Congratulations! You’re starting a new business as a collection agency, and you’re setting up your shop. As you move forward you realize that one of the most important elements in your business is a payment solutions provider to help you take payments from the consumers you’re working with.
But which should you choose? The market is filled with payment processing providers and all of them claim to have just what you need. The challenge is determining if they will fit your needs now as well as in the future as your business grows. There are several characteristics that you want a payment solutions provider to have. Here are the top three items to look for.
- Multiple payment methods. There is no one-method-fits-all payment processing. There are a number of ways to make payments, and every consumer you work with will have a preferred method.. Look for a provider who has multiple payment methods such as:
The more methods of payment processing that you add, the more payments you are likely to collect because you’ll be able to collect no matter which method a consumer chooses to use.
- Security. One of the top criteria for any payment solutions provider is to be secure..
- Compliance. A critical part of your business is to ensure you are always in compliance with the latest regulations As a collection agency, it’s your responsibility to ensure you’re always in compliance with the rules and regulations.
Your Partner in Compliance:
Billing Tree is the only payment solutions provider that specifically provides compliance resources. We provide timely relevant information that is always available online. Our Compliance Central delivers whitepapers, webinars, templates, and tools to support best practices related to payment collection from consumers. And it’s all complimentary for our clients.
So when you’re evaluating payment providers, always look for these three components. When they’re in place, your collections business will run a lot smoother.