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The annual ACA International Convention and Expo is one of the nation’s best-known events to ARM professionals in the credit and collection industry. Visiting this expo helps ARM professionals network and learn about new technologies. It is also a valuable experience for service providers who want to strengthen relationships with current clients and make new connections.
The trade show is also a great place for companies like PDCflow to talk to industry leaders in an effort to understand what’s trending, how popular products are currently being used, and how new products can solve common industry problems. What’s trending this year among payment professionals? PDCflow’s Account Executive Jeremy Fong and Customer Success agent Matt Thomas attended the show to find out.
Trend 1: Closing the Gap from Date of Placement to Date of Payment
The world is working at a faster pace than ever before. Professionals in the ARM industry are no exception. Many decision makers who visited the ACA expressed the need to speed up the collection and payment process.
One of the easiest ways to increase the pace of collections is to use a payment management solution. Sending a collection letter is still important in today’s third party collection environment, but using a payment processing software that offers multi channel electronic payment choices, such as mobile-optimized online payments, IVR payments, and eSignatures and payments in one step can drastically cut down on the collection cycle time.
If your business is collecting on a first party basis, then the need for a paper billing system becomes less important. Switching to a payment management solution that offers electronic billing would assist in closing the days in the accounts receivable gap. Consumers simply need to click a button once they receive the electronic invoice or statement, and a business will receive payment within 24-48 hours instead of days. This also makes it easier to track payments and saves on the cost of paper and postage.
Trend 2: Using a ‘One-Stop Shop’ for All Payment Needs
Many ARM professionals get their payment processing services from several sources. Using one system for credit cards, one for ACH, and perhaps another provider for digital signatures is not uncommon. Merchants may not be aware of the payment processing softwares that can provide all of these services in one platform, providing convenience with centralized reporting. They may be wary of all-in-one systems, or concerned that they may be too complicated to implement or teach to agents. However, those visiting the ACA suggested that a user-friendly software solution could significantly cut down on reconciliation and training.
Professionals want an all-in-one processor that can assure their consumer’s sensitive data will be handled securely. Decision makers in the industry are looking for a payment management solution that is a Level 1 PCI DSS Compliant provider. Many credit and collection professionals are familiar with the requests or audits from clients to provide PCI Certificates or security certificates. With all these services on one platform with one vendor, providing this information to potential clients is a simple request to fulfill.
Trend 3: Customer Relationships
With the increased automation of everyday business functions, a personal touch with many companies is becoming scarce. Payment processing solutions don’t always provide an easy way to contact their company in the event of an issue. Professionals at the ACA were looking for a payment management solution that provides training and ongoing support from real people who want their agencies to succeed.
Some software services don’t offer proper training to use them to the fullest capacity. It might also become difficult to get ahold of a representative once training is complete. That is why ARM industry professionals want their payment processing systems to be backed by an exceptional customer service experience.
What PDCflow Can Do for ARM Industry Professionals
PDCflow can help ARM industries keep up with the fast pace of business. With multiple solutions accessible in a single application, PDCflow offers agencies the ability to collect payments quicker than ever. Options like electronic billing, IVR, digital document delivery with payment collection, recurring payments and a mobile optimized site, offer faster-than-ever payment collection.
In addition, PDCflow’s offerings of ACH and credit card payments provide the all-in-one payment management solution ARM professionals are looking for. Taking all types of payments and digital signatures through one system will simplify business finances, no question. With the capability to quickly send a bill and payment screen directly to consumers for quick 1-click payments, PDCflow provides a path of least resistance for consumers to get their payment made.
As a customer-centric company, PDCflow has worked hard to provide as many channels for customer assistance as possible. Our online how-to articles, telephone helpline, chat center, and online support ticket system give merchants several convenient ways to get the answers they’re looking for.
PDCflow is a complete Payment Management Solution that is simple, fast, and secure, so your business gets paid faster. The application allows multi-channel payments, payment authorization with eSignatures, and document delivery for small business to enterprise – all from one central platform.
For additional information on what to look for when deciding on a payment management solution, download the 10 Questions to Consider when shopping for a Payment Processor Buyer’s Guide.