Payment Processing Services: 3 Factors In Vendor Selection

Payment Processing Services: 3 Main Factors to Consider When Choosing a Vendor

Many companies shop for payment processing services based on cost. For collection agencies, using this criteria may not lead you to the best software for your company. This is because not all payment processing services are the same. Some payment softwares are designed with other industries in mind and don’t offer the features your consumers and your office require (or include ones you’ll never need).

In debt collection, you need tools that can speed up workflows, keep agents in control of calls, and simplify compliance. Here are three factors to keep in mind that will help you choose the payment communication tools that will work best for you.

Vendor Quality and Experience

Picking a quality vendor with industry experience is just as valuable as finding the lowest priced products. After all, you want a partner that understands the internal and external concerns your business faces.

Think about all the ways your relationship with your payment processing software can impact your business. Choose the company that has your best interests in mind. Ask yourself:

Do They Understand the Challenges, Requirements, and Current Trends of the Industry?

Perhaps the top concern for your business is finding a payment gateway tailored to your unique industry concerns.

  • Does the company you’re considering understand the internal processes your company follows?
  • Do they know what external factors are affecting your cash flow?

Ask how they have helped others with the same pain points you are looking to solve. The right vendor will have unique insight that will help you improve operations.

Do They Offer Integration Options?
Payment software isn’t the only tool you’ll need for your business. You may need your accounts receivable software to work with the payment features you choose. Look for an option that allows you to integrate through open APIs.

Do They Have Accessible Customer Service and Account Management Reps?

There are many factors to payment processing. It’s important to not only trust the organization as a whole, but to know the actual people who manage your account and help you with customer support.

A solid relationship with the account managers and customer service staff shows confidence in the products and services the company offers. This relationship is crucial when:

  • New regulations are introduced to your industry and you need to know if your software complies.
  • You are considering adopting new technology in your business and have questions about simplifying your processes.
  • You are considering different merchant service providers or want to use multiple providers and need to know if you can maintain the products and processes already in place.

PDCflow has nearly two decades of experience working with accounts receivable businesses. We work with experts in the industry to understand the challenges our clients face and our account executives and customer success specialists are hands-on during onboarding and beyond.

Payment Processing Services: How To Measure Efficiency

Efficient Payment Processing Services

New tools should simplify your life, not make it more difficult. Consumers need a system that is easy to understand and can bring them to a payment resolution quickly. But efficiency can be measured in many other ways too.

  • Is it easy to get started? How long does it take to get up and running with new software? Once you’re ready to make a change, you likely want systems available as soon as possible.
  • Is it easy to train your employees to use? Once management has been onboarded to a new system and it’s ready to use, a big hurdle is passing knowledge on to frontline employees. Call center training takes a lot of coordination and time. The easier it is to learn the new system, the better.
  • Does it simplify interactions with consumers? Positive customer experience is an important factor in keeping escalated calls and consumer complaints low. Customer experience statistics also show the better the experience, the higher your revenue.
  • Does it improve recovery rates? Features in your payment system should make it faster and easier for consumers to pay their bills, increasing the amount of money agents bring in.

PDCflow can complete simple consumer setups in as little as 24 hours. Once your desired back-end features have been chosen, it’s simple to get your agents trained. PDCflow’s FLOW Technology and other payment communication features also make it simple for end users to complete transactions, increasing your revenue.

By guiding consumers through the payment process while still on the phone, agents can turn a promised payment into a completed payment, and increase recovery rates companywide.

Built-In Compliance

The debt collection industry is tasked with a host of compliance regulations and hurdles but taking payments also comes with its own regulations to follow. You must align yourself with a company that makes it easy, as well as compliant.

PCI compliance is essential when taking credit card payments. However, achieving and maintaining that compliance can become costly. At a time when many agents have shifted to remote work, finding payment processing services that facilitate remote PCI compliance is essential.

With FLOW Technology, PDCflow allows businesses to take payments from consumers while limiting PCI scope. Agents never need to see sensitive card data from consumers, but can still guide them through the payment process to ensure payment is made before the call ends.

Download the Payment Processing Buyer's Guide to learn more about what questions to ask when shopping for software.

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- ABOUT THE AUTHOR -
Hannah Huerta - PDCflow Marketing Specialist
Hannah Huerta, Marketing Specialist

Hannah Huerta is a Marketing Specialist at PDCflow. She creates content for the accounts receivable and payment industry.

LinkedIn - Hannah Huerta

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