In the realm of debt resolution services, ensuring timely and accurate payments to creditors is paramount. At Balboa Digital, the creditor payment follow-up process is meticulously designed to help clients settle their debts efficiently. Karla Clemente, a seasoned agent at Balboa Digital, shares her experiences and insights into the intricacies of this vital process, highlighting the challenges, solutions, and rewarding aspects of her role.
The Role of Payment Processing
Karla Clemente, who has been with Balboa Digital since 2021, initially started as a Lead Verification Specialist before being promoted to a dedicated agent for payment processing. She explains, “The role of payment processing is to set up settlement payments by contacting customers, creditors, and providing them with payment amount, date, and bank information”. This involves handling a daily quota of accounts, which can vary depending on the number of accounts due and those needing immediate attention.
Challenges in Payment Processing
One significant challenge in payment processing is dealing with hard-to-contact creditors, especially for past-due accounts. Karla notes, “The biggest challenge in making payments is when the creditors are hard to contact, especially if the account is already past due and if they are not cooperating in the payment processing protocols.” This can include situations where creditors refuse to speak to third parties or require specific conditions for payment processing.
Common Errors and Their Resolution
Errors in payment processing are common and can include duplicate payments, inaccuracies in payment dates and amounts, and incorrect bank information. Karla emphasizes the importance of checking notes and settlement agreement letters before making payments to avoid errors. She states, “Common errors are mostly duplicate payments due to lack of notes by previous agents, accuracy with payment dates and amounts, and also the bank information”. These errors are addressed by sending the account link to upper management and ensuring proper account notation.
Ensuring Compliance and Accuracy
Compliance and accuracy are critical in the payment follow-up process. Karla explains that agents must check the client’s information, including the name, social security number, date of birth, and address, as well as payment details such as account number, total settlement amount, and monthly payment dates. This information is indicated in the settlement letter, which also includes the payment channel and creditor requirements.
Efficient Payment Methods
Balboa Digital uses various payment methods, including phone calls, emails, and web payments. Karla mentions that web payment is the easiest method, although challenges can arise if the website is down or freezes after submitting the payment. In such cases, agents must call the creditor to confirm if the payment went through to avoid missed or duplicate payments.
Tracking and Follow-Up
Tracking scheduled payments is straightforward by noting the account and obtaining confirmation or transaction ID numbers. Karla highlights the importance of checking notes for recent updates on the account made by other departments or agents before follow-ups. For rejected payments, agents ask the creditor for the reason and report it to the supervisor.
Tools and Systems
Balboa Digital utilizes CRM systems for calling, potentially other applications for email-based communication, and even a third for managing customer accounts. These tools help agents efficiently handle their daily tasks and ensure proper call handling and quality.
Creating Efficiency and Accuracy
As a payment processing agent, Karla emphasizes the importance of creating efficiency within clients’ operations by providing reliable support and performing tasks that save time and resources. She states, “I create more efficiency within our clients’ operations by providing reliable support, always being present, being able to perform well, and doing the tasks that will definitely satisfy them”.
Outsourcing payment processing offers settlement companies cost savings, access to specialized expertise, and improved efficiency, enabling them to focus on core business activities and potentially increase recovery rates. Karla highlights that accuracy is crucial in this role, as even a single incorrect digit in an account number can result in lost money, client frustrations, and delays.
The Rewarding Aspects
Despite the routine nature of payment processing, Karla finds it fascinating how transactions happen smoothly and securely every day. She enjoys processing numerous payments and the satisfaction of meeting daily and monthly quotas and quality scores. “For me, the rewarding part is when I get a 100% quality score per month, and just to know that our client is happy and satisfied with our job well done”.
The creditor payment follow-up process is a meticulous and essential part of debt resolution services. By ensuring accurate and timely payments, addressing common errors, and maintaining compliance, we assist our partners in helping their clients settle their debts effectively. As Karla Clemente puts it, “The goal is to help customers in settling their debts. If our services satisfy their needs, then we can be recognized”.
If you are looking for a qualified partner to help you with back-end debt settlement services feel free to connect with us directly.
