Collecting Accounts Receivables
Unfortunately, debt is becoming more common, and every business has customers that are either slow to make a payment or who avoid making a payment at all. When it comes to collecting accounts receivables and keeping the cash flow going, commercial experience has shown that of every 10 new customers, only six will make payment on time. Two will pay late, and the final two will be long-term debtors and will usually need to be referred to a debt collections agency. However, putting in place an efficient and effective system for collecting accounts receivables makes sure that the maximum amount of payments is made in a timely manner and that the onerous task of chasing customers for payment is reduced exponentially.
The Benefits of BillingTree’s Payment Processing Solutions
BillingTree offers its customers a combination of cutting-edge payment processing technologies and many years of high-quality customer service for an impressive user experience. Clients in the collecting accounts receivables industry who choose to use BillingTree’s payment processing services can benefit from the latest advances in payment solutions so that they can be successful in today’s competitive collections marketplace. BillingTree strives continuously for excellence, offering superior payment technologies and best-in-class customer service together with many years of expertise in the processing of collection agency payments. This makes sure that clients have the best chance of recovering their debts while still maintaining compliance with regulations.
Complying with Regulatory Obligations
BillingTree is aware of the need for collections agencies to adhere to today’s stringent regulatory and compliance obligations, and, to this end, BillingTree has developed a security, risk management, and governance policies framework, together with standards and procedures that draw on several areas to make sure there is complete PCI, HIPAA, and SSAE-16 certification in order to comply with the essential standards.
Simplifying the Process of Collections
The business of chasing individuals for overdue payments can be time-consuming, expensive, and laborious. However, BillingTree can greatly reduce the amount of manual effort expended. Through the elimination of manual processes and the initiation of automated payment cycles, it is possible for collection agencies to enjoy a more efficient means of debt recovery. Automated processes ensure that money is received more rapidly through the digitization of the process and the introduction of a paper-free environment. The elimination of paper invoices that require printing and mailing means that the process is accelerated, with digital delivery taking place immediately. Invoices can be automatically generated and delivered consistently and on time, while the ability to enable digital payments and set up recurring automatic payments ensures that payments will be received in the right amount and at the right time to eliminate the need for chasing someone. A centralized reporting system also guarantees a more convenient and easier system for keeping track of payments and remaining amounts outstanding.
Variety of Payment Methods and Greater Flexibility
Facilitating payments is essential to receiving the highest proportion of monies owed in a timely manner. By offering a broad spectrum of payment collection methods, including ACH collections and credit and debit card processing, it is possible to open up more convenient routes of payment for debtors rather than having to depend on the notoriously unreliable options of cash or paper checks. By offering 24/7 access to payment portals and IVR payment processing, BillingTree guarantees that collecting accounts receivables is simplified and facilitated. By offering greater flexibility, a smoother customer relationship can be formed between collections agencies and customers, while the real-time payment authorization ensures peace of mind for all parties.
Usability, Performance, and Future-Proofed
Adopting a payment processing system for collecting accounts receivables demands technology that is not only high performance but also infinitely usable. BillingTree’s solutions are not only fully tested for QA and functionality, but also offer a dynamic code base that ensures adaptation for any future enhancements. The in-house integration service team can deploy APIs into collections agencies’ systems, and since BillingTree’s systems have been deployed successfully thousands of times, customers can have complete confidence in this payment processing provider.
A Cost-Effective Choice
Keeping costs low while ensuring maximum revenue collection is vital for businesses and collections agencies today. BillingTree has kept this in mind and has partnered with an extensive network of established banks to ensure highly cost-effective and competitive rates on payment processing based on transaction volume for a more affordable solution. Because BillingTree’s services also eliminate the needs for hands-on collection, it means that agents can be released for more important tasks elsewhere to improve business revenues.
When it comes to collecting accounts receivables, it is key to choose a reliable provider of payment processing services, and BillingTree can supply the ideal answer. Offering a cost-effective, time-efficient, and flexible solution, BillingTree can ensure that more revenue is recovered in a timelier manner.
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