Mobile payments can streamline asset recovery payments

Technology has changed the ways that businesses formulate their strategies, interact with partners and present themselves to the market place. Debt collection companies are no different. The iPhone 5 sold more than one billion units worldwide on its first weekend alone in September 2012, and figures such as this suggest that increasingly the population is increasingly mobile. Asset recovery companies are in need of mobile solutions to simplify payment methods. In April 2012, FICO integrated its online debt management resources with a mobile pay option. This has been successful in streamlining the access to records and payments for its users. In November 2012, a London-based company, Cyber-Duck was awarded a project for one of the U.K.'s largest collection firms in order to make a more user-friendly platform for tablets, laptops and mobile devices. This allows customers to access their records, past payments, accrued debt, company data and the ability to submit payments online. Firms who wish to enter into more integrated payment systems may also consider adding access to users' consumer credit reports as well as links and information about alternative credit options available to individuals struggling with debt and credit. Companies who best use technology to their advantage might see large returns for investment in technology in this increasingly wired society.