Better Together: Adding Payments Into Debt Collection
Wouldn’t it be easier for agents to use the same system to accept payments that they use for collections?
That’s what we thought, which is why we’ve made it easy for you to pair Finvi Payments with the Finvi collection solution that you’re already using. Let’s take a look into why this is important.
Workforce and Workload
As in just about every industry, collections organizations are no strangers to the current struggles when it comes to finding and retaining employees. According to the U.S. Bureau of Labor Statistics (BLS), more than 4.1 million people quit their jobs in August 2022, up from 2.7 million in August 2021. Another study shows that roughly 100,000 to 120,000 employees leave their jobs every day.
Employers are turning to remote work policies to not only try to retain their current staff, but also to attract new hires. But this comes with its own set of challenges, mostly around managing staff to ensure adherence to workflows and employee efficiency and satisfaction.
This makes it even more critical for employers to streamline workflows and processes. But that hasn’t always been the case in the world of collections. Quite often, agents work with their collection information in one system while the payment process is done in a different system. Using multiple, disconnected systems makes the collections process longer and more complicated. It also makes it difficult to audit accounts and track the process of each account.
If the collection and payments processes are difficult for the agent, just imagine what it’s like for the customer.
You’ve just spent what seems like an eternity speaking with the agent, gathering all the details on your account and making plans to pay. Now, the agent has to log in and use a different system. And if the agent isn’t too familiar with this different payment system, the process of accepting the payment is going to take even longer.
And since information is kept in multiple systems, clients might be contacted multiple times by different agents as the status of your account probably isn’t updated in a timely manner.
In an era when organizations are struggling to retain employees and properly manage remote workers, it is critical to simplify day-to-day tasks, and not require multiple processes and platforms. Knowing this, we wanted to do what we could to improve the experience for our clients. And we found there was much more interest in an all-in-one solution.
That’s why we’ve integrated our payments platform with the Finvi debt collection software. The addition of the embedded Finvi Payments solution means you now have an all-in-one workflow and payments platform designed to increase collections rates and streamline operations through a combination of powerful digital engagement and payment processing tools.
By combining a single place between the outreach platform and a place for your customers to pay, you’re removing an additional vendor. This makes it easier to audit and easier for incident resolution, as well as possible cost savings compared to what you’re paying with your current vendor.
This also creates a single source of truth about what’s happening between your collection system and your payment vendor. And it reduces the number of breakpoints.
You can also meet your customers where they are with modern, flexible payment options, including debit, credit, and ACH. The fully embedded payment platform allows you to take payments quickly and easily over the phone, and also provides customers with an easy-to-navigate online portal for self-service payment options for added convenience. You can also create convenient payment plans and recurring payment options that best meet your customer needs.
A Simple Solution in a Complex Era
The adage “work smarter, not harder” truly applies in today’s information and digital age. With so many devices containing seemingly endless amounts of data, doesn’t it make sense to leverage that data to help your employees do their jobs in a more efficient way?
This has never been more critical in the world of debt collection. Organizations are under pressure to improve the work process to help retain their key employees, as well as keep workflows simplified in the era of remote employees – all why maintaining a customer-friendly experience.
Finvi Payments is now available with the Katabat collection solution, providing users with built-in compliance rules and modern, digital communication capabilities, such as text messages and emails, combined with convenient, familiar payment options to help meet the demands of today’s mobile, fast-paced world.
Read more to learn how the Katabat solution can help you.
This is the first blog post in a three-part series. Go to the second post now, which covers the Consumer Financial Protection Bureau’s Advisory Opinion on what third parties can and cannot collect.
Disclaimer: Finvi is a technology company and provides this post solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Finvi’s advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Finvi’s efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.
© 2022 Finvi. All rights reserved. Information contained in this document is subject to change. Reproduction of this publication is not permitted without the express permission of Finvi.
Understanding Today’s Digital Consumer
Finvi recently partnered with YouGov to conduct a survey to better understand consumer preferences — specifically…
Payments-as-a-Service: The Right Choice for Government Agencies
The Payments-as-a-Service (PaaS) model might be the right choice for government agencies looking to incorporate all...
New Finvi and YouGov Survey Sheds Light into Consumers’ Communication and Payment Preferences
A Finvi and YouGov survey reveals insight into the communication and payment preferences of today's digital...