Self-Service Payments in the ARM Industry


    Technology has revolutionized the entire debt collection industry. Automation is now the standard – especially when it comes to collecting payments. Payment advancements include introducing debtor self-service options such as IVR, web payments, and pay by text. The more ways to pay, the more likely an agency will receive the timely collection of receivables. Automation and self-service payments improve debtor experience, ensures compliance, and streamlines the payment process.

    Are you an agency owner? Have you incorporated self-service payment options if so? If the answer is no, then you’re missing out on easy money! As consumers across industries prefer the path of least resistance, not offering a way to pay when you want and how you wish could be severely holding back your agency. These days, not many individuals want to speak with a live person to make a payment. This ring especially true when it comes to past-due financial obligations.

    Here are some of the main benefits of self-service payments within the collection industry:

    Improve Customer Experience

    For every type of business, the collection industry included, the end objective is to ensure the customer experience is positive. Incorporating self-pay options in the collection process goes a long way to provide a pleasant user experience. Payment is made whenever and wherever it’s most convenient to the debtor. A customer can also access their delinquent accounts, review past payments, view balances, and set up future recurring payments.

    Significant Cost Reduction

    Thanks to payment automation, your team can focus on more critical aspects of the collections process. At the end of the day, your agency will notice a drastic decrease in operating costs. Wages spent previously on employees manually processing payments or negotiating payment terms can be reassigned and spent elsewhere within your company.

    Increase Cash Flow

    As mentioned earlier, with self-service payment options in place, debtors are more likely to engage with your agency to complete payments on past due receivables. Regardless of how professional your phone agents are, debtors dread interacting with collection officers. By offering self-service payment solutions, such as online web payments, it will be more comfortable and convenient for your consumers to pay up, thus increasing cash flow.

    Ensure Compliance

    Allowing the debtor to directly enter payment information, whether online or via an IVR system, reduces the chances of the financial information being stolen or exposed to fraud. No matter how a consumer chooses to pay your agency, trusted payment partners, such as Payment Savvy, will ensure all payments are encrypted in a virtual payment vault with a PCI compliant gateway.

    Optimize Operations

    When dealing with some debtors, many choose to ignore your calls. This can lead to needless frustration – we get it! Streamline the collection process by leaps and bounds with automated payment solutions. Put the power to pay in the hands of your debtors and watch as the paid in full receivable balance steadily rise—all without much time or effort on your agency’s part.

    Ready to automate your payment process? The experienced and knowledgeable team members at Payment Savvy will walk you through the process of creating the perfect payment solution for your agency. Reach out to us today to schedule a hassle-free demo of our payment products!

    With close to two decades of experience in sales and operations, Jason never hesitates to go above and beyond to meet our client’s expectations. He is our payment solution guru and attentively listens to a prospect’s current concerns to create a custom product offering guaranteed to check every want and need off the list. Reducing risk and increasing revenue is the name of Jason’s game and he loves providing solutions that substantially affect a company’s bottom line. Looking for an insight as to how your company can operate in a more streamlined manner? Reach out to Jason either at one his regularly attended conferences or give him a ring to discuss how Payment Savvy can elevate your business’ potential.


    high-risk merchant accounts

    High-Risk Business with Stripe, PayPal, Square, Venmo

    By Chad Deatherage | May 17, 2023

    Certain activities, or the industry you work in, may cause payment processors to characterize your merchant account as high risk. It isn’t uncommon for some businesses to process online payments and get higher-than-average returns, but your reputation and industry play an important role. Having your merchant account suspended will undoubtedly lead to revenue loss and…

    Automated Clearing House acronym with marker

    Instant ACH Transfers Online

    By Chad Deatherage | May 16, 2023

    Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network.…

    FedNow instant payments service

    A Comprehensive Guide to FedNow

    By Chad Deatherage | May 15, 2023

    The Federal Reserve Bank is currently developing a new instant payment service called “FedNow” that will allow financial institutions to make instant payments. The FedNow Service will begin operating in July 2023 and it is the first U.S. government-created and -backed portal that will enable financial institutions to send and receive payments in real-time 24…