PHOENIX, Ariz. -- BillingTree®, the leading payment technology provider, today released the key findings of its sixth annual ARM ‘Operations and Technology’ Survey. The results, collected from over 150 agencies of all sizes, found PCI compliance was the top ranked security concern among respondents. Agencies cited innovative technologies to expand payment channels and enhance collection effectiveness as top factors for growth.
For the first-time in the six-year history of the survey, concerns over CFPB regulations ranked lower than all other compliance issues, including PCI, NACHA and REG-E/ESign. This overall trend is consistent with prior survey predictions after the emergence of the PCI 3.0 compliance rule changes in 2015. However, with CFPB plans to release a proposed rule concerning FDCPA collectors’ communications practices and consumer disclosures, there is a chance this area will experience further disruption.
The growing consumer demand for mobile payments is driving change, with text payments cited by respondents as the most desired payment option. However, rather than mobile text to pay being held back by technology limitations, it is the perceived compliance risks putting the brakes on adoption. This technology out-ranked agent-assisted payment authorization and notification as the payment option carrying the greatest compliance risk. One respondent stated, “these technologies are available, but with no safe harbor.”
When asked about future technology plans, mobile device presentment and payment ranked second at 29%, just behind online portals at 31%. Alternative forms of payment including PayPal, e-cash and Bitcoin ranked high, with 24% of respondents considering adoption, which suggests ARM organizations are ready to embrace consumer technology trends and expand payment channels. Consistent with prior years, Interactive Voice Response (IVR) adoption continues to grow, with 36% relying on IVR compared to 28% in 2017.
The latest study shows a growing acceptance of HSA/FSA payments, with more than half or 53% doing so today, compared to 47% one year ago and one-third in 2016. An additional 27% indicated interest in adopting HSA/FSA payments in the future.
BillingTree will be presenting the survey findings during a webinar on May 24, 1pm ET – register here.
To request a complimentary copy of the 2018 ARM Industry Operations, Technology & Payments report, click here.
BillingTree® is the leading provider of integrated payments solutions to the Healthcare, ARM, Property Management, B2B, and Financial Services industry verticals. Through its technology-enabled suite of products and services, BillingTree enables organizations to increase efficiency and decrease the costs of payment processing while adhering to compliance regulations. Leveraging more than a decade of market experience, BillingTree is dedicated to growing payments with technology through an integrated omni-channel offering, suite of proprietary products and value-added services, and a company-wide focus on delivering extraordinary customer service.