In order for collection agencies to do their job, they need to actually collect money from consumers. The familiar old phrase “the check’s in the mail” no longer holds as much power as it once did, with instantaneous electronic payment solutions of all types now common.
But there is quite a bit of upheaval in the payments market right now. The CFPB recently included some ARM payment processors in an enforcement action, sending a clear warning to technology providers in the industry.
BillingTree recently released the results of its third annual survey of collection agency operations professionals, with a specific focus on payment and other collection technology. Once again this year the survey found that compliance was listed as the biggest concern amongst the agencies polled.
The survey also revealed that more collection agencies are leveraging technology in ways previously thought to be impossible. Company size is no longer a barrier to technology adoption, as proliferation becomes widespread. And the use of newer technology – like virtual agents and negotiation software – is rising rapidly.
Get the full survey results in this free report on insideARM.
In addition to the free report, BillingTree and insideARM are also hosting a free webinar — Checks in the Mail: Payment Processing Surprises from the 2015 ARM Study — on May 14 that will discuss the survey and many other important topics.
The webinar will discuss how more firms are relying on technology to insure their compliance and will review recent developments, like the aforementioned CFPB action against payment processors.