Interactive Web Payment Portals Make Collection Easier

Bill Wells

Any company can benefit from an online payment site by accelerating cash flow and reducing servicing costs while providing greater ease and convenience for the consumer. This is especially important in accounts receivable management organizations.

As more consumers become accustomed to conducting business online, and are ever more trustful of electronic payment security, debt collectors are recognizing that giving debtors the ability to self cure on their own time will result in more dollars collected.  Most ARM companies now have robust online payment and acceptance platforms, regardless of their size.

But there are emerging technologies that take the payment portal concept to the next level. Not only can collectors point a consumer to a portal where they can pay at their own convenience, but there are platforms now that can help with some of the negotiation work.

Payment platforms with Web Agents are virtual online payment portals through which collection organizations can interact with consumers intelligently, accept debt payments, and even negotiate settlement terms automatically, based on flexible rules set by the organization. Most often, these systems are accessed through the Internet as Software-as-a-Service (SaaS).

Customers login to a user-friendly website branded with the client company’s name and authenticate their identities according to pre-set criteria. Once logged in, the Web Agent — a virtual avatar — guides customers with a customer-friendly emphasis through an interactive experience similar to a typical collections talk-off session. Most Web Agents come with standard session rules templates, but those rules are customizable so collection managers can adjust settlement criteria and limitations.

This experience allows a consumer to address their delinquent accounts on their own time. After receiving traditional collection communications, like letters and calls, directing the consumer to the portal, they can access and cure their account at a time most convenient to them. Not only does a system like this allow collection agencies to take all forms of electronic payment, it extends the collection day beyond the 8am to 9pm local times mandated by the FDCPA.

Giving consumers the most options to pay you is obviously important. But with leading edge technology, you can stretch your collection floor beyond the physical boundaries of your offices.

Bill Wells is Market Planning Consultant, Receivables Management for LexisNexis® and is a 20-year credit and collection industry veteran on both the customer and vendor side.  He has been involved in every aspect of the industry including active collections, operations, agency management, sales, and IT.  Bill is currently supporting the LexisNexis Collect Point application through business development and implementation.

Editor’s Note: This article originally appeared in the latest issue of Know Your Debtor, a free quarterly newsletter focused on the U.S. consumer environment. Make sure you’re registered to receive insideARM’s newsletters on your User Profile page.