During this pandemic, BillingTree is taking collections payment processing to the next level by closely analyzing our partner’s merchant activity. Your clients/customers want convenient, contactless methods to make their payments.
The issue arises when industries that have been trailing others in technology need to play catch-up at this critical hour. Unfortunately, the ARM (Accounts Receivable Management) is one of those industries stuck in the past. Fortunately, BillingTree is here to help; our roots are firmly planted in the collections industry with nearly 20 years of experience working with businesses like yours to make the payment experience seamless.
During this crisis, we’ve noticed a few best practices in which to abide:
- Keep Communication Open
- Work with Struggling Clients
- Make Payments Convenient
- Keep Your Channels Secure
Just because in-person interaction has diminished, it doesn’t mean you can stop checking in. The mark of a quality collections business is a good relationship with your clients. That means you need to step up your communication through contactless means: phone calls, SMS/text opt-in for alerts/ reminders, emails, etc.
This will also help you understand your clients and their situations so you can make informed decisions for your business.
Work with Your Clients
One of the most common misconceptions about collections businesses is that they want to bleed people dry, regardless of circumstance. However, this couldn’t be farther from the truth. Most reputable collections agencies serve as financial advisors and often work with debtors to ensure that the original business receives the money they are owed. The debtor can retain a decent credit score going forward. Both parties benefit from a good relationship.
More than ever, people need assistance, which is where your business can stand out. Continue to communicate and work with those that need support.
Make Payments Convenient
During this epidemic, people are looking for more convenient and contactless payment methods to avoid unnecessary contamination. As stated above, many businesses in the ARM/collections industry still operate mainly with physical checks in the mail. The result is often late or skipped payments, hurting your revenue stream.
By implementing digital payment channels, like an online Payment Portal, IVR, and SMS payments, your clients will be encouraged to make their payments on-time with friendly reminders and automatic withdrawals.
Just because you want to start implementing digital payments, doesn’t mean you have to settle. BillingTree takes pride in our security, ensuring your clients and your business are safe from people trying to steal data.
We are also HIPAA compliant, PCI-DSS certified, and NACHA compliant, offering you more when it comes to a quality collections payment processing system.
If you’ve been stuck in the past, we can help you bring your collections payment processing system into the future with a quality, secure portal that your clients/customers will find user-friendly and convenient. Get started by requesting a demo below.