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A Conversation with Ray Noftsinger, American Payment Technologies
How are new technologies impacting the collections marketplace?
Home phone replacement with the cell phone and the answering
machine dilute the effectiveness of phone contact.
To counter this, the three largest credit card issuers and the largest debt buyers
are already using the internet for collections with varying capabilities and success.
They have a substantial advantage in getting limited debtor funds.
American Payment Technologies has provided a way for leveling the playing field
for the small and midsize creditors offering low monthly costs without the capital
investment.
Can technology help significantly increase the amount of debt
collected?
The internet is an ideal medium for:
- Pre-chargeoff small balances
- Flexibility option for early stage mid-level balances. Increase use when a cycle
bubble needs extra resources re-deployed to regain control over the rolling chargeoff
rate.
- Customer/debtor sensitive accounts such as hospital, medical services or credit
union collections
- Creative multiple negotiation options for charged off accounts
What type of results can be expected from investing in new
technology?
This depends on your specific collections circumstances. The
most prudent approach is to start by contracting for the services with American
Payment Technologies on an account group basis to validate the potential results
before making the development investment. Then you have the option to either take
advantage of American Payment Technologies' volume discounts, or purchase the capability
from American Payment Technologies or develop an internal capability.
How is technology changing the nature of the collections market?
High volume creditors are using the internet and collecting
their payments from debtors that must choose which bills to pay each month.
American Payment Technologies provides a way to level the playing field for the
small and midsize creditors. Initial placement of accounts can be successful at
low monthly costs without the capital investment. Once the ideal mix of accounts
and debtor presentation themes are achieved, you then have multiple options BEFORE
making a major technology investment.
Will the collections process continue to become more automated
over time?
The process is always evolving in response to the automation
offered to debtors wanting to filter who they maintain contact with. Thus the progression
of the "do not mail" list, the "do not call" list, and now the spam "whitelist".
American Payment Technologies, Inc. offers the debtor an independent third party
"safe and friendly" site where they can learn about general consumer debt options
as well as address their specific balance with you on this same site.
American Payment Technologies, Inc. Corporate Profile
- Providing a third party internet platform for payment of consumer debt.
- Ideal for low to medium balance accounts, retention sensitive accounts (hospital,
medical services or credit union collections), and debtor self-settlement solutions
for post charge-off accounts.
- Site offers a non-threatening educational collection environment while retaining
customer loyalty.
- An effective low cost supplement to existing collection and recovery activities.
Phone / 877-272-9232 ext. 314
Email /
Web / http://www.JustPayOnTheWeb.com
Ray Noftsinger
Manager, Creditor Partnerships
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