How to Improve Your Collections Process in 5 Steps

Improve Your Collections Process Through Payments!

As you build your collections business, you will find that managing your payments requires a lot of time and expense. The collections industry is behind the technological curve and is heavily impacted by COVID as a result.

You’ve probably begun to think of methods to improve your daily processes while improving the revenue flow. Fortunately for you, this is where BillingTree shines. Here are five ways a payment processor can help improve your collections business.

Collections Process: Setting up Recurring Payments

One of the most significant ways a payment processor can help your collections agency is by giving your agents the power to set up recurring payments. Your staff can even fine-tune this process by making adjustments that fit the needs of struggling customers, especially during a pandemic.

Collections Process: Reduce Costs

No industry has been untouched by recent events. That’s why it’s critical to keep costs as low as possible while the economy recovers. By offering Interactive Voice Response (IVR) payments, you can reduce the strain on your staff and accept payments 24/7.

Additionally, offering ACH transactions usually gives the lowest fees of any payment system. A credit card’s fee is typically around 2.5% of the transaction’s value plus a processing fee. ACH transactions usually cost about $0.30 in total. Offering ACH gives your business the flexibility to offer incentives to customers where many collections businesses cannot.

Collections Process: Fewer Missed Payments 

Missed payments is another struggle for collections agencies. Slowing the revenue cycle, at all, can cost you money. It’s just that simple.

However, solutions like SMS payment reminders, online portals, and IVR make the process simpler for your customers and have proven to decrease the number of missed payments by a considerable degree. Making the payment experience convenient is the first step towards a successful digital strategy.

Collections Process: Add Mobile Options

Convenience is always essential! BillingTree gives you the power to use both SMS/text payments and IVR to send reminders and accept payments around the clock. Most people prefer using their mobile devices. Giving them the power to pull out their device and make a quick payment makes a huge difference when you want to improve your on-time payments.

Collections Process: Integration

One of the biggest challenges that prevent collections businesses from switching to a better digital solution is a lack of integration with their current system. BillingTree has partnered with some of the most prominent provider names in the ARM sector to make the transition as smooth as possible, decreasing the downtime of setup so you can immediately reap the benefits mentioned above.

Takeaways

BillingTree has the latest collections payment technology and the best programs to help our clients grow their businesses efficiently, quickly, and within full compliance. Schedule a demo today by clicking the button below.