According to the Consumer Financial Protection Bureau (CFPB), nearly $90 billion in medical debt appeared on consumer credit reports in 2021. Considering that not all medical debts in collections are provided to consumer reporting agencies, the actual figure is likely much higher - especially given today's challenging economic environment.
If you offer first party billing services as an EBO or BPO to your collection clients to assist them with their early receivables prior to assignment for collection, our new First Party Biller Program is the ideal payment acceptance option to attach to those services.
To request more information on our First Party Biller Program, please click here!
Explore the future of payment security with Payscout as we explore the latest iteration of the Payment Card Industry Data Security Standard (PCI DSS) – version 4.0. Set to be fully enforced by March 31, 2025, this groundbreaking standard addresses emerging risks and ensures the safeguarding of sensitive cardholder information in the ever-evolving landscape of digital transactions.
To account for changes in technology, cyber security, and legal policies, compliance in the collections space is constantly evolving. Collection agencies, like many businesses, rely on a network of technology vendors and systems providers to manage their operations.
One of the most important factors to consider when selecting a payment processor is the banks they are accredited and partnered with. Finding the right payment partner is one thing; making sure it aligns with your business risk and needs is another battle.