The PaymentVision Blog

Payment Processing for Collection Agencies

Payment Processing for Collection Agencies

Collection agencies have a negative reputation among many consumers. However, handling this necessary process as professionally and efficiently as possible can remove much of the associated negativity. Providing payment processing for collection solutions minimizes adverse interactions and maximizes repayment returns. In plain English, your company can collect more money in a more efficient fashion.

Online Payment Processing for Collection Solutions

Implementing online debt collection management software serves a dual purpose: the obvious being that customers are provided with a convenient means of making bill payments. However, integrating payment processing for collection solutions into your company’s online presence also presents another branding opportunity for your company. In addition, online payment processing that is secure, seamless, mobile optimized and available 24/7 presents your company positively as tech savvy and customer focused.

Virtual Terminals

Virtual terminals provide your collections team with a cloud-based portal for providing payment processing assistance to your customers; including card not present (CNP) and ACH payment options. Virtual terminals also allow customer accessibility across platforms for online bill payment on mobile devices as well as desktop and laptop computers. Virtual terminals also allow your team to update account information and respond to customer concerns during a single phone call. Security and compliance are assured with tokenized payments processed through PCI-DSS certified Level-1 systems.

Payment Scheduling Options

While there are always some accounts that are uncollectible, providing payment scheduling options maximizes the probability of receiving on-time bill payments. Allowing your collections team to offer options such as making partial installment payments or delayed payment arrangements along with online bill pay services demonstrates flexibility that is appreciated by customers making a good faith effort to reconcile delinquent payments.

API Bill Payments

API Bill payments maximize the tools available for your collections team to collect payments in a timely fashion, including real-time bank account verification to minimize fraud. Multi-factor user authentication also protects against unauthorized activity with minimal adverse impact to honest customers. Multiple bill payment options allow customers to make one-time and mobile payments, as well as posting check-by-phone, debit and credit card payments, all directly within your company’s existing bill payment software.

Mobile Optimization

The days of relaying on landline telephone calls for collections are long past. Your company’s customers use their mobile devices for everything  streaming video, catching up with news reports and sports scores, shopping, dating and yes, even making and receiving phone calls. Providing mobile optimization for your company’s debt collection management software is an absolute must. Allowing customers to make, and your collections team to process, online bill payments maximizes the probability of collecting as much money as possible from delinquent and near-delinquent accounts in a timely fashion.

Debt collection has a negative connotation; however, well-trained collections staff equipped with a feature-rich, efficient debt collection software platform can mitigate many of the negative elements associated with debt collection. Providing a variety of online bill payment options, exercising flexibility in payment scheduling and optimizing mobile payments are all essential elements in today’s collection process. Secure online payment processing complements your company’s staff to maximize the amount of money obtained through your company’s collection efforts. Get in touch with a PaymentVision expert today for more information on online payment processing.