Collecting a person’s debt is not necessarily a happy experience for the person who owes it. Since it must be paid, though, having a system that makes it easy to make payments will go a long way toward collecting without creating hard feelings. Therefore, it is important to choose a payment service provider who can provide advantages for both you and your clients.
To ensure you are making the right choice of payment service provider, ask yourself these three questions:
1) Does the user interface make payment easy for the consumer?
By offering a variety of methods to make payments, you make the experience easier for the consumer by giving them more options to do it. Offering payment portals for web payments, IVR payment solutions for self-service phone payments, virtual terminals for Card Not Present payment acceptance, payment gateways for reliable processing, virtual agents for automated negotiations, mobile payment solutions for payments on the go, and online billing for electronic bill presentment, you make the entire process remarkably easier for the consumer to make their payment, and ultimately, resolve the debt.
This is also an advantage when you offer payment collection services for larger clients. When you can demonstrate a high collection rate you will ensure that they will be interested in working with you and staying with you. Increasing your customer retention rates by just 5% can increase profits up to 95%. (Source: Bain & Co). So when you are considering a payment service provider for your agency, ask how many different payment options they offer.
2) Does this payment platform integrate with my current system?
Easily integrating a payment processor into your current system is vital. An incompatible system can mean all kinds of trouble, from incorrect recording and reporting to lost payments to non-compliance. Even though it is possible to integrate a payment platform that does not have an existing plug-in or application for your platform, you are going to have to do a lot of custom development to make it work. This will cost time and money as well as enhance the distinct possibility of non-compatibility.
Many payment processors will profess that their system is able to integrate with most new platforms, but it is always wise to make sure. Have an in-depth discussion with their Information Technology (IT) or Integrations department to make sure they understand your system. Also make sure that they continuously upgrade their systems in order to stay up-to-date with the latest technology as well as maintain strict compliance with current regulations.
3) Will this payment processor grow with my business?
As your business grows, your payment processor needs to be able to keep up. Growth of payment rates, an increase in consumers paying through mobile devices and transitioning from agent-involved transactions to automated systems can all impact the payment processor. That processor must be able to grow and scale as your business grows.
Choosing a Payment Service Provider.
When these questions have been answered you will have a better idea of how the particular payment processor can help your business grow. BillingTree makes sure that they have the latest technology and the best programs in order to help their clients grow their businesses easily, quickly and fully compliant. Contact your BillingTree representative today to get all your questions answered.