Collector - September 2020 - 13

BESTPRACTICES

a challenge," he said. "One group didn't
have a history working with cloud-based
information and had trouble converting
from one process to another. Don't assume
everyone can get on board with something
new very quickly. Start that process first."
Credit Bureau Services also experienced
challenges with getting all vendors up and
running on the new system.
"I had to make a vendor change because
they weren't using the same payment
gateway as our new system," Frank said.
"When thinking about changing part of
the system, make sure your vendors are on
board with your goals and objectives and get
documentation in writing that they will be
able to meet your new needs. Don't just take
their word."

RESULTS
Despite some challenges, the results of
having a payment portal that fosters easier
transactions can make any speedbumps
in the process worthwhile. The
implementations at Nationwide and
Credit Bureau Services took place recently,
so payment trends were also likely
impacted by the COVID-19 pandemic

COLLECTOR 09.20

as well. However, the preliminary results
are encouraging.
"In the past month, I've implemented
a new customer service portal and began
text messaging with consumers," Frank
said. "They can use their mobile device
to access and update their account
information, make a payment, and receive
an email or text messages when done.
All these steps can be done by using
their mobile device. We've already seen a
substantial increase in payments."
Nationwide is no longer struggling with
a 75% fail rate on its payment portal. That
number has decreased to 28%, significantly
reducing the number of people needing to
speak with a representative after visiting
the portal, according to Speed. Payment
portal volume is up approximately 31%,
and the average payment size has increased
about 35%.
The company plans to continue refining
and improving its portal moving forward.
"With any business, you have to move
with the times and stay involved," Speed
said. "Whatever happened yesterday may
have been fine yesterday, but tomorrow is
a different day. If people can pay only 80%

Keys to
a Useful
Payment
Portal
*	 Keep it simple.
*	 Provide flexible
options.
*	 Accept multiple
payment types.
*	 Be mobile friendly.

of their bills, then you want to be part of
that 80% and have to hit on things that
sway them to pay."
Tim Dressen is a communications consultant
and former editor of Collector magazine.

13



Collector - September 2020

Table of Contents for the Digital Edition of Collector - September 2020

Collector - September 2020 - Cover1
Collector - September 2020 - Cover2
Collector - September 2020 - 1
Collector - September 2020 - 2
Collector - September 2020 - 3
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