Collection agencies are always busy serving their customers, inputting customer data, setting up payment plans, and retrieving payments. If collection agencies have to also manually enter payments and incorporate all of their customer data into their accounting, they are going to lose precious time and money, and be unable to function at their highest capacity.
The solution? Integrated payments. Today, integrated payment solutions are crucial for the everyday functions of collection agencies. If you are running a collection agency, here are the reasons why you should incorporate integrated payments into your business:
They automate processes
When collection agencies do not utilize integrated payments, they must manually enter customer and card information. With an integrated payments system, all of their processes are automated, which saves them time and eliminates human error. Ontario Systems, which has more than 55,000 representatives and 500 client offices in the financial services, healthcare, and collections businesses, uses BillingTree’s Payrazr payment portal to ensure everything goes smoothly day-to-day.
They store all the vital information
Many collection agencies will keep their files and important records in different places. They may use spreadsheets, paper invoices, emails, text messages, and electronic files to store their information. An integrated payments system keeps all of the crucial documents and data, including invoices, payment history, and customer accounts all in one place. For Payrazr client Debt$Net, which supplies billing services for more than 800 businesses and law firms, having all that information in a simple-to-access location is essential.
They provide security
When a company like FICO is handling sensitive financial information from their customers, they have to guarantee that all of their processes are secure. That is why they rely on Payrazr for their integrated payments. Payrazr is PCI, SSAE-16 & HIPAA Certified and fully compliant, so collection agencies do not have to worry about hacking or government compliance.
They allow customers to pay online
Payrazr is convenient for customers, which is crucial for collection agencies. When Payrazr user Interactive Data locates a customer, they give the customer the opportunity to pay his debts online, through an interactive and hassle-free portal. Customers can log on and send a payment through with the click of a button. They can arrange for recurring payments to ensure they are on time every month. Customers can also set up payment plans which are helpful if they are unable to pay back everything at once.
They accept many forms of payment
Some customers may choose to use their cards online, while others will want to pay with eChecks and ACH payments. Payrazr’s integrated payments portal accepts all three, which makes it easy for customers to make payments on their terms.
They send payment reminders and confirmations
People lead busy lives and often forget to send in their payments on time. Payrazr sends out payment reminders to reduce late payments and make sure that collection agencies receive funds on time. Additionally, the customer will receive a confirmation as soon as they make their payment, so they can be sure their finances are in order.
They let customers pay over the phone
Some consumers prefer to pay over the phone instead of online. When collection agencies choose integrated payments, they can easily accept various forms of payment over the telephone. RevSpring, Inc., which facilitates more than one billion customer interactions annually and uses Payrazr, can accept payments through Interactive Voice Response (IVR) or agent-assisted communications through the phone. Customers can dial up 24 hours a day, seven days and week and utilize IVR for collections or talk to a knowledgeable representative during regular business hours.
They provide branding for the collection agencies
When customers go to the Payrazr payment portal, they will still see collection agencies’ branding and marketing messages. The portal will seamlessly integrate with the business’ online presence, so customers feel as if they are not even leaving the agencies’ website when they pay.
Getting started with integrated payments
Collection agencies need payment processing solutions that are modern, effortless, and convenient for customers. Integrated payment systems, like Payrazr’s payment portal, will positively transform the performance of collection agencies. They will save them time, money, and energy, and let them focus on the customers and collecting payments first and foremost.