Findings from the 2014 Collection Agency Operations and Technology Survey BillingTree emphasized two points about how agencies of all sizes are looking to enhance their operation.

The survey showed agencies are contemplating higher adoption rates of technology to meet the demand for consumer choice while achieving their business goals of reducing overall operational costs and compliance risk.

BillingTree reported that technologies including online negotiators and QR Code for payment are anticipated to increase most on a percentage adoption basis, with 147 percent and 79 percent increases in projected adoption respectively, followed by alternative payments (53 percent) and telephone Interactive Voice Response (IVR) solutions (33 percent).

The company highlighted that this year’s survey also served as a year-over-year comparison of trends.

BillingTree mentioned one key finding is the increase of adoption of online portals as a payment channel among smaller agencies. The survey showed 69 percent of agencies with fewer than 10 seats are currently planning or already utilizing an online payment portal, almost matching the 2013 adoption rates of larger agencies at 75 percent.

“Collection agencies are facing stiff competition at a time when operational costs and compliance demands are on the rise,” Liz Caracciolo, vice president of business development for BillingTree.

“New payment technologies enable agencies to differentiate themselves from their competition as they look to expand business with current clients and compete for new clients,” Caracciolo continued. “The added benefits of the increased compliance and reduced operating costs that come with automating the payment experience also contribute to maintaining a competitive edge.

“We are pleased to deliver timely and relevant market intelligence to agencies to facilitate their business growth,” she went on to say.

To download BillingTree’s 2014 second annual Operations and Technology Study in full, go to this website.

BillingTree hosted a webinar to explore the findings of the survey in more detail titled, “Deep Dive into Collection Agency Operations and Technology Issues: 2014 Survey Results.” Visit this website to view the replay.