Mobile payment increases, expected to grow
Dec 03, 2012 Dave King
The November 2012 IDC Financial Insights report on the usage of mobile payments estimates that by 2017, e-payments using smart phones and other mobile devices will reach the $1 trillion mark. This reflects both a population that is increasingly wired, and that businesses of all kinds need to have a leg up on competitors by becoming the most technologically integrated in the sector. Debt collection firms are no different. Implementing an effective technological infrastructure that integrates electronic payment options, including mobile payments, will be a lucrative way of streamlining collection and also might simplify transactions for customers. Mobile payment
Mobile payments makes bill settlement easy and available anywhere to users of smart phones, tablets and other devices. Some payments may be available through standard websites that can be reached with a browser. Asset recovery firms may be well served to ensure that web page-based bill pay options support smart phones. Some companies integrate the electronic payment option into a customized application that can be downloaded directly to mobile devices. The benefit of an app is that it may offer the user a more personalized approach, and companies can put all the crucial information such as debt collection data and consumer credit reports at the users' fingertips. Debt recovery firms must know clientele well to determine how to best connect users to payment options. Data security
Due to the mobile nature of these payments, companies who implement electronic payment methods would be well advised to ensure that these payments are secured through data protection and digital threat management practice. Compromised personal information can be a huge headache for the consumer, and the agency as well. Ensuring that private data is secure ought to be a top priority for every collection agency. Debt industry benefits
The benefits of mobile pay for the debt industry may prove to be a crucial strategic area for other companies. Convenience is a huge factor for the consumer and may reflect that the company wants to simplify repayment options as much as is possible. Using apps can further brand identity and create a more personal "partnership" between collectors and consumers, which may not otherwise be easy. Allowing access to "extras" like an individual's consumer credit report may encourage frequent usage of services. Further, companies can instill automated monthly payments that offer a "no stress" approach to collecting practices. Entities that can adapt business plans to take advantage of technology, not just keep up with it, will be likely to see positive gains from electronic payment methods.
Mobile payments makes bill settlement easy and available anywhere to users of smart phones, tablets and other devices. Some payments may be available through standard websites that can be reached with a browser. Asset recovery firms may be well served to ensure that web page-based bill pay options support smart phones. Some companies integrate the electronic payment option into a customized application that can be downloaded directly to mobile devices. The benefit of an app is that it may offer the user a more personalized approach, and companies can put all the crucial information such as debt collection data and consumer credit reports at the users' fingertips. Debt recovery firms must know clientele well to determine how to best connect users to payment options. Data security
Due to the mobile nature of these payments, companies who implement electronic payment methods would be well advised to ensure that these payments are secured through data protection and digital threat management practice. Compromised personal information can be a huge headache for the consumer, and the agency as well. Ensuring that private data is secure ought to be a top priority for every collection agency. Debt industry benefits
The benefits of mobile pay for the debt industry may prove to be a crucial strategic area for other companies. Convenience is a huge factor for the consumer and may reflect that the company wants to simplify repayment options as much as is possible. Using apps can further brand identity and create a more personal "partnership" between collectors and consumers, which may not otherwise be easy. Allowing access to "extras" like an individual's consumer credit report may encourage frequent usage of services. Further, companies can instill automated monthly payments that offer a "no stress" approach to collecting practices. Entities that can adapt business plans to take advantage of technology, not just keep up with it, will be likely to see positive gains from electronic payment methods.
