Payment Technology

How Collection Agencies Can Get Paid Faster with Nuvei’s Flexible Payment Options

Rob Kennedy
VP of Sales

In the old days, you hired a debt collector to recover monies owed. The debt collection agency paid a roomful of people to spend all day on the phone. That was phase 1 of Debt Collection 101.

If banks are using technology to quickly resolve debt issues, maybe you should follow the leader. Utilizing technology options is less aggressive and works faster, too.

Ways You Can Ramp-Up Collections

Most 2020 lenders and businesses allowed consumers to defer payments. It was one way we could offset the financial hardships caused by the pandemic. Now it’s one year later, and here we are. Many of those hardship loans and deferred payments are in arrears.

Financial management attorneys Walinski & Associates offer three ways to use technology to facilitate debt collection.

  1. AI: Artificial intelligence is what you’re already using to answer incoming calls. Customers were irritated with it at first, but now we pay attention and follow the prompts (mainly because we have no choice). But we feel better about it than we did. You can use AI to predict the reliability of a customer’s ability to repay before you initiate a financial credit situation. Banks already use AI to modify loan agreements.
  2. Messaging: Let’s face it, they aren’t going to answer the phone. And debt-collection phone calls can feel threatening. Automated messaging is a terrific application. Messages can be pre-formatted to offer varying degrees of understanding; from “Let us help you and work with you” all the way to, “This will be our last direct contact. Your debt is being turned over for collections today.” And they are automatically generated.
  3. Predictive analytics: A debtor that is “unwilling or unable to pay” requires a different collections approach than someone going through a temporary hardship, says Walinksi. Data from advanced analytics will tell you what type of collection approach will work best based on the consumer’s behavior patterns.

Nuvei Offers Merchants and Collection Agencies More Choices

We believe ACH (automated clearing house) may be the best payment processing technology ever. Nuvei’s ACH and eCheck (electronic check) payments are the secure, reliable, and faster way to transfer funds directly from a client’s bank account.

  • Nuvei offers secure, built-in fraud prevention.
  • Our ACH is fully integrated with no third-party gateways.
  • Payments can be made online or by telephone.
  • Processing recurring payments has never been easier.

Nuvei has the most flexible payment options and we’re learning more all the time. We’ll share what we know with our partners (like you). Ask us how partnering with Nuvei can directly benefit your business. Contact Nuvei today.

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Rob Kennedy
VP of Sales
Rob is the Vice President of Sales for Base Commerce, a Nuvei company. He is a fintech industry veteran with over 15 years of payments experience.

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