OVERVIEW
The Ever-Changing Electronic Payment
The last 20 years have seen giant steps in electronic payments. Some of today’s electronic payment vendors were asked what they thought were the most useful advancements in recent years.
“The development and proliferation of payment software services, from payment gateways to more full-featured SAAS offerings,” said Matthew Feierstein, president and COO of PaySimple. “These products have created greater access and efficiency in electronic payment capabilities to businesses, greatly simplifying their ability to collect customer payments. As a close second, I would say mobile technology. While it's been slow to catch on in North American markets, I do believe we will see more and more people paying with mobile or wearable devices, making the problem of not having cash or even your wallet to make a purchase a non-issue.”
The ability to cater to an on-the-go culture seems to be a universally appreciated development in recent years. The power of convenience can be a helpful tool when a consumer is on the fence about payment.
“The most useful development in electronic payments within the last 20 years is the ability to process credit cards and checks via mobile devices,” said Travis Hodges, senior e-business specialist at PDC4U. “With this ability companies have become able to perform face-to-face payments via swiper and or consumer web payments from anywhere at any time.”
Data security has always been paramount in electronic payments but frequent data breaches with major retailers over the past year have drawn even more attention from the public. This level of scrutiny has led agencies to search for ways to improve security.
“One of the most important things an agency can do to protect their consumers is to offload their risk to companies that are designed to handle the secure data for them on external systems in a PCI level 1 compliant environment,” said Hodges.
Feierstein recommends keeping all payment information in one place and not scattered around a collection office.
“Use a system that securely stores not just payment accounts but customer's PII (personally identifiable information) data as well,” said Feierstein. Once in place, collection agencies can feel comfortable when following proper security practices by leaving all sensitive information stored in the system, and not laying around in file folders on a hard drive or on a desk.”
Looking forward to the next 20 years, it’ s safe to assume that security will continue to be a major concern. However, one area of electronic payments that has already surprised many in its growing popularity is alternative payments. Starbucks reports that 14% of U.S. payments are made via mobile phone.
“Businesses (especially small) are really putting pressure on lowering the cost of accepting electronic payments,” said Feierstein. “Alternative options will come into play that may start to replace traditional bankcard transactions if they are able to provide consumers with the same security and convenience. That’s really the key: winning over consumer preference.”
REVIEWS
Accept Check Payments By Phone
EFT Network
- Being bank independent, deposits into customers’ existing bank account(s) as well as any new bank accounts is enabled.
- Payment solutions are integratable with current collection systems and/or accounts receivable systems. This mix and match approach allows users to customize the payment processing options to suit their business model.
- WEB Checks interfaces with a company’s website, enabling consumers to make payments independently, day or night.
- TEL Checks enables agencies to accept check payments by phone.
- Remote Deposit Capture (RDC) allows users to scan and deposit payments sent in the mail, converting them into electronic transactions. Eligible items include US bank checks, money orders and cashier’s checks.
What Users Say
“When searching for an ACH Payment Processor, it was imperative for Tri-State Adjustments to have a secure web-based payment gateway, integration capabilities and lower processing fees,” Larry Geier, president of Tri-State Adjustments. “After reviewing several applications, EFT Network was the only vendor that met all those requirements.”
EFT Network | EFT Network
redeposit.com | 800-492-2794
Client Sets Their Own Guidelines
I-Key
- Now includes an e-signature function that allows debtor tracking and enables users to fulfill the requirements of FDCPA, NACHA (National Automated Clearing House Association), and Regulation E.
- Automatically determines the eligibility of payment methods and types, allowing you to choose what types of payments you will accept, (e.g. debit only or pre-paid) based on each individual client’s preferences or requirements.
- Features debt negotiation tools that allow the client to set their own limits and guidelines, enabling the debtor to arrange their own settlement or payment plan.
- I-Key and Member Services allow customization of the look, language and tailored scripting.
What Users Say
“Joseph, Mann and Creed has long been a fan of ACH and credit card processing services provided by APS...” said Bill Mann, partner and CFO of Joseph, Mann and Creed. “After three years, we are excited to add the I-Key suite to our list of APS-provided solutions for both debtor-initiated and collector-initiated payments. We’re especially enthusiastic about the ways in which it addresses our compliance concerns including Regulation E with E-Sign capability and additional features that go over and above any other solution we have seen to date.”
I-Key | Advanced Payment Systems
apsofga.com | 770-947-3343
Store Payment Information
PaidSuite
- Users can know immediately if funds are available and capture them with the click of one button.
- The Virtual Payment Gateway allows users to manage sensitive payment data in a PCI-DSS compliant platform. PaidSuite’s servers are proven PCI DSS and reside on the VISA/Mastercard CISP list of secure vendors.
- The Virtual Payment Gateway can be integrated directly to users’ accounting, receivables or billing software platform. Users can automate the process of posting payment data and eliminate the use of employee time.
- Payment and customer information can be stored so that repeat or future transactions do not require re-entry.
- Through the use of cloud-based technology users can access the Virtual Terminal from anywhere they have an Internet connection through a secure login. Users can view customers, manage payments, pull reports and modify payment schedules.
What Users Say
“Real-time payments changed our business,” said Gordon Beck, president at DCI. We now have the ability to verify funds while the customer is on the phone.”
PaidSuite | PaidSuite
paidsuite.com | 702-527-8495
Access Through Website or QR Code
PaymentVision
- The system is biller-direct, PCI compliant and accepts ACH, check, and credit or debit card payments, by phone, or through Internet channels.
- Data exchange ensures payments are posted to valid accounts only.
- Online transaction information posts to the user’s system in realtime.
- Branding can be carried through to the user’s payment site and allow access with a single click on user’s website or statement via QR code.
- Users can keep their existing bank relationship with custom settlement options.
- A quality services representative manages the user’s implementation from start to finish.
- Presentation is optimized for smartphones and tablets in addition to desktop computers.
What Users Say
“Prior to the integration, we had to process payments in one system, and manage how they were applied in another, said Mike Shafer, director of operations, litigation at Wexford & James. “With the integration, everything works seamlessly. As a result, our account managers are more productive and I have the peace of mind that card data is being protected in adherence to the latest PCI requirements.”
PaymentVision | Autoscribe Corporation
paymentvision.com | 800-345-7243
Customize with Business Name and Logo
PaySimple
- Users can securely store payment and consumer information to ease the process of working with repeat business.
- Credit card and ACH (echeck) processing functionality are combined under one system.
- Users can be notified of failed transactions in real-time. Consumers can also be automatically notified of upcoming card expirations.
- Users can track incoming payments with the consumer dashboard and reports.
- The online payment form can be customized with business name and logos, what types of payment are available, and terms and conditions. Users can also link to the payment form from emails of electronic invoices.
- Access information by consumer, date or payment type and more.
What Users Say
“The Collection-Master / PaySimple integrated solution has allowed us to aggregate our many trust accounts under one system for an efficient, streamlined processing of ACH and credit card transactions,” said Chuck Buchan, attorney at Hosto & Buchan, PLLC. “The reporting features provide us with valuable insight and detail not possible with our prior systems.”
PaySimple | PaySimple
paysimple.com | 800-466-0992
Pay Via Internet, IVR or Mobile Application
PDC4U
- Payments can be made via phone, Internet, IVR, automated recurring services, or mobile applications, with the addition of live reporting.
- Supports all major credit cards including healthcare savings cards.
- Features PDCflow, a signature verification service that can help with Regulation E and document presentation.
- All transactions are processed using encrypted technology and are PCI compliant.
- Reports can sort and filter by dates, departments, users, payment amount, and payment origins, (Inhouse, IVR, APP, Web).
- Features real-time reporting with two-second auto verification for credit card authorization.
What Users Say
“Adding PDC4U and PDCflow to our payment procedures has really helped to reduce the number of charge-backs that our company incurs on a monthly basis,” said Cedric Clark, owner of Berkley Hughes and Associates. “The ease of use has also streamlined our payment processing department and reduced its overhead. An unexpected benefit has been an overall reduction in d eclined payments due to an increased understanding of exactly what our consumers are paying and when exactly it will be processed.”
PDC4U | PDC4U
pdc4u.com | 877-732-4814
Clients Can Let Users Know Payment is Received
WebAR Virtual Agent Collector
- The BIN Database option to specifically define the card type (debit or credit) and the card issuer.
- Clients can login and let users know that a payment has been received at their office.
- The Virtual Collector utilizes real-time decisioning to accept credit card and ACH payments, make payment arrangements, resolve disputes, offer settlements, collect information such as demographic and preferred contact method.
- All financial information is encrypted using AES 256.
- The Custom Architecture options, such as Business and Private Cloud, provides an additional level of security and customization.
- The system is optimized for mobile devices.
What Users Say
“Our staff and the consumers who access our portals find it easy to use,” said Jennifer Turenne, president at National Financial Group. “They can interact with one of our avatars or use the screen script. The screens and scripts are easy to change as the company’s needs evolve. We would recommend this product to anyone looking to streamline the payment process.”
WebAR Virtual Agent Collector | The InterProse Corporation
interprose.com | 360-604-3531