Transcript Virtual Collections

Payments from the WWW.
Caryn Carpenter-Cadez,
GCS, Inc.
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Why use the www.
• You decide payment options
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Mail
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WEB
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Phone
Why you want www.pay.com
• Customers decide how to pay you
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WEB $
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Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
What it is - What it is not
• Web collections
are a way to
– Increase Revenue
– Increase
Marketability
– Happier Consumers
• Web Collections
are not
What it is - What it is not
• Web collections
are a way to
– Increase Revenue
– Increase
Marketability
– Happier Consumers
• Web Collections
are not
– A Magic Bullet
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Uncharted Territory - Fear
• Creating a Web Site
• Software Integration
• Managing Accounts/Activity
• Settlements and Payments
Creating a Payments Website
Debtor Only Site
Make a
PAYMENT
Corporate Site
Contact Us
Integrity
Technology
Mission Statement
Associations
Partnerships
Payments
Privacy Policy
Uncharted Territory - Fear
• Creating a Web Site
• Software Integration
• Managing Accounts/Activity
• Settlements and Payments
Software Integration
Internal Software/Process
Stays AS-IS
In House Software
Web Collections Software
Web Site
Payment
Processing
DATABASE
Performance
Reporting
Software Integration
Automation is not the answer…
…for everything
Time Elapsed
Reality of Software Integration
LC “….excellent Mrs. Smith. Which form of payment would you like to use to make your payment?”
Long Pause….
Mrs. Smith “Well I guess I ought to use my ACME credit card, or maybe I ought to just give you my debit card”
LC “Whichever works best for you Mrs. Smith, we take both forms of payment”
Mrs. Smith “I have my Credit Card here, let me know when you are ready? Are you ready?”
LC “Yes Mrs. Smith I am ready, what type of card is it that you are using?”
Mrs. Smith “It is a VISA”
LC “May I please have the account number?”
Mrs. Smith “Yes, it is 1234123412341234”
LC – “And the expiration date?”
Mrs. Smith “December 2012”
LC – “Please read to me the name as it appears on the card”
You still have not run the payment, provided a
confirmation number or reassured the debtor
when their next payment would be run.
Time Saved
Data Entry Clerk
Jane Smith, 12345-6, 250.50, VISA, PAID,20091005
Live Collector
• Making Calls
• Taking Calls
• Actually Managing Accounts
Uncharted Territory - Fear
• Creating a Web Site
• Software Integration
• Managing Accounts/Activity
• Settlements and Payments
Managing Accounts/Activity
Questions to Consider
Will balances change often?
Do you assess interest?
Will you need to delete accounts?
Do repayment terms change?
How will you process payments?
Uncharted Territory - Fear
• Creating a Web Site
• Software Integration
• Managing Accounts/Activity
• Settlements and Payments
Settlements and Payments
•Different types of settlement
and payment options are
available
•Different debtors qualify for
different offers
•Different debtors can receive
different parameters, including
discount and number of
installments
Settlements and Payments
Pay in Full:
• always available
Settlements and Payments
Pay in Full:
• always available
Installment Plans:
• can allow discount
• custom dates/amounts
Settlements and Payments
Pay in Full:
• always available
Installment Plans:
• can allow discount
• custom dates/amounts
Make a payment:
• not a settlement
• % and $ minimum
Settlements and Payments
Pay in Full:
• always available
Installment Plans:
• can allow discount
• custom dates/amounts
Make a payment:
• not a settlement
• % and $ minimum
Real time negotiation:
• debtor creates plan
• real-time decision
• matching counteroffers
Settlements and Payments
Example 1
Low balance debtor.
Settlements and Payments
Example 2
Allow installment repayment of the full
amount, or offer a debtor-specific discount.
Settlements and Payments
Example 3
High balance or difficult debtor. Accept any
payment, allow settlement negotiation.
Settlements and Payments
Example 4
Require full repayment, but don’t refuse any
immediate payment (doesn’t settle the account,
extends statute of limitation).
Settlements and Payments
Example 5
Let debtors play by creating a custom plan.
Control allowed discount (if any) and how
the system counteroffers
Settlements and Payments
Back End Offer “Buckets”
Different
Balances,
Scores…
Offer Set 1 (multiple portfolios)
Offer Set 2
Front End Offers
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Marketing
• Simple URL www.PayUS.com
• URL clearly stated on
– ALL forms of communication
– Your telephone hold message/music
– Where you can say it, click it or write it
• Your Customers need to know you
offer online payments
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Steps to Entry
• Decide on
– the application that fits your needs
– your repayment terms by grouping
– your payment processing methods
– how to update your software internally
• Manually – Costs less than a live collector
• Automation – Great if possible
• Market the site
Collecting on the Web
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Why use the www.
What it is/What it is not
Uncharted Territory – Fear
Marketing
Steps to Entry
Conclusion and Q&A
Web Payment
Conclusions and Q&A
Increase Payments
Create Leads – from Log Ins
24/7 Collector w/o HR Issues
Another Vehicle Driving your
Business
• Benefit your Sales & Marketing
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