Our Convenience Fee Solution, 360˚ Fee-Free Payments, is the only fully compliant convenience fee model available to the Collection and Accounts Receivable Management (ARM) industries that adheres to FDCPA regulations, state law, and card-brand rules.
Most convenience fee solutions can save you money, but they are not fully compliant, putting your business at risk of severe fines and penalties, and possibly the ability to accept payments altogether.
Built-in logic to determine whether a convenience fee can be applied based on the residence State of the Consumer/Debtor, ensuring State compliance. Processes a single payment, including the principal amount and a flat amount for the convenience fee, to the Consumer’s/Debtor’s account, ensuring Card compliance. ACH can be processed as two transactions.
THE ISSUE: Our client is a large, respected collection agency with operations throughout the United States. Given their high collection volume, the agency was searching for a way to reduce payment processing costs, which would in turn lead to a significant increase in revenue. Implementing a Convenience Fee model seemed like the perfect solution, but unsure about compliance issues (especially since they operate in multiple states), the agency reached out to Payscout for guidance.
>> Click here to see how the 360° Fee-Free Payments program from Payscout was not only instrumental in providing cost savings (nearly 75% on payment processing costs) and increased revenue for our client but also led to an increase in agent productivity.