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Not all Payment Processing Services are the same
Most companies shop for payment processing services based on the cost per transaction, but for collection agencies, this method is flawed. Not all payment processing services are the same and comparing based on price is an apple to orange comparison.
There are three key reasons you should change the way you compare payment processing services.
- The quality of the service is much more important than the price. Online payment processing comes with security and compliance risks that are paramount. You, not the issuing bank or payment processing service, are increasingly liable for unauthorized transactions and unauthenticated purchases and things like REG E compliance.
- An efficient system that is easy for both the consumer and you to use. Consumers need a system that is easy to understand, fully integrated on all platforms and a fast transaction over a minimum number of screens. The collection agency requires convenient access to information, appropriate compliance-related emails sent, and the ability to track customer activity seamlessly.
- A system that can meet the unique compliance needs of the collection industry. The debt collection industry is tasked with a host of compliance regulations and hurdles, so you need to align yourself with a company that makes it easy, as well as complaint.
Shop for Payment Processing Services based on ROI
Shopping for payment processors based on the ROI rather than the per transaction cost is recommended. PDCflow offers top quality, efficient processing, while meeting the compliance needs of the collection industry is at the forefront of what they do. A PDCflow processing package includes an integrated pay site, integrated REG E solutions, and document transfer services in addition to the payment processing services.