Collection Headaches – How a Dose of Payment Technology Can Boost Collections Revenue

As a minimum, payment technology should create a path of least resistance for the consumer, as difficulty in settling an outstanding bill means organizations risk missing out on prompt payments. The consumer must be able to move freely between the payment channels they choose – just because a consumer receives an outstanding bill through the mail doesn't mean they want to reply the same way. It may be more convenient to pay online or contact the agency by phone to pay the bill or negotiate a payment plan.

The 2017 Collection Agency Operations and Technology Survey showed businesses agree with this. Technology adoption and offering a variety of payment channels continued to be top priorities. Automated payments, interactive voice response (IVR) and virtual debt negotiation were three of the most popular payment methods, with many agencies realizing the benefits these technologies can bring – including 24/7 pa ...

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