Reduced chargeback risk and increased card not present payment consent.
Bayview Solutions LLC is an accounts receivable management company based in St. Petersburg, Florida established in 2008.
The agency works directly with lenders such as banks, short-term lenders, and others to expedite resolutions on past due accounts.
Aron Tomko is CEO for Bayview Solutions and started an online mentoring course for those who want to get started in the debt collection industry.
Robert Thompson is Bayview Solution's Compliance Officer.
Aron TomkoCEO
The Challenge
Bayview Solutions was looking for a tool that would significantly speed up the signature authorization process when getting payment consent. They also wanted a solution that would help keep them in compliance with all payment regulations while reducing their chargeback risk.
Prior to moving to PDCflow's Flow Technology, Bayview used a letter of authorization that was sent to the consumer for signature usually through fax, email or snail mail. The consumer had to physically sign the payment agreement and return the signed document to Bayview's office.
Bayview was looking for a solution that would:
- Speed up the signature process.
- Keep the business in compliance with the many regulations third party collectors are subject to, such as the EFTA's Regulation E.
- Bayview also wanted chargeback protection built into their solution.
Robert ThompsonCompliance Officer
“The best in the business. We needed to mitigate our chargebacks. Signature capture with Flow Technology added another layer of security.”
The Solution
The Results
Bayview Solutions has a successful signature request return rate of 74% since implementation of Flow Technology in 2016.
Bayview allows 5 days for a consumer to authenticate and complete a signature request on a payment, but estimates most are completed within the same day. This has reduced the time from a promised payment to a completed payment from days to hours – sometimes minutes.
Bayview Solutions has:
- experienced a successful signature request return rate of 74%.
- reduced the wait time to process and complete a payment from days to hours (or minutes).
- witnessed a decrease in the number of reported chargebacks.
Robert ThompsonCompliance Officer
