5 tips to reduce collection costs with card processing
Collection agencies are constantly looking for ways to reduce their collections costs, and card processing is one of the best ways to do so. If you’re a collections agency or work in collections, then this blog post is for you! This post will discuss five tips that can help decrease your collections costs by using debit cards and credit cards. These tips include:
- Understanding how to process payments with different types of cards
- Using an online payment processor
- Preventing fraudulent transactions
- Processing recurring payments
- Setting up partial payments
Understanding how to process payments with different types of cards
– Debit Cards: When collecting from a debit card, collections agencies must use the Authorization Code method. This authorizes the transaction before processing, so collections could still get paid for their service if any issues arise. If collections agents can’t accept debit, you could be missing opportunities to lower your customer’s monthly payment, which typically decreases the likelihood of on-time payments, hindering your revenue cycle.
continue reading »
