The world today moves quickly. The Financial Tech sector or “FinTech” has led many changes in the way we pay our bills. Some of these changes are so ingrained in our daily lives we take them for granted. Think about the last time you wrote a check and sent out a bill? Online/Mobile Payments make the process hassle free. Online Payments are faster, can be done automatically. They do not require writing checks, buying stamps and addressing envelopes. Making it easier for Consumers to pay is the future. Think about how easy it is to order up a new song on iTunes or buy something on Amazon.
Take DocuSign (www.docusign.com) for example. DocuSign provides electronic signature technology and digital transaction management services. Their entire business is built on a simple philosophy. Make it easy and painless to sign contracts and documents. The old process of mailing/faxing documents, meeting in person, and getting the required signatures was replaced with a simple, fast and easy electronic version.
Less friction = more business.
In the Consumer Collection space, the less friction between a ready, willing and able consumer, the more freely payments will flow. Collection Agencies and Collection Attorneys cannot afford to make it difficult for people to pay. Today’s consumer increasingly prefers to pay online rather than mailing a check. With compliance standards continuing to increase, leveraging technology takes out the potential for human error. Offering consumers convenient and easy payment methods vastly speeds up the collections cycle, and ultimately increases the amount of funds collected.
Why make it difficult for someone to pay their bills?