Do you need to find a better solution for consumers to pay online?
The industry trend in debt collections is for consumers to self-cure. In other words, the debt collection or billing company asks the consumer to visit a website and pay the bill or make a payment themselves. This new payment method is a more efficient way to receive payments because it is faster and more reliable than check by mail payments, which have all but disappeared.
Although this strategy has emerged as the most popular way to engage consumers, it has become clear all payment sites are not the same.
Check payment processing off your 2017 to-do list by addressing the following four questions to vet your payment procedures and ensure they are maximizing profitability.
First, can the consumer easily log into the self-cure payment system?
Many systems require the user to jump through hoops to get logged in. Sign-ins that require account numbers and security codes the consumer many not have on hand can frustrate the consumer, who then fails to complete the payment.
Many times, the consumer is on the phone with one of your staff members, which requires the site to be mobile friendly as well. The self-cure payment website must allow the consumer to see what is required to authenticate and make a payment while holding a conversation with your personnel.
Second, is the website easy to use for both consumer and you?
Consumer research overwhelmingly shows that consumers are very impatient when it comes to interacting with technology. A frustrated consumer may leave the site without making a payment and this decreases your chance of future payments.
Studies show you must get the consumer to the final payment screen within six clicks, including any legal disclosures required. The fewer the clicks and the easier the site is to use, the more money you will make. The following article covers the research on the six clicks: Whatever the Question Is… The Answer is 6 Clicks.
Third, is the self-cure payment site intuitive?
Does the site accept only one form of payment? Today’s complex contact strategies require multiple payment options for consumers. A self-cure payment website that only accepts a debit card is not effective in today’s marketplace. You must include multiple options which could mean accepting debit cards, credit cards, and electronic checks.
Sites must allow the consumer to negotiate the payment procedure smoothly and get the account quickly resolved the first time the consumer is online, NOW! You have only one chance to get the payment. If the consumer concludes your site is too difficult to navigate, they will not return.
Fourth, is the self-cure payment site compliant?
The process must provide proof of consumer authorization, provide information regarding regulations and mandatory disclosures, and receive the payment, all within the 6-click window.
Also, does the payment site reduce your PCI Scope? That is, does it encrypt, tokenize, and securely store the credit card information up to PCI standards and keep sensitive card data off of your servers or networks? This greatly reduces your liability in the event of a security breach.
Signing with a self-cure payment processing company that can address each of these four factors will increase your profits and maximize your efficiency. PDCflow understands the needs of the debt collection and account receivables industries and has designed a system that checks off the list the must haves for a self-cure payment site.
Learn more about PDCflow’s Self-Cure Payment Site or please call 877-732-4814 to speak to one of our Payment and Compliance Specialists.