As we all know, there is a significant shift in today’s consumers’ preferred method of communication. Most consumers would rather avoid the direct dialogue with a live agent call, and the idea of any mail that is not email seems ancient. As collections firms derive methods and develop strategies to accommodate this shift, the benefit that have resulted from this change should not be overlooked.
As a company, you have to make sure that you are using customer information in a way that guarantees, to the best of your ability, that the data won’t fall into the wrong hands. The Payment Card Industry Data Security Standard (PCI DSS) sets standards to prevent such vulnerabilities.
Topics: Payments Compliance
When you offer electronic payment services and online bill pay services, you need to make sure your operations meet the highest standards of information security. Adhering to all industry standards will help you serve your customers best while avoiding the often high costs of non-compliance.
When you have a business that accepts orders, manages payments, or is involved with money, you are going to have customers who need to call in. Thanks to modern technology, you can also opt to implement an Interactive Voice Response (IVR) system to handle customer calls.
The Fair Debt Collections Practices Act (FDCPA) is designed to protect consumers against abusive debt collection tactics while providing guidelines to reputable businesses for remaining in compliance while maximizing payment recovery by legitimate collection efforts. Here’s what you should be aware of to ensure FDCPA compliance.
Card present transactions are the most secure of the payment options; they also cost less for the merchant and mean less liability in the case of fraud. Businesses realize numerous benefits from card present transactions, particularly in association with security.