Payments and Collections with Rich Media Messaging

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VoiceSage is leading the way in alternative payments and collections methods like Rich Media Messaging (RMM). While customer debt and debt collection are realities for every modern business, as a company owner or a collections manager, preparing for issues and effectively responding to difficult customers is a must to ensure business success.

Looking at traditional methods like the post, phone, email, or in-person, we’ve seen that more and more people resist paying their debt. They might be several reasons for this, but with the right approach and on the right channel, you can maximize your repayment rates.

The Future of Digital Debt Collection

The future of debt collection is customer-led and digital. Everything we do is mostly digital, so why not apply this to the debt recovery industry?

The Digital Payments segment has a global transaction value of over $5 billion in 2020 and is the largest segment within FinTech. Digital Payments are defined as non-cash transactions processed through digital channels. The digital transformation of the financial services industry has had a disruptive change when it comes to online payments and payment processes. Old fashioned payment methods evolved from cash to credit/debit card to mobile or digital wallets.

Increasingly, organizations realize that customers should be provided with more self-serve options and support to help their overdue debts. By using a digital-first approach like rich messages, your team becomes more productive, saves time, and gets paid faster. Deliver a personalized and branded mobile payment experience to your customers on an instant and accessible channel.

What Is Rich Media Messaging for Payments and Collections from VoiceSage?

The traditional debt collection system is broken, hence why the reputation and negative connotation around collections. Rich Media Messaging is a text messaging solution that is used by finance companies to increase payments when compared to traditional collection methods like the post, in-person, or telephone.

RMM allows you to fully automate your entire collection strategy by reminding your customers in advance of any due payments.

Rich messages offer a more engaging customer experience. By sending out a one-way SMS or email to your customers, they will be able to access the link in the message and choose different payment plans, arrange a date for collection, at their preferred time. If customers feel like they need more assistance, add an option to speak to an agent.

payments and collections stats

Is Rich Media Messaging Compliant?

As a fully PCI compliant company, rich messages provide businesses and customers the confidence that their payments are secure while offering the convenience of a self-serve option.

Implement our payment and collection solution with ease. We can integrate with any payment provider of your choice and software that you already use.

Relevant Reading: Smarter Mobile payment Solution: Time to Use Rich Messaging

7 Reasons Why Rich Media Messaging Works for Payments and Collections

1. Reduce the number of inbound calls from customers who want to know their outstanding balances or payment due.
2. Minimize expensive costs of paper and in-person collections with an automated collection strategy that works.
3. Maximise security by validating your customers’ identities as part of the collection process.
4. Scale to your full potential with an easy-to-manage platform.
5. Collect more payment. Our clients have proven rates of up to 49% more collections using our Rich Media Messaging solution.
6. Step into the self-serve game that puts the customer in charge of preferred communication channels, times, and payment dates.
7. Personalize your messages using your customer’s name, account number, and other unique details for a more engaging journey.

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Published on: 9th June 2021

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