Debt collection agencies and collection law firms face a number of significant challenges when it comes to convincing consumers to cooperate with the collection process.
Fortunately, PaymentVision’s latest product offering – Settlement Offers – was created specifically to help creditors make it easier for consumers to resolve their unpaid bills by entering into a settlement agreement.
Consumers Don’t Like Interacting With Debt Collectors
Let’s face it, thanks to a few bad apples, the collections industry is unfortunately saddled with a less-than-stellar reputation. While the vast majority of agencies and law firms aren’t calling debtors 24/7, contacting their employers, or harassing them in person, the unscrupulous tactics utilized by a small segment of the industry have led the public at large to view the collections industry as a whole as deceitful and underhanded.
As a result of this negative perception, many consumers are more inclined to throw a debt collection letter into the trash or hang up the phone as soon as they realize they’re speaking with a collector. If they feel pressured into making a payment over the phone, they may have second thoughts and choose to dispute the transaction with their credit card or debit card issuer, resulting in a refund of the payment and a hit to your bottom line.
Payment Processing for Third-Party Debt Collector
As a third-party debt collector, you are already well aware that the ability to offer multiple payment and settlement options is crucial to your business’s success. When consumers can securely submit a payment, debit card, or ACH payment any time of the day or night, they’re far more likely to work with you to resolve their outstanding debts.
Because we understand this dynamic so well, PaymentVision offers a full suite of payment processing solutions that will work with existing collection software, including PayWeb360, our convenient portal that allows consumers to securely submit payments anytime, from anywhere, and on any device of their choice.
All of our payment processing solutions eliminate the need to use multiple systems for different forms of payment, all of which can be integrated with your existing collection software. If your firm or agency doesn’t already have its own software, we’re more than happy to offer our recommendations.
What is PaymentVision Settlement Offers?
Our newest product, PaymentVision Settlement Offers, provides an ideal solution when the terms of settlement are dictated by the creditor placing a debt with your agency or law firm. With Settlement Offers, you can create individual agreements at the account level and collect on those agreements through PayWeb360.
PaymentVision Settlement Offers gives third-party debt collectors the ability to:
- Present consumers with up to 3 different settlement options: lump sum, payoff plan, or payoff plan with a down payment
- Provide disclosures configured at the creditor level
- Obtain an electronic signature
- Collect payment information upfront with an automatic payment schedule
- Enable customers to view an active settlement, whether agreed to inside or outside the system
“PaymentVision Settlement Offers provides both settlement visibility and agreements that protect your business. It’s also ideal for tax season when many consumers are looking to use refunds to pay down debt,” says Angel Keller, Director of Strategic Partnerships & Sales at PaymentVision. “Regardless of what software provider you use, PaymentVision can offer our settlement product to you.”
Leveraging PaymentVision Settlement Offers allows you to free staff from collection calls and many accounting tasks required to manage a debt portfolio. You’ll be able to prevent the collection cycle from restarting after a single successful phone payment.
If you send out collection letters, you can include a link to Settlement Offers, allowing consumers to choose exactly how they want to handle their debt from our easy-to-use portal. Because most people are reluctant to discuss their finances with others, especially with debt collectors, the self-service options available through Settlement Offers may actually encourage more consumers to resolve their debts, resulting in a significantly improved liquidation rate.
“Our goal was to take what our clients typically send out as part of their print mail campaigns, bring that online and connect that with the payment experience our clients have come to expect within PayWeb360,” says PaymentVision Director of Product Engineering, Sean Fleming. “We are taking it a step further by connecting that to electronic payment notifications, making this a great solution for both Reg E and Reg F compliance.”
Learn More About PaymentVision Settlement Offers
At PaymentVision, we’re committed to providing our clients access to the latest innovative payment processing technology, more payment processing channels, and superior customer service.
If you’re interested in learning more about PaymentVision Settlement Offers or any of our other payment processing solutions for debt collection agencies and collections law firms, please reach out today to schedule your free demo.