New BillingTree survey finds cutting costs and mitigating compliance risks top priorities for Collection Agencies
Technology utilization seen as key growth area by all sizes of collection agencies - in particular, use of IVR to almost double during 2013 and text seen as a top growth opportunity
PHOENIX, June 17, 2013 /PRNewswire/ -- BillingTree®, one of the nation's leading on-demand payment processors, today released the results of its survey into the ARM Industry entitled ARM Industry Opportunities, Challenges and Technology Solutions. The research was conducted in conjunction with InsideARM.com and a complimentary copy of the survey report is available to download at http://mybillingtree.com/insidearm-survey-report/.
The results found that agencies are compelled to focus time, money and effort on compliance and risk mitigation, while at the same time needing to reduce operating expenses. Respondents' feedback saw compliance as their main priority; with increased operating expenses, and CFPB regulation factoring as top concerns.
The same survey indicated that collection agencies expect high growth levels in the adoption of new technologies to enhance collection effectiveness and in implementing cost reduction strategies as key to meeting their projected growth plans/profitability in 2013.
Technology usage highlights
- Use of IVR – to almost double from 33%, to 60% of the total sample to use IVR in 2013
- Use of Virtual Negotiation –70% of the sample expecting to use virtual negotiation in 2013
- Use of text – with just 14% using text, an additional 36% are planning to use text making 50% of the total sample using or planning to use text 2013
"The research indicates that collection agencies have to balance the benefits of reducing costs against the risks of meeting increased compliance, and found that a clear vision to greater efficiency and greater process transparency is through automation and integration of payment technology," said Liz Caracciolo, VP of Corporate Development, BillingTree.
"Two key technologies, the adoption of virtual negotiation – a reliable and compliant way for organizations to ensure compliance while at the same increasing collection effectiveness – and IVR, will see strong usage across every size of collection agency," Caracciolo continued.
On June 27 at 2:00 p.m. Eastern, a complimentary webinar to walk through the survey's results will be hosted by InsideARM.com. The webinar will include a representative from a large US based Collection Agency who will help validate and clarify many of the real-world driving forces behind the survey's key findings and assumptions. To learn more about the webinar and register go to https://www1.gotomeeting.com/register/999725041.
The proven leader in on-demand payment processing, BillingTree empowers customers with competitive advantage through a simplification of the billing and receivables process. By delivering the most innovative technology while making it as easy and inexpensive as possible to accept payments, BillingTree has revolutionized the payments landscape. Our software-as-a-service (SaaS) model delivers industry-leading payment solutions, proven integration, and point-and-click simplicity. BillingTree's focus on innovation has allowed us to help more than 1,200 customers eliminate manual processes and automate their payment cycles. BillingTree – Growth is our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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