Today’s collections environment is highly competitive in both the financial services collections and accounts receivable management sectors. This is causing many managers to search for competitive advantages to set their business model apart, such as using payment processing technology to process payments quickly, compliantly and more efficiently.
Payment processing technology for collection agencies is changing the game by helping you raise your collection rates. With technologies created almost daily, new and innovative ways are available to create positive relationships with your clients, increase your profits, and get better results.
Increase transparency and build trust between your collection agency and clients by using payment processing technology. New technologies allow you to give your clients access to consumer information like recorded phone calls, consumer payments, collector’s notes, and more.
Find more on social media
Another technology, social media, allows collection agencies to access more information about clients. You can use social media to track consumer behavior and even find out more about income levels, spending habits, and potential assets. For example, a consumer claims they can’t pay a bill, yet they are posting pictures on social media of expensive items just purchased.
Virtual and voice technology
Virtual Agent and Negotiation technology and Interactive Voice Response payment technology are changing the playing field by making online bill collection a more efficient and effective practice. These technologies are closing the gap between in-person collection methods and digital methods.
Collection agencies who want to effectively monitor and manage their operations are turning to payment gateways. These payment gateways provide and analyze key data crucial for managing payment operations. Integrated payment processing technology solutions like gateways offer collection agencies the potential for expansive growth.
Finally, mobile payment technology is reaching younger consumers where and how they like to make payments. The millennial generation uses their smartphones to access everything, including electronic bills and payment methods. Especially in the instance of student loans, collecting payments through mobile payment technology is making a huge difference for collection agencies.
Performing collection services is challenging, but payment processing technology can give you the tools to find consumers and their information. Collection agencies need to consider vendors offering payment processing technology carefully. You should only use a vendor with experience in dealing with third-party collections. Only third party payment processing services and solutions like BillingTree and Payrazr Marketplace offer the experience and expertise in mission critical areas such as required disclosures.
The BillingTree difference
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 like their flagship Payrazr Marketplace to help merchants accept multiple payment channels while offering comprehensive value their clients have come to rely on.
Contact us today or call 877.4.BILLTREE to request a demo to see payment technology that works.