Offering to accept ACH payments is an effective and low-cost method to enhance convenience for your customers. And, expanding payment processing options to include ACH can significantly increase your business’s revenue. However, on the operational side, processing ACH payments and reconciliation differ significantly from handling credit card transactions. Here are some of the most frequently asked questions merchants have regarding …
High Risk Merchant Account Underwriting: What to Expect
The underwriting process for a new merchant account can be invasive and exasperating for business owners. This is especially true of those in high risk industries like debt collection. Immoral or against-regulation activities by some people in the collections industry have given legitimate agencies a bad reputation. Because of these untrustworthy few, merchant service providers and banks view high risk …
Payment Types and Channels: Pros and Cons for Businesses
Giving your customer more choice and an easy-to-use payment system can remove most of the objections that cause your business to lose out on money. These choices can mean types of payment or a preferred payment channel. Credit card, ACH and cash payment types aren’t enough on their own. Your business should also have: An online payment portal so customers …
Prevent Card Not Present Transaction Fraud and Chargebacks
EMV, better known as credit card chip technology, has revolutionized what it means to take a secure card payment during a card present transaction. The computer chip embedded in many new credit cards makes cloning card data much more difficult, deterring fraud. But what advancements in technology have been created for merchants in a card not present environment? How can …
How to Plan for Your Best Tax Refund Debt Collection Season
For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time …
Chargeback Prevention Tips for High Risk Businesses
Your staff works hard during the busy tax season and throughout the year to settle past-due accounts and collect payments for your debt collection agency. Without measures in place to prevent chargebacks, though, many of your payments could end up being disputed by consumers. Agencies and other high-risk businesses can go months or years without experiencing the stress caused by …
A Strategic Approach to Debt Settlement Campaigns for Tax Season
Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax refund season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase …
Understand and Develop Conversational Intelligence in Debt Collection
“Privacy works flexibly. It’s scalable. And it’s unique to every situation we’re in.” This is a quote from Leslie Bender, Senior Attorney of Health Privacy and Consumer Financial Privacy during her presentation at Collector Live, a yearly event hosted by Mike Gibb of AccountsRecovery.net. The virtual conference for frontline and upper management debt collectors hosted several experts including debt collection …
Use Root Cause Analysis Methods to Improve Policies and Procedures
Courtney Reynaud, President and CEO of Creditors Bureau USA, has found success in her agency with careful attention to policies, procedures, and work instructions. But, she didn’t always have such a strong compliance management system. Before her office focused on these practices, she noticed blame would often be placed on a single employee or a client. Reynaud explained that blaming …
Steps to Create A Compliance Management System
The CFPB expects all debt collection agencies to have a compliance management system (CMS) in place during operation. Courtney Reynaud, President of Credit Bureau USA, and the other California Association of Collectors Collection Boot Camp panelists, understand how overwhelming creating a compliant collection agency can be. “With everything else we have to do to run a successful business, compliance is …
Looking Beyond Fees: Evaluating Payment Processing Services
Companies often shop for payment processing services based on cost. For many businesses, especially those in regulated industries, using this criteria may not lead you to the best payment software for your company. This is because not all payment processing services are the same. Some payment softwares are designed with specific industries in mind and don’t offer the payment processing …
Are your Recurring ACH Payments Compliant?
Many consumers prefer to pay large bills in installments through ACH payments rather than a credit card. Offering this option in your business will decrease consumer complaints and increase your overall receivables. But just as with cards, it’s important to ensure the recurring ACH payments you accept are compliant.Understanding Recurring ACH Payment ComplianceComplying with every regulation that applies to your …
