The collections industry has undergone radical changes over the past several months. No one can overstate the importance of timely collections, especially in the climate our country currently faces. Many agencies have found that flexibility has been one of the most crucial elements necessary to adapt to a post-COVID market.
Quality agencies need the power to customize their customer’s payment options, making it easier to pay; whether that comes in the form of skipping one month’s payment, setting up a recurring payment, or simply changing the amount, this process should be fast, reliable, and simple for both end-users and your employees.
In the early days, collection agencies used to be about collecting the payment amount as quickly as possible. However, this was proven to be the least effective method for ramping up your revenue cycle for struggling families and individuals and gave many businesses a bad reputation. A more holistic approach needed to be taken, which has become more apparent with the current pandemic we now find ourselves in.
So what does that approach look like in 2020 and beyond? The answer always seems to be technology, and that’s just what payment portals are here to do.
How Payment Portals Help
Offering clients an online payment portal allows them to make payments at their convenience and has proven to increase the frequency, volume, and regularity of your business’s on-time payments. A portal is available to handle transactions around the clock and takes every form of payment, including debit, credit, eChecks, and ACH payments.
Another benefit of a payment portal is creating payment plans through an online negotiation and settlement tool. Clients also have the choice to set up recurring payments, which helps them stay prompt on payments and helps your cash flow improve.
A payment portal benefits your company in many other ways too. You get paid on time, and a portal can store your invoices, customer accounts, and payment history. You no longer need to keep track of paper for your vital records. You have all customer data in a central place in a uniform structure which you can pull up and access instantly. You can even customize your reports so they make sense for your business and your customers instead of using the same cookie-cutter templates that can’t get the job done.
BillingTree offers a variety of payment portals, including our proprietary Payrazr Portal, through our Payrazr Marketplace. Branded payment portals appear just like your company’s website or corporate style and integrate with leading accounting and business management solutions.
Offer your customers multiple payment options such as credit card, debit card, or ACH debit from a checking or savings account. Make it easy for them to pay with Payrazr and enjoy increased cash flow and on-time payments.