Software enables companies to collect unpaid receivables using persistent, professional, and compassionate processes
ALBANY, N.Y.—February 12, 2024— Captira Analytical LLC has launched Carol Collect, a software solution for small and medium size businesses to manage the collection of unpaid invoices. The solution helps business owners address what can be a serious problem—the loss of revenue and negative impacts on cash flow from hard-to-collect invoices, usually those that are 90 days or more overdue. Companies that lack a full-time internal accounts receivable team often struggle with this challenge. The software is based on an established, proven technology stack developed by Captira Analytical for clients across multiple industries.
Carol Collect, which has to date processed more than $75 million of debt, is focused on first party collection, rather than the customary handing over debt to third parties for collection. Its software solution manages a client’s overdue or unpaid invoices utilizing a set of predefined processes that engages, reminds, escalates, and attempts to collect for them.
“Carol Collect was born when we ourselves realized just how many of our customers had unpaid invoices in their own customer bases,” said Justin Scott, Captira Analytical’s Chief Revenue Officer. “The software considers the value of relationships between creditors and their debtors and looks to maintain that. The software is in effect compassionate but can escalate engagement. The win-win is succeeding in resolving the debt while maintaining those relationships and providing debtors an array of resolution options.”
The Carol Collect approach stands in contrast to third-party collections, a huge service industry where debt is handed off or sold to debt buyers. As is well known, the standard collection process is not compassionate and is focused on getting the debt paid without thinking about the circumstances of the debtor or the original company’s reputational brand damage that can result from such “hard collecting.”
Carol Collect recently introduced a subscription free per-invoice pricing option. Businesses that have fewer than 100 overdue invoices will not pay a monthly fee, with only a 99-cent charge per invoice uploaded. Carol Collect will manage the full internal collection process with access to all software features for the 99-cent per invoice fee.
For more information visit www.captira.com/collect
Quick Tip and concluding Thought:
Collecting unpaid invoices can feel mundane and monotonous but the impact of not setting up a methodical and repetitive process on your cash flow can be disaster for your business. If you're a small or medium size business you're likely more focused on revenue and keeping customers happy so I recommend using software/tech to augment your admin team and handle the tasks associated with following up. Yes, I’d recommend our Carol software but it really has been built to help businesses automate the process and chase up unpaid invoices.