Shopping for new business technologies can be a long, difficult process. Oftentimes, even scheduling a software demo can take time out of your day you may not be able to spare. Thankfully, accountsrecovery.net’s Q&ARM series is helping accounts receivable professionals make informed buying decisions to enhance the collection process, on-demand.
PDCflow recently participated in this Q&ARM event to showcase our FLOW Technology. We demonstrated how it can help AR businesses deliver and capture secure payments, documents, eSignatures and photo uploads in one seamless workflow.
A unique feature of the Q&ARM format is the panel of experts. These ARM professionals were present to ask questions of the vendor presenters and provide industry insight. Their questions and comments were beneficial to viewers, providing context for how technology fits into a debt collection agency’s collection process.
PDCflow’s Q&ARM panelists were:
FLOW Technology can notably improve your accounts receivable business. During the presentation, Harris discussed PDCflow customer Assistentcy LLC’s experience implementing FLOW and the impact it had on their extended business office.
- Credit card payments nearly doubled
- Reduced number of calls needed to confirm completed payments
- Increased consumer satisfaction
How Does FLOW Reduce Friction?
Product Management Research
Our sales team is also sensitive to the situational changes companies face. These can be caused by new regulations or something more universal, like the impacts of the pandemic.
When agencies were first forced to move operations to remote work, Account Executive Heather Harris reached out to our customers. She wanted to better understand what impacts the change had on business and what was causing agency owners concern. She learned that protecting card data was a heightened concern.
PDCflow’s FLOW Technology allows consumers to key in sensitive payment information, so it is never seen by the phone agent. This limits PCI scope for your business and increases payment collections by putting consumers at ease that their data is safe.
Ensuring Right Party Contact
Panelist Jon Kelan commented on the impacts of covid on structuring payments and settlement agreements. He noted the advantage businesses have in sending them to be reviewed quickly and easily while the consumer is still on the line.
He also noted PDCflow’s ability to help with right party contact. This can reduce the number of consumers who dispute the debt, saving agencies money.
FLOW Technology, RCP and Faster Workflows
FLOW’s dual authentication process allows agents to send a statement to a consumer’s mobile phone or email address while they’re still on the phone. After the consumer has authenticated their identity, they can view statements and discuss what they owe, satisfying right party contact and creating a more informed, positive interaction.
Our simple, streamlined process allows agents to address concerns in real-time. This removes the roadblock of sending statements by mail and having to try to reach consumers later on for further discussions.
The quicker workflow increases satisfaction and helps consumers better understand their responsibility. When this happens, dispute numbers are likely to decrease, saving your agency time and money addressing disputes.
Dan Medina, whose company often handles medical payments, asked about PDCflow’s ability to handle recurring payment plans. PDCflow offers recurring payments with flexible schedules and administrative power to set global minimum payments or maximum schedule lengths.
The software also provides built-in Regulation E compliance through schedule authorization and the ability to send schedule terms and payment reminders to your consumers.
Further Functionality Through APIs
How Much Does PDCflow Cost?
Collins also addressed an audience question concerning the pricing structure for PDCflow’s software, asking whether companies can select only the features that work for them.
The great news: choosing the right PDCflow features for your business is as flexible as the software itself. Before giving a quote, your account executive gets to know your individual needs and builds a plan that is right for you.
Here are some of the decisions that may impact your pricing:
- Are the FLOWs you will send intended only for document delivery, eSignature and photo upload purposes? FLOW Technology with no payment module may be a good fit.
- Do you wish to send payment requests within FLOW? Adding this component will enhance your workflow flexibility and streamline consumer interactions.
- Do you want to start by simply accepting payments within the PDCflow app or through an online payment portal? We offer payment collection without FLOW capability.
Not a Merchant Processor
It’s important to note that while PDCflow is a payment communication tool, we aren’t a merchant processor. Our software is a tool that provides delivery methods and payment channels consumers prefer but we do not provide merchant accounts.
Instead, PDCflow has many partner relationships with merchant processors and can help you navigate the process of acquiring a merchant account. If you already have a merchant account, our software can facilitate payments no matter who your processor is.
PDCflow also stores the payment data for your business, ensuring it can be maintained – even through changes to your payment provider ecosystem. This helps your company maintain business continuity, no matter which merchant processor you choose.
Implementing FLOW Technology
Lastly, Collins asked about implementing PDCflow and what that process looks like for customers. The implementation process for our software varies depending on the complexity of your intended workflows. This can range anywhere from one business day to a few weeks.
When integrating through APIs, the time frame can be longer but will vary depending on the development work you are looking to do. Many companies want integration but don’t have the resources to accomplish one. These businesses may choose from one of our many integration partners that already has PDCflow’s services available within their products.
For more information on how FLOW Technology can speed up your workflows and streamline processes, set up a call with a PDCflow account executive today.