From Collector: Payment Innovation vs. the Status Quo
How accounts receivable management agencies are responding to current payment trends and consumer demand.
3/1/2019 1:00 PM
Technology is disrupting almost every facet of the accounts receivable management industry, including how consumers pay and how companies accept those payments. Payment processors are adapting by developing products that make it as easy as possible for consumers to make a payment.
Debit cards, credit cards, checks and ACH transactions still dominate the landscape in the accounts receivable management industry. Digital wallet and peer-to-peer payment tools, like ApplePay and PayPal, are popping up in a limited fashion, but more important than offering specific leading-edge payment options is simply offering a ubiquity of choices, Collector magazine Managing Editor Anne Rosso May reports in the March issue.
Self-service rates are climbing, and ARM companies are increasingly looking for ways to help consumers help themselves, whether that’s paying in full, setting up a payment plan or arranging to be sent automated payment reminders, Rosso May reports.
In the article, sources from RevSpring, Applied Innovation, Revenly and BillingTree discuss consumer payment trends, communication preferences, data security and more.
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