Question: Can you recommend a debt collection solution that uses AI to automate the process and reduce costs?

If you're seeking an AI-based debt collection service, Paymefy is an interesting option. The system applies artificial intelligence to optimize debt collection so businesses can get their money back sooner and at lower cost. It automates customizable sequences of notifications, cuts the need for human intervention, and integrates with ERPs and CRMs. Using Paymefy, companies can cut operating costs by thousands of euros and shorten the time it takes to recover debts by up to two months.

Another good option is FinFloh, which automates and optimizes accounts receivable from end to end. FinFloh features include AI-based credit scoring, customizable workflows and a single communication channel for disputes. It also comes with an ML-based OCR engine for cash application and integrates with ERP, CRM and communication tools without requiring any programming. The service is geared for companies with complex AR operations that want to lower DSO, increase cash flow and improve collections productivity.

Growfin is another tool to speed up debt collection and improve coordination among AR, sales and customer success teams. It includes AI-based account prioritization, precision dunning and real-time tracking and analytics. Growfin is designed to cut manual work by 60% and reduce days sales outstanding by 33%, and thus is a good option for optimizing accounts receivable and accelerating cash flow.