In a volume business like debt collections, operational efficiency is a key factor in success. The challenge is that, among millions of files, there can be dozens of factors that determine how files can be treated. Factors like placement date, balance, account status, and creditor requirements can impact how a particular file is approached and the options available for resolution.
HealPay’s Treatments feature automates the process of applying rules to segmented files, which provides collections firms a reliable way to handle complex workflows consistently. Using Treatments to display custom payment options also gives consumers agency to explore those options and make the decision that works best for them.
Here are five ways your firm can use Treatments to optimize your collections.
Handle Varying Collection Policies
Creditors may have different collection policies, procedures, and expectations. With Treatments, firms can set different workflows for consumers based on the creditor, ensuring the right payment options appear each time.
For instance, let’s say Creditor A may allow 20% settlement on files older than five years and Creditor B doesn’t allow settlements at all. We can apply a Treatment that only offers the settlement discount for Creditor A’s files that meet the date requirement.
Restrict Payment Method
Specify the payment methods you’d like to accept for online payments. Restrict payments to credit card, debit card, or ACH. Treatments even allows you to restrict payment methods to a subset of files assigned to a merchant account.
Set Payment Amount Limits
You can limit the amount that can be paid online, for example, to verify higher payments or reduce the likelihood of a reversal or chargeback. Setting payment limits may also prevent your firm from exceeding your monthly processing limit.
Offer Settlement Discounts
Settlement discounts may incentivize consumers to resolve their account quickly. With a Settlement Offer Treatment, you can define the discount and require settlement in full or allow a certain number of installment payments, even offer a higher discount for fewer installments.
Require Lump Sum Payment
You can apply a Treatment to require consumers pay specific balances in full. For instance, you may require balances under $500 to be paid in full only. Consumers with small balances wouldn’t have the option to make small individual payments on their file.
Interested in using Treatments to automate your payment flows? Contact us to learn more and get a demo to see Treatments in action.
