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  • Legal Collections Firm Streamlines Electronic Payment Processing

    GAITHERSBURG, MD, July 11, 2010 – Addition of PaymentVision electronic payments option to The Collector System™ reduces dual payment entry, improves accuracy. What was once a time consuming and error prone task for collections professionals at Wood Law is now a fully automated process. Instead of entering card payments all day and performing batch card processing later, collectors now get real-time authorization while the debtor is still on the phone. They also benefit from entering electronic check payments only once into their collection software, The Collector System (TCS) by Columbia Ultimate.
    Addition of PaymentVision electronic payments option to The Collector System™ reduces dual payment entry, improves accuracy

    This streamlined payment processing is a result of Wood Law’s addition of The Card Number Collection Module, an integrated and secure way to accept credit card and electronic check payments from TCS, and supported by Cubs Consulting. The module supports the creation of one time and recurring payment arrangements specifically targeted at the accounts receivables industry. The Card Number Collection module is connected to the PaymentVision gateway for real-time processing of electronic payments.

    “PaymentVision and Cubs Consulting provided our law firm with a real-time payment capability that was previously managed using a manual process which introduced errors and took twice the time,” said Neil Gerrard, Director of IT for Wood Law, P.C. “Both parties were very responsive to our needs as a beta customer. In addition, we appreciated the ability to continue processing transactions through our current banking relationship.”

    “We believe it’s imperative to provide secure payment processing technology as well as the flexibility to support our client’s banking preferences,” said John George of Cubs Consulting. “By managing financial account data through the use of tokenization, PaymentVision is able to reduce PCI compliance scope for our clients, which means substantial savings for collection organizations who are currently storing financial account data on their own systems.”

    With tokenization, sensitive financial account data including card numbers are not stored locally. Card data is passed directly to the PaymentVision token vault. PaymentVision then returns a randomly generated, unique ID number (the token) which can be stored without risk. This token is used to initiate future payments using the same financial account information. The PaymentVision platform is PCI-DSS level 1 compliant, which is the highest level of compliance available.

    PaymentVision will be exhibiting in booth 510 at the 2010 ACA International Annual Convention, July 11-14, in Washington, D.C.

    About PaymentVision Gateway Svcs
    PaymentVision® is a biller direct electronic payment service provider and payment gateway that offers clients the ability to accept ACH and credit or debit card payments by phone or online. PaymentVision also partners with key software providers in targeted vertical markets to provide payment processing via the PayAPI®, a SOAP based XML web service. For more information, visit www.paymentvision.com.

    About Cubs Consulting
    Cubs Consulting, Inc. (CCI) was founded in 2000 as an alternative to vendor offerings for custom programming and technology enhancements to The Collector System. This system, commonly referred to as the “CUBS System,” is one of the most advanced enterprise scale software systems available for streamlining the management and processing of collection accounts. For more information about Cubs Consulting services and products visit www.cubsconsulting.com.