2016 ARM Industry Survey Report reveals new trends in payment collection technology and compliance
- Twice as many ARM organizations are considering Virtual Debt Negotiation
- Nearly 50% plan to adopt of Interactive Voice Response (IVR)
- Compliance still top concern, but priorities have shifted
Phoenix, Ariz. – May 4, 2016 BillingTree® has released the 4th annual ARM Industry Operations, Technology & Payments report which outlines the challenges and opportunities collection agencies face in meeting their business objectives. The report, based on shared data from a representative sample of over 200 agencies of all sizes, shows that technology integration has become their key issue, with planned adoption of virtual debt negotiation and Interactive Voice Response rising dramatically.
The integration of different payment collection technologies rated a top priority, with interest in mobile payments growing. Twice as many agencies plan to adopt Virtual Debt Negotiation in 2016 – 17.8% in 2015 to 35.6% in 2016 – and there was a significant increase in the planned adoption of Interactive Voice Response (IVR) – rising from 25.6% to 47.8%.
Surprisingly, this year the report found that CFPB complaints and Regulation-E are not the top compliance concerns– while still ranking very high.
Healthcare was once again the major source of collections work for agencies participating in the ARM survey, which comprised 200 accounts receivable management companies of various sizes that took part in February 2016. Of these agencies, 33.4% indicated clear interest in accepting payments from medical savings and spending accounts (HSA/FSA), though only 33.3% already do so. Other leading sources or work included Utility/Telecom at 48.2%, Commercial at 46.4% and Banking at 42.7%.
“This is our fourth consecutive year surveying the accounts receivable management industry and we continue to see a changing picture of what concerns agencies, how they plan to adopt new technologies and manage compliance risk,” said Dave Yohe, VP of Marketing at BillingTree. “Technology solution providers play a critical role in helping the ARM Industry remain competitive, compliant and to maximize revenues in a dynamic marketplace where reducing operating costs and mitigating future risk are imperative.”
To request a complimentary copy of the 2016 ARM Industry Operations, Technology & Payments survey please visit: http://start.mybillingtree.com/acton/media/15831/2016-arm-survey-report-download
BillingTree will be discussing the results of the 2016 survey during a webinar on May 26th at 2:00 Eastern. The webinar- Industry Pain Points in Context: Method of Contact, Compliance Concerns, Payment Challenges and Fees is open for registration at: https://attendee.gotowebinar.com/register/4009484973736666114
BillingTree® is the leading, technology focused payment solutions company providing innovative Accounts Receivables products and services that enable organizations to increase efficiency and decrease costs of processing payments while adhering to compliance regulations. For over a decade, BillingTree has committed itself to understanding the marketplace and growing payments with technology, helping merchants accept multiple payment channels while offering comprehensive value their clients have come to rely on. BillingTree has a reputation for dependable solutions and extraordinary customer service, processing billions of dollars of payments annually through a suite of solutions and services that integrate with your company’s needs. Visit MyBillingTree.com or call 877.4.BILLTREE for payment technology that works.