Top Benefits of Integrated Payments in Collections

Collection agencies are always busy serving their customers, inputting customer data, setting up payment plans, and retrieving payments. Importing all this data can become time-consuming and cost your agency more than just money.

Integrated payment solutions are crucial for the everyday functions of the collections industry. If you are running a collection agency, here’s how incorporating integrated payments into your business can radically improve your efficiency and keep your revenue stream flowing.

Automation

When collection agencies do not utilize integrated payments, they must manually enter customer and card information. With an integrated payments system, all of these processes are automated, saving your customers and staff time and eliminating human error.

Data Storage

Many collection agencies will keep their files and essential 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. More than that, our Payrazr solution provides you with dozens of reporting templates and the ability to customize your reports for perfectly suited, custom reporting.

Security

When a company like FICO handles sensitive financial information from their customers, they have to guarantee that all of their processes are secure.

That’s 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.

Online Portals

Payrazr is convenient for customers, which is crucial for collection agencies. Our Payrazr Portal allows the customer to pay their debts online, through an interactive and hassle-free portal. Customers can log in and send 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 convenient payment plans if they are unable to pay back everything at once.

Omnichannel Payments

The convenience doesn’t just stop with an online portal. 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, making it easy for customers to make payments on their terms.

One of the most straightforward ways most reliable ways is to pay over the phone. When collection agencies choose integrated payments, they can easily accept various payment forms like Interactive Voice Response systems (IVR) and through SMS/text payments.

Reminders

People lead busy lives and often forget to send in their payments on time. Payrazr sends out payment reminders to reduce late payments and ensure that collection agencies receive funds on time.

Additionally, your customers will receive a confirmation as soon as they make their payment to be sure everything is in perfect order.

Branding

When you partner with BillingTree, your payment portal will look as professional and efficient as ours . . . because it is!

When customers go to the Payrazr payment portal, they will still see collection agencies’ branding and marketing messages. The portal will seamlessly integrate with your business’s online presence; you’re your customers feel as if they are not even leaving the agencies’ website when they pay.

Takeaways

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 focus on the customers and collect payments first and foremost.