Improved payment compliance workflow and automation of payments.
Recovery Management Solutions, LLC. (RMS) opened their doors April 9, 2015 as a two person operation. Since then, the company has continued to grow to a team of approximately 25 collectors. They expect to increase the number of clients they serve while continuing to work on their in-house collections.
RMS is licensed in 42 states, and are currently working to become licensed in the other eight, making them fully operational across the country.
Liz Colwell, RMS Administrator, handles all licensing necessities and payment processing management for RMS.
Recovery Management Solutions was looking for a solution that would assist with:
- Regulation E compliance - Traditional payments require written authorizations for a recurring ACH payment to comply with EFTA's Regulation E.
- Accepting recurring payments quickly and easily - Waiting for authorizations by mail slows down collections.
With traditional recurring payment schedule set up, RMS relied on consumers to remember to send a paper check through the mail each month.
RMS wanted a solution where their collectors could quickly and easily set up a payment schedule and send it to the consumer in real time for a written authorization.
Implementation of Flow + Payments provides RMS with:
- Integration of esignature with payments - makes getting a signature on a recurring payment schedule fast and easy.
- The collector can send a Flow smart request for a signed approval while on the phone with the consumer.
- The collector obtains a legal wet signature and a documented audit trail fulfilling Regulation E compliance.
- An efficient payment workflow - Collectors can send a request for an initial payment along with the recurring schedule consent form all in one workflow through PDCflow's integrated digital communication and payment tools.
- An easy consumer experience - Initial payment requests can already be prefilled based on information provided while on the phone with the consumer. The consumer can simply click, accept, and submit on their cell phone or any internet connected device.
Faster Payment Collection
RMS no longer has to send schedule agreements through traditional mail and wait for consumers to sign and return them.
RMS collectors now send agreements through email or text message while on the phone with consumers. This instant access to documents ensures signed, returned schedules within minutes.
Less Manual Work for Staff
Using PDCflow’s flexible recurring payment settings make it easy to create payment schedules that satisfy customers. After schedules are created, RMS can move on to more important work while payments run automatically on the agreed-upon dates.
This ended the need for manual follow ups or extra follow-up calls to consumers
“We don't have to worry about the consumer sending in a monthly check or it getting lost in the mail.”