It can be overwhelming to be on the hunt for debt collection software that suits the needs of your business. In fact, a simple google search will bring up dozens of results. Each of these will claim that they are different and unique.
At the end of the day, you’re looking for software to manage and process your unpaid accounts. In this article, we will be doing a comparison between our IsoDebt software and Futuresoft’s Excalibur software. Both of these systems have great benefits and would make the debt collections process in your business run a lot smoother.
Because we fundamentally believe that building trust is the highest currency for any business — we have no reservations about giving you a brief walkthrough of the main differences and distinguishing features between IsoDebt and Excalibur so you can make the best decision based on what you’re looking to achieve for your business.
Excalibur is a collection management system with integrated call centre and legal functionalities. This program was specially developed for high volumes of debt collection and the headaches that come with it. This system was designed to manage a companies workflow, staff and communications required to ensure successful debt recovery.
Excalibur offers numerous services that can complement an existing debtors department. They provide the legal information regarding debt collection and the engine to collect debt on a large scale.
Their services include:
- Debt Collection Management Software, Procedures & Strategies
- Call Centre Solutions & Mass Communications Facilitation
- Productivity Management & Strategic Consulting
- Skills Development Facilitation & Data Management
- Dialer and Systems Integration
Futruesoft is a great software company for attorneys or debt collection agencies that want to better manage their workflows. Excalibur is currently employed as the Debt Collection Management System of choice by numerous law firms and Debt Recovery Agencies across South Africa. In addition, a number of banks and many large South African corporates have installed Excalibur to deal with their own ‘early delinquency’ debtors and their outsource requirements.
Potential clients have to request a quote and an agent from Futuresoft will go out to the prospect. Once there they will assess your needs then issue a quote based on the business requirements.
While we don’t have any backend data, when we were looking for collections software for our clients, before choosing to develop our own the ballpark was between R 8,500 to R 18,000 per month.
Futuresoft has a team of 70 members including executive management.
So, who is Excalibur a good fit for?
If you are a large business, a debt collection agency or an attorney then Excalibur would be the software option for you. If you are looking to streamline your collections process, manage your calls and your staff this is definitely a great software option for you.
Kitrin IsoDebt is software that provides a consistent and proactive approach to managing unpaid accounts in a business or healthcare practice. IsoDebt is simple in itself allowing the business owner or their admin team to effectively manage the overdue accounts.
IsoDebt offers a proactive and consistent approach to the unpaid management function in your private practice. And cloud-based unpaid management software offers you the following key features and benefits which rival many of the features that similar debt collection software and practice management software offer.
- Low Monthly Costs
- Free Online Based Training
- Free Online Based Support
- Integrates with Existing Practice Management Software and Accounting Software
- Full Audit Trail Functionality
- Powerful Functionality with an Easy to Use Interface
- Having a Defined Process and Manage each Overdue Account Effectively
Kitrin IsoDebt is designed for a small to medium business or private healthcare practice. The reason behind this is there is an entire industry built around debt collection. This industry is aimed at debt collection agencies and not at business owners. Cashflow is king, if you run a successful follow-up campaign on your accounts, your bad debt book reduces. This reduces the number of accounts that need to be handed over to an attorney or debt collector.
Kitrin offers both annual and monthly payment options. This allows the customer to choose which would best suit their needs.
Annually the pricing is between R 2,400 and R 3,600 while monthly instalments are between R 200 and R 300.
The Kitrin team is a small team of 7 people including executive management.
So, who is Isodebt a good fit for?
IsoDebt is the software option for any small or medium business owner looking to manage their outstanding accounts. IsoDebt is also designed for healthcare practitioners in private practice who need to manage their outstanding accounts and unpaid medical aid claims.
Things to consider when choosing a debt collection software.
At the end of the day, both Excalibur and IsoDebt have their place in the market. The deciding factor comes down to what you are looking for.
If you’re looking for unpaid management software, debt collection software or simply a consistent process for your overdue account management, the IsoDebt would be the option for you. However, if you are a larger business or collections agency then Excalibur would be the option for you.
Of course, there are other debt collection software options out there, and you as the consumer need to do your research and see which offer makes the most sense for your business.