The Top 3 ARM Industry Payment Challenges

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What are agencies’ top payment concerns?  PDCflow’s Chief Operating Officer, Matthew Snedden, and Western Territory Account Executive, Jeremy Fong, accompanied by Newtek representative, Tom Harkins, surveyed attendees at the ACA’s Annual Convention in Denver this summer to find out.  Snedden and Fong asked attendees about payment processing, compliance solutions, and payment authorization.

This year’s attendance at the ACA’s largest conference of 2016, included many top level officers in the ARM industry along with their legal counsel. Here’s what these attendees had to say.

  1. The need for compliance solutions is still top-of-mind, for most agency owners and top level officers . Many contacts felt they still lack the compliance solutions and efficiency needed to meet the new compliance guidelines.
  2. Instant Payment Authorization is still on the horizon. Many agencies may have moved to an email payment authorization form for recurring payments and communication authorization, but did not have the ability to get an instant payment authorization (eSignature) back when their collectors had the consumer on the phone.
  3. Agencies are struggling to integrate instant signature solutions with their payment processing solution. Some agencies have a solution that can acquire an instant signature, but it is separate from their payment processing solution. The lack of integration requires a cumbersome work flow, usually with separate log ins for their staff, and a disconnect between the payment or payment schedule that the signature or payment authorization is for.

Integrated Compliance Solutions equals efficient work flow

PDCflow’s eSignature Service, takes the need for an instant signature in combination with a payment processing solution, and provides them in one easy work flow. With PDCflow’s custom payment and e-signature software, companies can now streamline their receivables into one system and have their compliance solutions and reporting features at their fingertips.

The comprehensive Audit Report that is included with PDCflow eSignature Service, gives agencies the ammunition needed to prove consent, or payment authorization, was provided. It provides a dual authentication of identity along with a date/time stamp of payment authorization and geo-location of where the signature was completed.

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Fight Chargeback Disputes

Newtek, PDCflow’s preferred Merchant Service Provider, has become a proponent of PDCflow’s eSignature services, especially in the battle against false chargeback disputes. With larger debit or credit card payments or payoffs of debt, obtaining an electronic signature for payment authorization, ensures this payment will be honored.

More Info on PDCflow Payment Authorizations

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