GAITHERSBURG, MD, Feb 23, 2011 – PaymentVision, a provider of electronic payment processing technology for the collection industry, today announced the release and successful use of its integrated offering for BEAM by Beam4D Enterprises, a provider of receivables management software for the collections industry.
Adding PaymentVision electronic payments option to BEAM reduces collection time frames and improves efficiency for debt servicers.
AMG Financial, a collection company in Trevose, PA was among the first to implement the integrated solution. “Today’s business climate requires all the efficiency one can bring to bear. With the help of PaymentVision and BEAM we have integrated payment processing into our call center software, which has eliminated the back office process and provided our agents with more timely information,” said Mark Goldstein, Director, IT/Facilities Management, AMG Financial Services.
Debt purchasing organizations, collection agencies, and investment fund managers already rely on BEAM for portfolio management, collector productivity tools and the ability to efficiently move information to and from outside debt servicers. BEAM provides a technical infrastructure for organizations that perform debt purchasing and debt servicing functions.
“Integrating electronic payments through PaymentVision provides BEAM users with the additional tools and technology to further maximize effectiveness. And with current market conditions that include lower fees and declining margins, that can contribute significantly to the bottom line,” says Robert Morris, CEO of Beam4D.
PaymentVision security includes managing financial account data through the use of tokenization. With tokenization, financial account data is never stored on the debt servicer’s system and is passed directly to PaymentVision where it is securely stored in a payment vault.
PaymentVision, in turn, provides a randomly generated, totally unique ID number (the token) which can be 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.
Highlights of PaymentVision payment processing include:
- Reduced administrative overhead – the system helps automate payment posting;
- No hold, no reserve – flexible settlement options allow debt servicer’s to leverage their current banking relationships, reducing or eliminating hold and reserve requirements;
- Lower return rates – account verification enables debt servicer’s to verify that accounts are open and in good standing prior to accepting payments;
- PCI peace-of-mind – PaymentVision quickly reduces compliance overhead by eliminating the storage of sensitive financial account data from debt servicing systems;
- More efficiency, more collections – self-serve online and IVR phone payments provide more opportunities to collect.
“I was first introduced to BEAM at a collection technology conference in 2008. As a start-up technology firm they had ambitious plans and in a few short years they have become a strong contender in this industry. As their payment gateway, we are proud to support Beam’s fast paced growth by helping clients simplify compliance obligations, keep return rates in check and move money faster,” said Sean Fleming: Director, web services, PaymentVision.
About PaymentVision Gateway Services
PaymentVision® is an electronic payment service provider and payment gateway that offers clients the ability to accept ACH and card-based 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.
About Beam4D Enterprises, LLC
Beam4D Enterprises, LLC is a true thought leader in debt purchasing and collections software. As a Microsoft Certified Partner, Beam4D provides innovative software to accommodate all aspects of the collection continuum. The company’s core product, BEAM, includes functionality for debt investing, debt purchasing, portfolio management and outsourcing as well as for debt collection and recovery. For more information, visit www.beam4d.com or call 800-212-2326.