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All businesses, especially those in accounts receivable management, such as medical billing or consumer payments, have challenges in collecting payments. However, there are tools available to help lessen the impact of loss due to these challenges. Businesses need to study these tools and consumer payment trends in order to assess if they are utilizing the best technology available to increase revenue and mitigate loss.
Encourage Prompt Remittance with Self Serve Options
A big challenge is encouraging your consumers to make payments to you in a timely fashion. Consumers are less likely to pay on time if they run into obstacles when trying to pay, and one of these obstacles is not having the ability to self-serve or go online either via a computer or a mobile device and make a payment. According to a recent study on mobile and online payments conducted by the Federal Reserve in 2014, more and more consumers are using online payments services and mobile payments to pay their bills:
“Services that allow consumers to obtain financial account information and conduct transactions with their financial institution (“mobile banking”) and that allow consumers to make payments, transfer money, or pay for goods and services (“mobile payments”) have become increasingly prevalent…. Use of mobile payments has also increased. In 2011, 12 percent of mobile phone users and 23 percent of smartphone users reported using mobile payments. By 2014, usage of mobile payments had increased to 22 percent for mobile phone users and increased to 28 percent for smartphone users.”
This payment trend will only continue to increase as more and more consumers move to mobile phones and smartphones. Again from the Federal Reserve Study, “Focusing only on those smartphone owners who reported that they had made a mobile payment in the prior 12 months, the most common mobile payment activity was paying bills (68 percent), followed by making online or in-app purchases (54 percent).”
Free Hosted Online Payment Services optimized for mobile devices
PDCflow offers a solution to this payment obstacle at no extra cost to you; a free, hosted, PCI Level 1 Compliant Online Payment Center. PDCflow’s online payment services are free for anyone using our credit card or ACH processing solutions.
Our online payment services are simple to set up and customize for your company.
It is secure & compliant, as well as easy for your customers to use, and optimized for mobile payments.
Your consumers can connect to your PDCflow online payment services 24/7 and make a payment. They can even set up recurring payments according to your customizable minimum payment requirements in 2 easy steps.
This equals less need for consumer interaction, allowing you and your staff to focus on other tasks and lessens the obstacles for your consumer to remit payment to you.
20-35% Increase in Payments on Average
In fact, based on the statistics on PDCflow clients who moved to offering online payments, these businesses saw an increase of payments anywhere from 20-35%. And a large Midwest medical billing client, saw their incoming payments increase by 90%, from $580,000 to $1,100,000 monthly within their first 2 years with PDCflow and online payments.
Working Smarter, Not Harder
Another significant challenge in the accounts receivables industry is being able to accomplish more with less staff. As stated above, the less time spent with each customer taking payments or trying to contact for payment, the more time you have to focus on other business in your office. With PDCflow’s recurring payments system and online payment services, you empower your customers to easily make payments online and even set up recurring payments, anytime, anywhere, effectively reducing the number of staff required to focus on actually taking payments.
A third challenge accounts receivables companies are facing is reducing bad debt write-offs. Anytime a debt has to be written off is never a good thing. There can be many reasons a debt is chosen to be written off, but whatever the case may be, giving your consumers an avenue to quickly and easily make an online payment will inherently help reduce bad debt write-off. The earlier that amounts owed are paid, the less chance it can become uncollectible.
These are just a few of the benefits PDCflow offers.
Or Contact us now at 1-877-732-4814 for a more complete analysis of how PDCflow can help you save time and increase revenue.