Payment by Phone Success

Success, especially for the collections industry, requires taking the consumer through the payment-by-phone process, end-to-end, in 6 clicks or fewer.

In today’s collections industry environment, getting a consumer on the phone is only one-third the battle. You then must collect a payment, get the consumer to agree to an acceptable payment arrangement and comply with Reg E. The problem with adding more steps to any payment process is that with each new step, there is a higher chance of a breakdown before completing the payment by phone process.

Collections Industry Payment Processing Dance

A consumer on the line is uncomfortable and anxious to finish the transaction as quickly and painlessly as possible. You may be asking them to make commitments they are not confident they can keep. An agent dealing with an anxious consumer, who is already overwhelmed by the subject of the conversation, needs more than what compliance says you can and cannot say. They need a system in place allowing them to complete the delicate dance of moving the consumer toward a payment agreement without a disconnect.

A slow process, complicated terms, or too many clicks, and it is game over.

Payment by Phone and Reg E Hurdles

One of the biggest hurdles with Reg E Compliance is getting the required consumer signature in a manner that is easy for both the consumer and the collection agent. This process is where 6 clicks come in. Consumer research determining the amount of patience a consumer has when interacting with technology overwhelming shows that a transaction must be completed in six clicks or fewer.

So, the question becomes how do you get the consumer to agree to the payment arrangement and comply with Reg E in six clicks or fewer?

The answer is to use PDCflow’s patent pending Digital Signature Solution fully integrated with your payment processing to facilitate the consumer agreement and capture an electronic signature while the collection agent has the consumer on the phone. We have created a seamless process allowing the consumer to digitally sign from the cell phone in their hand, while the collection agent is on the phone with them, in less than six clicks. This concise, easy work flow, for both the collection agent and the consumer, allows a much higher chance of completing the payment arrangement and receiving the sought after payment.

For more information on digital payment authorizations, click HERE or call 877-732-4814.


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