Collection Agencies Leveraging More Technology According to BillingTree's 2nd Annual Accounts Receivable Management (ARM) Industry Survey Smaller firms escalating use to compete with agencies of larger size
PHOENIX, July 2, 2014 /PRNewswire/ -- BillingTree® has released the findings of its 2014 Collection Agency Operations and Technology Survey, available here http://info.mybillingtree.com/2014ARMStudy.html. Agencies of all sizes contemplate higher adoption rates of technology to meet the demand for consumer choice and to achieve their business goals of reducing overall operational costs and compliance risk. Technologies including online negotiators and QR Code for payment are anticipated to increase most on a percentage adoption basis, with 147% and 79% increases in projected adoption respectively, followed by alternative payments (53%) and telephone Interactive Voice Response (IVR) solutions (33%).
This year's survey also served as a year-over-year comparison of trends. One key finding is the increase of adoption of online portals as a payment channel among smaller agencies. Sixty-Nine percent of agencies with fewer than 10 seats are currently planning or already utilizing an online payment portal, almost matching the 2013 adoption rates of larger agencies at seventy-five percent.
"Collection agencies are facing stiff competition at a time when operational costs and compliance demands are on the rise," commented Liz Caracciolo, Vice President of Business Development for BillingTree. "New payment technologies enable agencies to differentiate themselves from their competition as they look to expand business with current clients and compete for new clients. The added benefits of the increased compliance and reduced operating costs that come with automating the payment experience also contribute to maintaining a competitive edge. We are pleased to deliver timely and relevant market intelligence to agencies to facilitate their business growth."
To download BillingTree's 2014 2nd annual Operations & Technology Study for the ARM Industry report in full, visit http://info.mybillingtree.com/2014ARMStudy.html.
BillingTree hosted a webinar to explore the findings of the survey in more detail titled, "Deep Dive into Collection Agency Operations and Technology Issues: 2014 Survey Results". Visit http://info.mybillingtree.com/ARMResultsWebinar.html to view the replay.
BillingTree's mission has centered around assisting companies with growing their business by delivering cost-effective, compliant payment solutions that increase and accelerate collections. Committed to and serving the accounts receivable industry for over a decade, BillingTree is the industry leader in the breadth of integrations with core collection platform systems and payment technologies, and in payment compliance. At BillingTree – Your Growth is Our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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