CFPB. FDCPA. ARM. ROI. DBA. The list of acronyms in the collection industry is endless. And while not officially an acronym, we have a new catchphrase to decipher — “7-in-7.”
To address upccoming changes required by “Reg F,” Payscout and Divinity Software have formed a new strategic partnership to provide true value-added benefits to our clients in the Accounts Receivable Management (ARM) industry — and to ensure our clients maintain compliance with all new regulations.
Payscout and Divinity are committed to developing the most innovative, cost-effective payment and compliance solutions in the ARM industry.
Before partnering with Payscout, our client saw their monthly payment processing costs average around 2.5% of processing volume. Following the successful implementation of the 360° Fee-Free Payments program, their monthly processing costs dropped nearly 75%, when applied to all eligible payments.
Do 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? If so, our new First Party Biller Platform is the ideal payment acceptance option to attach to those services.
Payment Facilitators (commonly known as PayFacs or PFs) have risen in popularity over the recent years. Within the ARM industry, PayFac models can provide an especially significant benefit – these models can be used to enable full compliance for convenience fee solutions, in order to protect collection agencies from non-compliance risks including lawsuits, account cancellations, and significant fines.