Electronic payment processing should reduce the number of chargebacks your company incurs on a monthly basis, and reduce declined payments due to an increased understanding of exactly what consumers are paying and when exactly it will be processed. This concept prompts collection professionals like Joseph Leventhal with Professional Collectors Corp to describe his payment processor as “possibly the next greatest thing to coffee. Who doesn’t love instant results?” When deciding which electronic payment processing provider to select, the following checklist describes functionality you may want to consider.
____ Integrates payments into current collection systems or accounts receivable systems.
____ Permits Internet checks for website payments 24/7.
____ Accept check payments by phone.
____ Converts U.S. bank checks, money orders and cashier’s checks into electronic transfers.
____ Secure web-based payment gateway in a PCI-DSS compliant platform integrated directly to your accounting, receivables, or billing software.
____ E-signature verification capability to allow debtor tracking and 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 prepaid) based on the client’s preferences or requirements.
____ Customization of the look, language and tailored scripting.
____ Solutions for both debtor-initiated and collector-initiated payments.
____ Determines if funds are available and capture them with the click of one button.
____ Features the ability to access the virtual terminal from anywhere a person has an Internet connection through a secure login.
____ Ability to view customers, manage payments, pull reports, and modify payment schedules.
____ Ability to verify real-time payments while the customer is on the phone.
____ The system accepts ACH, check, and credit or debit card payments, by phone, and Internet combined in one system.
____ Data exchange ensures payments are posted to valid accounts only.
____ Online transaction information posts to your system in real-time.
____ Payment system access with a single click on invoice or statement using a QR code.
____ Users can keep their existing bank relationship with custom settlement options.
____ Presentation is responsive, i.e., optimized for Smartphones and tablets in addition to desktop computers.
____ Securely stores payment and consumer information to ease the process of working with repeat business.
____ Automatically notifies you of upcoming card expirations.
____ Notifies you about failed transactions in real-time.
____ Ability to track incoming payments with the consumer dashboard and reports.