Collection companies are always on the move, servicing clients, entering client records, setting up payment plans, and retrieving payments.
If collection agencies still have to manually enter accounts and add all of their consumer data into their accounting, they would waste time and resources and be unable to work at their full potential.
By providing value-added business services such as integrated payment systems, EMV, tokenization, and end-to-end encryption, they contribute to a higher standard of payment security and a better way and clarity into their company methods.
Integrated payments are the alternative payment systems. Today, payment solutions are essential for collection agencies’ day-to-day activities. Integrated payment systems include the necessary hardware, software, and most essential services to accept payments securely.
Here are some of the reasons why you should integrated payments into your collection agency:
- Automate processes
- Keep all important information
- Provide security
- Let customers pay online
- Accept many payment methods
- Send payment reminders and confirmations
- Let customers pay by phone
- Provide branding for collection agencies
- Getting started with integrated payments
Automate Processes
When collection services do not use integrated transfers, customer information and card information must be entered manually. Most systems are compatible with an advanced payment system, saving time and eliminating potential problems.
Keep All Important Information
To store documents, agencies can use spreadsheets, paper invoices, text messages, and electronic files. An electronic payments system centralizes all critical records and data, such as invoices, payment history, and consumer accounts.
Provide Security
When a business handles confidential financial details from clients, it must ensure that all its procedures are safe. That is why businesses depend on integrated payments.
Let Customers Pay Online
Customers can log in and send payments with ease. They can set up recurring payments to pay on time each month. Customers can also create payment plans that will help if they can’t repay everything at once. In this regard, it is imperative to pay online.
Accept Many Payment Methods
Not all customers pay online by credit card. Check and AHC transfer are also among the options. In the seamless payment portal, the customers can pay according to their preferences.
Let Customers Pay by Phone
Instead of online, some customers choose to pay by phone. If collection agencies select integrated payments, different payment types can quickly be approved by telephone.
Provide Branding for Collection Agencies
As customers use the payment site, branding and publicity notices of collection firms are still visible. The portal would fit smoothly with the company’s online presence to feel like they should not leave the agencies’ website when they pay.
Getting Started with Integrated Payments
Payment processing systems that are new, simple, and easy for collection agencies need customers. Collection agencies’ success will improve as a result of integrated payment processes. They will save them time, effort, and resources while allowing them to concentrate on sales and receiving payments first and foremost.
The Most Important Advantages of Integrated Payments in Collections
Collection companies often serve their clients, input customer data, create payment plans, and collect payments. It will take time to import all these data and cost the organization more than just money.
Integrated payment systems are essential for the collections industry’s day-to-day activities. If you own a collection agency, here’s how integrating streamlined payments into your operations will drastically increase productivity and keep your revenue stream going.
Automation
If collection services do not use integrated transfers, customer and card details must be entered manually. These systems are streamlined with an integrated payment system, saving the clients and employees time and minimizing human mistakes.
Data Storage
Often collection agencies retain in various locations their archives and essential documents. You can store information using spreadsheets, invoices for papers, emails, SMS messages, and electronic files.
All the essential records and details, including invoices, payment history, and customer accounts, are kept in one location in an automated payment system. Moreover, payment solutions give you hundreds of reporting models and the freedom to tailor your files for personalized reporting.
Omnichannel Payments
The ease should not end with an online website. Some consumers may choose to pay with their credit cards online, while others may prefer to pay with checks and ACH transfers. All three are accepted by the integrated payments portal, making it simple for consumers to make payments on their terms.
Paying over the phone is one of the most straightforward and most dependable methods. As collection agencies prefer integrated payments, they can readily accept various payment methods such as Interactive Voice Response systems (IVR) and SMS/text payments.
Ease Your Payment Transactions with Integrated Payments
By automating your accounting and enterprise resource planning with integrated point of sale systems, you save on the process of entering and processing time-consuming transaction data.
The transactions made are automatically entered into the software and applied to the ledger with integrated payment systems. With this system, manual applications that require costly operation can be avoided and can increase productivity and cost savings for your business.
Integrated payment systems speed up cash flow and deposit more money into your account. Payments are automatically recorded with the integrated credit card processing.
