From collection law firms to debt buyers to healthcare collection companies, collections agencies are always busy serving customers, inputting customer data, setting up payment plans and retrieving payments. Manually managing these processes is time-consuming and costs your agency more than just money. In today's digital age, integrated payments are a game-changer and crucial for the everyday functions of the collections industry.
"In the collections industry, time is money. Integrated payments can help streamline payment acceptance and processing, saving time and money for any collection agency, “ says Chad Probst, SVP of Sales at REPAY.
Integrated payments technology improves payment acceptance and processing within a business's existing core system or software. Implementing this system enables a business to accept debit cards, ACH, mobile payments, digital wallets and other payment methods.
With integrated payments, collections agencies can simplify their collections process, reduce the chances of human error, improve cash flow and reduce operational costs. If you're running a collections agency, here are some ways to incorporate integrated payments into your business to radically enhance efficiency and keep your revenue stream flowing:
Digital Payment Processing Solutions
If your collections agency doesn’t use integrated payments, you must manually enter customer and payment information, which is time-consuming and prone to human error. Integrated payment processing enables your collections agency to digitize and centralize the payments process, greatly lessening the need for manual intervention while streamlining collections.
For example, your collections agency can use digital solutions to schedule payment reminders and offer flexible payment options to support a simplified payment experience. Every transaction posts back automatically to your core system to reduce the time and effort required to manage collections and allow staff to reallocate their time to other tasks and areas.
Increase Timely Payments
Another benefit is an increase in timely payments by providing a more convenient and accessible payment experience for your customers. By offering multiple payment options, customers can pay quickly and easily on their own, reducing the likelihood of late or missed payments. Payment reminders ensure customers stay on top of their payments without intervention from your staff.
Integrated payment processing offers enhanced security features that protect customer data and reduce fraud risk. Payment processing systems are designed to comply with industry standards and regulations, so they use advanced encryption technologies and security protocols to secure payment data. This protects your collections agency and customers from potential security threats while increasing customer confidence.
Better data and reporting create a clearer picture of a business's operations. Thanks to automated reconciliation and reduced manual data entry with integrated payments, you gain access to robust reporting and detailed transaction data directly within your core system. Additionally, there is increased visibility with realtime payment tracking.
Improved Customer Experience
Consumers today expect and value speed and convenience — integrated payments allow your collections agency to deliver on this expectation and significantly improve the customer experience by providing a seamless, hassle-free, easily accessible payment experience.
Customers can make payments quickly and conveniently online or over the phone without needing paper checks or in-person payments. They can choose from multiple payment options, such as debit cards, ACH and digital wallets, that meet various payment needs.
The streamlined process allows for anywhere, anytime, self-service payments, payment reminders and more to keep customers on top of their outstanding balances. It also enhances security, giving customers peace of mind that their data is safe from fraud. All of these factors ultimately increase customer satisfaction.
By offering omni-channel payment solutions, your collections agency can accept payments across multiple channels through a single payment processing system. Payments can be accepted through your website, mobile app, Text Pay, Interactive Voice Response systems (IVR) and more - all processed through a single, unified system.
Supporting payment methods across multiple channels enables collections agencies to provide customers with a consistent and streamlined payment experience, regardless of where or when the payment is made. As a result, customers can choose their preferred payment method and complete their transactions on time.
Increase Cash Flow
One of the most significant benefits is improved cash flow. Digital payment solutions enable your collection agency to receive payments more quickly and get paid faster. When your business receives payments more quickly, you can use the funds to invest in operations, pay bills and expand. Additionally, there's greater visibility into how the business performs, thanks to realtime reporting.
Improve the Collections Process with REPAY
Collections agencies need payment processing solutions that are modern, effortless and convenient for customers. REPAY offers integrated payment technology that can transform the performance of your collections agency. Through various features, REPAY brings several benefits to you and your customers. Our all-in-one, customizable platform provides a secure and convenient process for digital payment acceptance to increase efficiency, enhance customer relations, and, most of all, improve collections.
Contact us today to learn how our payment solution can save you time, money and energy so you can shift your focus to your customers and other aspects of your business.