DANTOM Systems

A cultural shift has occurred and many consumers now demand communication when, where and how they prefer. Disregarding their preference almost guarantees your message is ignored. This expectation extends to payment methods and arrangements.

Many consumers prefer the convenience and 24/7/365 accessibility of online payment portals. They want the ability to make a payment from any Internet-accessible device, at their convenience, without having to interact with a person. And of course it must be easy to use. So make it easy.

Best practices direct you to accept payments on a payment portal that looks and feels just like your Web site. This enables the consumer to feel more comfortable completing their transaction with you instead of feeling like they are being sent to a completely different company for payment. Most agencies prefer to offer a fully branded payment site but without the expense and hassle of building, securing and maintaining it.

Other considerations are security certifications and costs - which vary widely between providers. Some providers have extensive experience with the receivables industry and its unique regulatory requirements while others focus more on retail payment processing. And there are two dominate pricing models in this space - commission on the payment amount and a transaction fee. Unless you only process micro payments, the transaction fee will be dramatically less expensive and will enable you to see a much stronger ROI.

Using a payment portal enables you to accept payments without requiring staff resources and even if your office is closed. This is an effective way to offer increased consumer convenience AND increased cash collections to boost profits.