Top 8 Debt Collection Software in 2024

Cecily Giancaterino

Mar 20, 2024

∙

12 min read

CRM

If you're a debt-collecting agency, you know that tracking communication with debtors, managing debtor hearings in court, or deciding which debtors to prioritize based on payment history, debt amount, and risk level can all be a pain.

Software like FiveCRM can simplify debt collection by providing a platform for all debtor data, communications, segmentation, and progress. In this article, we'll explore the top eight debt collection CRM systems that will make your life easier.

Here are the key things to know about debt collection CRM software:

• Debt collection is more than just collecting money from debtors. It's a time-consuming — and oftentimes complex — process that requires a lot of organization, communication, and data management.
• A debt collection CRM streamlines the debt collection cycle by managing and tracking debtor data, communication, segmentation, and reporting — all in one platform.
• When choosing a debt collection CRM, key factors include its features, pricing, and user reviews.
• The top debt collection CRMs include FiveCRM, BrightOffice, Creation CRM, CasetrackerLaw, LeadSquared, HubSpot, Zoho CRM, and PhoneBurner.

Table of Contents

• Debt Collection CRM Comparison Chart
• What is a Debt Collection CRM?
• How to Evaluate Debt Collection Software for Your Agency
• FiveCRM
• BrightOffice
• Creatio CRM
• CaseTrackerLaw
• LeadSquared
• HubSpot
• Zoho CRM
• PhoneBurner
• Improve Your Collections Agency with FiveCRM
• FAQ

Here are eight CRM systems that could be great for debt collection:

1. FiveCRM
2. BrightOffice
3. Creatio CRM
4. CaseTrackerLaw
5. LeadSquared
6. HubSpot
7. Zoho CRM
8. PhoneBurner

Debt Collection CRM Comparison Chart

What is a Debt Collection CRM?

Debt collection is more than just collecting money from debtors. It's a time-consuming — and oftentimes complex — process that requires a lot of organization, communication, and data management.

A debt collection CRM helps debt collectors manage all these things and more. This software streamlines the debt collection cycle by managing and tracking debtor data, communication, segmentation, and reporting — all in one platform.

How to Evaluate Debt Collection Software for Your Agency

When choosing a debt collection CRM, consider your agency's specific needs and budget. Understand the CRM software's features, pricing, and user reviews to inform your decision.

Features

For debt collection, you will need contact management, segmentation, communication tracking, reporting and analytics, and automation.

Do you need to have a history of debtor information and interactions? Do you need to categorize them according to payment history and risk level? How about automating reminders, follow-ups, and data entry?

Pricing

Along with a range of features comes variations in pricing. Some CRMs may be less expensive than others, and most of them will have free plans.

Looking at what your debt collection agency needs will inform your decision on whether you'll need the advanced features of paid plans.

Also, consider both short- and long-term use. A CRM platform may seem more expensive now but may give you more bang for your buck in the long run, especially if you think you'll use it for longer than a year.

User Reviews

Consider positive and negative feedback from current or previous users and look for unbiased reviews from third-party sites. In the roundup below, we've added ratings and linked to review sites so you can pay attention to how users rate the software's ease of use, customer support, reliability, and overall experience.

1. FiveCRM

Rating: 4.4/5.0 (G2)

Key Features:

• Automatic appointment confirmations and reminders: Ensure your debt collectors don't miss a follow-up meeting with automated reminders.
• Data synchronization and accessibility: Automatically sync call logs, recordings, and other call-related notes with customer profiles in the CRM system.
• Email marketing: Easily create and send targeted email campaigns to customers and prospects.

FiveCRM is an all-in-one CRM software for lead management, email marketing campaigns and B2B opportunity management. It's an excellent tool for customer segmentation, prioritization, scheduling, and document management.

Its powerful AI helps you manage meetings and automate tasks, coupled with powerful integration capabilities.

FiveCRM's pricing starts at $70 per seat if billed monthly or $63 per seat when billed annually.

2. BrightOffice

Rating: 4.0/5.0 (G2)

Key Features:

• Court management: Speed up court proceedings from pre-trial to settlement details, including details from the Financial Ombudsman, Courts, FSCS, and others.
• Customizable branding: Fully customize your interactions using your company logo and colors to create a professional, unique experience consistent with your branding.

BrightOffice's Collections Cloud CRM is a comprehensive debt recovery system that offers intelligent tasks and full workflow management for each debtor.

This collections CRM software provides a complete backend solution to manage various debtors. It also lets you customize your CRM to match your branding and use data mapping fields on any templates to add a personal touch to your communication.

3. Creatio CRM

Rating: 4.6/5.0 (G2)

Key Features:

• Templates and connectors: A universe of ready-to-use applications, templates, and connectors to speed up your debt collection cycle.
• Studio: Enjoy a high degree of customization that suits your team's process when you automate workflows and build apps in a no-code environment.

Creatio is a no-code platform that automates workflows and CRM — thanks to ready-made workflows, templates, and apps tailored for 20 industries, including mortgage, credit unions, and banking.

If you're looking for CRM software with a high degree of customization and flexibility but without the need for technical knowledge, Creatio is a good fit.

You can try Creatio for free, and after 14 days, you'll have paid options that start at $25 a month.

4. CaseTrackerLaw

Rating: 5.0/5.0 (Capterra)

Key Features:

• Flexible and customizable: Anyone from law firms, collection agencies, debt buyers, forwarders, and even corporations and small businesses can use this CRM.
• Security: This platform boasts top-of-the-line hardware and policy with PCI compliance, advanced firewalls, AWS servers, penetration test, and others.

CaseTrackerLaw is the first in this list to be dedicated software for accounts receivable and debt collection. It is flexible and fully customizable, allowing you to tailor it to your business needs regardless of your sector.

An essential feature of CaseTrackerLaw is the security it provides. With PCI compliance, advanced firewalls, and penetration-tested AWS servers, your debtors' data and communications are safe from breaches.

Paid plans begin with the Starter Package for a $699 one-time setup.

5. LeadSquared

Rating: 4.6/5.0 (G2)

Key Features:

• Borrower management and categorization: Segment your borrowers on high, medium, and low priority, and according to loan type, location, Days Past Due (DPD), default amount, past loan and default history.
• Recovery prediction and automation: LeadSquared features case prioritization, day planning for collection agents, automated communication, and recovery workflows for collections.

LeadSquared’s Collection CRM can streamline your collection strategies. The software will also help you automate communication with the debtors, thus reducing the time and resources while saving on operational costs.

Take advantage of borrower management features incorporating seamless API integration, categorization, 360-degree borrower profile, and borrower communication. Advanced analytics are also available, which includes performance tracking and default customer analysis.

You must fill out their form or book a demo to get customized pricing.

6. HubSpot

Rating: 4.4/5.0 (G2)

Key Features:

• Segmentation: HubSpot's customer segmentation features may categorize debtors according to priority levels, loan type, location, and default amount.
• Email templates and HubSpot AI: Personalize your emails with customers using templates and AI writing for more compelling CTAs.
• Reporting and analytics: Gain insights into sales and CRM performance with key metrics.

HubSpot is more of a CRM software than a debt collection tool, but its sales features can be used to make a debt collector's day-to-day easier. With automated email sequences, customizable templates, and AI writing, you can communicate with your debtors efficiently.

HubSpot also provides reporting and analytics features to track the status of debt recovery and segmentation to categorize debtors according to personal information.

HubSpot offers a powerful free tool, but the Sales Hub provides premium features starting at just $20 per month.

7. Zoho CRM

Rating: 4.0/5.0 (G2)

Key Features:

• Comprehensive features: The Zoho CRM ecosystem has a solution for debt collection — from automation to process management.
• Document management and automation: Pertinent debtor and case-related information is securely stored in Zoho CRM’s database.

Like HubSpot, Zoho CRM is primarily a cloud-based CRM solution that can be customized to fit the needs of debt collection agencies.

It streamlines the debt collection process by automating tedious tasks like generating reminders and creating call logs. Zoho CRM also offers document management features where you can store important debtor information securely in their database.

Zoho CRM's Standard pricing plan starts at $14 per user/month when billed annually.

8. PhoneBurner

Rating: 4.7/5.0 (G2)

Key Features:

• Power dialer: Reach 60-80 contacts per hour without connection delays, hangups, and per-minute fees.
• Lead distribution: Assign the right lead to the right agent.
• Remote dialing: Reach debtors from anywhere in the world.

PhoneBurner is not necessarily a debt collection CRM, but if phone calls make up a huge chunk of your team's day, then this is an excellent tool for you.

PhoneBurner is a "Power Dialer and Customer Acquisition" platform that streamlines 1-on-1 calls by automating call logging and post-call workflows. This tool helps you reach as many contacts as possible and maximize lead value. You can seamlessly integrate this with tools like Salesforce, Zapier, Zoho, Zoom, and 150+ other apps.

Pricing starts at $127 per user monthly if billed annually.

Improve Your Collections Agency With FiveCRM

A debt collection agency must have organized records, efficient communication systems, and robust data analysis to ensure a smooth debt recovery.

With the right CRM software, you can automate tasks, prioritize cases, manage borrower profiles, track performance, and create reports with ease. FiveCRM paves the way to increased efficiency and productivity for your team while boosting your chances of successful debt collection.

Schedule a demo today to discover how FiveCRM can make your debt collection agents' day-to-day easier and increase debt recovery for your agency.

Debt Collection CRM FAQ

What is a Debt Collection CRM?

A debt collection CRM is a specialized software solution designed to assist debt collection agencies in managing their debt recovery processes more efficiently. It assists agencies by centralizing debtor information, automating follow-up actions, improving compliance, and enhancing communication with debtors.

Can a Debt Collection CRM be Customized to Match Specific Needs and Regulations?

Yes, many debt collection CRMs can be customized to align with your agency's unique processes, compliance requirements, and branding. These customizations can include tailoring data fields, workflows, compliance checks, and user roles, ensuring that the CRM aligns seamlessly with your agency's operations and adheres to industry-specific regulations. This adaptability allows you to address specific challenges and optimize your debt collection processes effectively.

What are the Key Features to Consider When Selecting a Debt Collection CRM?

When choosing a debt collection CRM for your agency, key features to consider include debtor information management, automated workflows for collection processes, compliance and regulation tracking, reporting and analytics, audit trails, and secure data storage. These features are essential for improving debt collection efficiency and ensuring compliance with debt collection laws.

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