As a collection agency, you already know that payments through online payment gateways save you both time and money. When you calculate the processing fees, personnel time and material costs of processing paper checks, receiving online payments can save significant money. Online payments also have advantages for the debtor. They can make payments at anytime day or night, their account is credited immediately and they can review their payment history at anytime to ensure they are current.
Despite these advantages, some consumers are reluctant to make online payments. They prefer the familiarity of paper checks, even if those checks take a long time to process. So here are some tips to help migrate your consumers to making online payments.
Make Online Payments Easy
The most effective way to migrate consumers to online payments is to include enrollment forms with each communication. When you send direct mail, include an enrollment form and/or a page that invites them to look at the online payments website. When you send email, include a link to the online payments portal. Talk about the advantages that they will receive when they make online payments. This simple tactic can convert a significant number of payers.
Survey & Educate
Another strategy is to simply ask the consumers why they have yet to embrace online payments. After collecting and analyzing the data, you can address their concerns and promote the benefits of paperless payment options.
Offer Additional Perks
Granted, it seems kind of odd for a collection agency to offer some kind of perk to a person who owes money, but it could work to your advantage. The more people make online payments, the more money your company saves every month. Offering a one-time perk could migrate enough consumers to online payments to save your agency significant money. To learn how BillingTree and the myPayrazr Portal can help you integrate payment services and solutions into your business, contact us today.