ACH Return Code R17 — “File Record Edit Criteria” — is one of the most misunderstood ACH errors, yet it’s increasingly common across the legal, collections, and billing industries. In simple terms, R17 occurs when the bank can’t process an ACH entry because critical...
ACH Return Codes Explained: The Complete Guide for Payment Recovery Teams
ACH payments continue to be one of the most efficient, cost-effective, and widely used payment methods for agencies, creditors, and law firms. But when an ACH return occurs, it can slow down recovery, add operational work, and introduce compliance considerations your...
7 Cognitive Biases and How They Impact Consumer’s Debt Decisions
Cognitive biases can affect various aspects of our lives, including a consumer’s financial decisions.
Overview of FedNow Real-Time Payment System
The Federal Reserve’s FedNow system launched on July 20 to allow banks to offer real-time payments to businesses and consumers.
How Using Empathy in Debt Collections Can Boost Recovery
Keeping empathy a core part of your strategy and practices allows collection firms to build stronger relationships and increase account resolution.
Using Wage Garnishment in Debt Collection
Wage garnishment is an avenue that collection firms may explore after other methods have proven unsuccessful.
Leveraging Software for Effective Debt Negotiation
Technology can automate much of the debt negotiation process allowing firms to improve their operational efficiency and scale with ease.
Understanding the Role of the E-Sign Act in Collections
Collection firms capturing electronic signatures must follow the E-Sign Act to ensure validity.
What is IVR (Interactive Voice Response) and How Does It Work?
IVR allow callers to access and provide information without speaking to a live agent.
Credit Card Debt Hits An All-Time High in Q2 2023
U.S. credit card debt exceeds $1 trillion as of the end of Q2 2023.
5 Payment Workflows Collection Firms Can Automate With HealPay Treatments
HealPay Treatments programmatically customizes payment options to perfectly match business needs.
Understanding ACH Return Codes for Effective Resolution
Learn about ACH return codes and their impact on payments.
What Are Interchange Fees?
Interchange, also called swipe fees, paid to the credit card issuer from the merchant’s bank for credit and debit card transactions.
What is the Credit Card Competition Act?
The Credit Card Competition Act aims to improve competition in credit card processing and lower credit card processing costs for businesses.