fact, it’s the best way to combat what is the most worrying subject for many business owners - poor cashflow.

We all know how detrimental a lack of cashflow can be for any business. Last year it was reported that 400,000 businesses closed across the UK due to unpaid invoices affecting their cashflow. It can be a huge cause of stress and mental ill health for business owners, directors, and founders. 

Over my time as a credit control manager at various corporates across the country, I’ve developed a process that works - in fact it’s collected £420 million for over 1,600 UK businesses. I worked with itsettled co-founder Jon to automate my process, and itsettled’s debt collection software was born. 

We often talk to people who feel like they have no control over their overdue invoices, but with itsettled’s debt collection software that doesn’t have to be the case. 

So, how does debt collection software get you paid on time?

Let’s break it down into five simple steps. 

1. You upload your invoices to our debt collection software

First up, you’ve got to upload your invoices. You can either do this manually, or you can utilise our accountancy software integration tool. We recommend doing the latter as it saves you valuable time, but it’s completely up to you. 

We offer integrations with all the major accountancy software providers, so whether you’re Xero user or a Sage fan, we’ve got you covered. 

2. Get on with your work whilst the debt collection software does it all for you

Sounds too good to be true? It isn’t.

We know how busy it can be to run and manage a business, so we focus on saving you valuable time and energy. Whereas before you might spend time on boring credit control tasks that you really didn’t enjoy, you can now spend that time on other areas of your business.

You can use this time to reinvest in your business, work on building new products, and growing your client base. 

You can rely on our debt collection software to get you paid on time consistently.. Even if your invoice is over a year old, we can get you paid quickly. 

3. Our Debt Collection Software gets you paid

Our software is built on decades of expertise, which is why 93% of invoices added to our debt collection software have been paid. Our software doesn’t just wait for an invoice to be raised before chasing for payment - it automatically sends out a gentle reminder before the due date, just to refresh your clients memory. This is massively beneficial and I’ve found it drastically increases your chances of being paid on time. 

One of our customers got paid early for the first time in his business history when he used our debt collection software. 

And in the rare case one of your invoices doesn’t get paid, we provide a debt collection guarantee, whereby our experts will step in and collect your invoice for free on your behalf. 

4. Repeat, using our debt collection software

Consistency is key when it comes to debt collection and credit management. Don’t just use our debt collection software once - you’ll see a significant increase in your cashflow if you use itsettled’s software consistently. 

Why? Because when your customers become familiar with the process that you use, they’ll understand that they need to pay on time in order to avoid the consequences. They’ll come to expect the communication, which is expertly written to gently escalate depending on the length of time the invoice has been overdue. 

5. Benefit from our debt collection software add-ons

At itsettled we offer so much more than debt collection software. As part of your subscription you’ll receive a miriad of extra benefits, from free credit reports to 

You’ll get: 

  • Free credit reports at your fingertips - credit check new clients and long-standing customers so you can make the best decision for your business. 
  • Access to a dedicated account manager - ask your expert account manager questions on anything credit related, and get progress updates
  • A whole host of members-only credit management and debt collection resources, including how-to videos, guides on credit applications, and more. 

Interested in our debt collection software? Try us out for 7 days for free, no access barred. 

About the Author

Glen Morgan is the CEO and co-founder of the Debt Collection Software itsettled and the owner and CEO of Credebt, the leading accounts receivables company. Glen is a Fellow of the Chartered Institute of Credit Management and has spent the last three decades working in the credit industry. He is widely considered an industry expert and has been asked to advise the UK Government on credit management via the Parliamentary Review and Leaders Council.

You can follow him on LinkedIn here and on twitter here

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