Leading-edge collections shops are analyzing their current practices to increase collections and efficiency. They know that customers make their payments faster when collection agencies and banks make it easy, so they are prioritizing digital-first communication and integrated payment options as the way to speed their time to revenue.
Our clients told us they wanted an easy-to-use, secure portal for digital payments that is fully integrated with email and SMS. They explained the ideal solution would execute the complete online transaction from initial outreach messaging through to payment capture, rather than just focusing on fulfillment. In response, we built a stand-alone product: EasyCollect.
The EasyCollect portal provides an easy and compliant way to make a payment or schedule a future payment right at the point of communication.
How Does It Work?
Check out our interactive mini-demo of the customer experience. Keep reading to learn the nitty-gritty of how EasyCollect will accelerate your collections business.
What does the customer experience look like when they hit the landing page for EasyCollect? The short answer is “everything the law requires plus an intuitive and compelling call to action.”
Agency Perspective on Digital Collections
EasyCollect facilitates a smooth, fast, and easy customer experience for the borrower. But we also wanted it to be secure, simple and intuitive to get up and running for debt collection agencies that can’t or don’t want to devote a lot of time and IT effort to a new channel.
EasyCollect clients that have (or are willing to obtain) a payment merchant account with BillingTree, Speedpay or REPAY can quickly deploy our product. Clients simply upload their file of accounts and logo(s) and select the email templates to use for that batch. After specifying a few more details, like minimum payment amount and links or content for state and other disclosures, you are ready to go.
Once your customers begin using the portal to make payments, you get immediate insight into their payments, with full monitoring.
Although we built EasyCollect to be easy to implement, there is nothing simple about the level of security we provide. The only way to access the EasyCollect interface is from the initial email or SMS sent. This keeps the mobile experience secure because we link the site visit to the initial outreach and call-to-action – a form of two-factor authentication. This avoids requiring additional authentication while ensuring secure transactions and customers do not need to create and remember a login-in to experience a secure and simple payment experience.
Digital is definitely a time-saver for both agencies and borrowers. Your customers will appreciate spending less time with your agents, and you will realize revenue faster. How will you repurpose the time saved for your business goals?
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Katabat is the leading provider of debt collections software to banks, agencies, and alternative lenders. Founded in 2006 and led by a diverse team of lending executives and leading software engineers, Katabat pioneered digital collections and has led the industry ever since. It is our mission to provide the best credit collections software in the market and solve debt resolution from the perspectives of both lenders and borrowers.
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