DULUTH, Ga. & GAITHERSBURG, Md.--(BUSINESS WIRE)--BFrame Data Systems and PaymentVision have partnered to provide an integrated online payment system to help collection agencies, nationwide, increase efficiencies and receivables. Financial Asset Management Systems (FAMS), a collection agency headquartered in Tucker, Georgia successfully completed the pilot program.
The online payment system enables FAMS to collect payments on the web, meet PCI and FDCPA compliance requirements, and keep their collection software updated throughout the day. Debtors can pay a balance in full, pay a balance over time, or set-up partial payments. FAMS can also “build fences” around how a balance can be paid overtime so that business objectives and client requirements can be met. The online payment system enables the collection software to poll the online system for new payment arrangements, so that call campaigns can be intelligently constructed based on up-to-date information. FAMS can initiate changes to payment arrangements from directly within their collection software and have those changes reflected in real-time over the web. The online payment system is helping FAMS to reduce costs, expand their business, and stay a step ahead in an increasingly complex compliance environment.
“We were looking for an interactive consumer solution that met regulatory requirements and offered broad flexibility in our ever changing environment. PaymentVision meets those needs. Their long proven track record in our industry, our faith in Rob Pollin, Dean Fees, Sean Fleming, and their team made this a clear partnership choice for FAMS,” said Jerry Hogan, President, Financial Asset Management Systems, Inc.
“Our objective was to introduce an online payment system that was really an extension of a receivables software application. It was very important to us that the two systems remained in sync so as to avoid channel conflicts. This is particularly important in the Collections industry where the revenue gains of an online payment system can quickly be lost through FDCPA lawsuits. The online payment system should enable FAMS to continue to expand their business and further distinguish themselves as a leader in a competitive receivables management marketplace while navigating some of the more common pitfalls in the industry,” said Sean Fleming, Director of Product Management, PaymentVision.
“The online payment system with PaymentVision gives our customers a PCI compliant, seamless automated payment channel that manages real time credit card and ACH payments as well as payment arrangements made via the web. This new online payment system provides a 24x7 portal for debtors to make payments and review their payment history,” said Eric Bentz, President of BFrame Data Systems. “Additionally, this integration flows into the existing system design to allow existing strategies and procedures to continue unchanged.”
PaymentVision is a biller-direct, PCI-compliant, electronic payment gateway provider. PaymentVision offers clients the unified ability to accept ACH, check, and credit or debit card payments, by phone, or through an online payment system. PaymentVision solutions handle billions of dollars for thousands of financial institutions, credit unions, collection agencies, and foreign exchange originators, as well as non-financial entities large and small. PaymentVision was founded in 1988 and is headquartered in Gaithersburg, Maryland. PaymentVision can be reached at 800-345-7243, or on the web at www.paymentvision.com.
About BFrame Data Systems, Inc.
Founded in 1990, BFrame is a leading provider of collections and accounts receivable management software for collection agencies, debt buyers and credit grantors. The BFrame Recovery Management System is rock solid either hosted or licensed software that is easy to implement, easy to use and easy to pay for. Its feature-rich browser interface provides a powerful, flexible and user-friendly front-end to an industrial strength debt collection and recovery management system. System modules include collections, recovery, agency management, buy/sell management and SQL query tools.
More than 1,200 collection and recovery agents use the BFrame system in daily collection operations, with approximately 20 million accounts processed each day. For more information, or to request a personalized product demonstration, visit the BFrame web site at http://www.bframe.com, or email firstname.lastname@example.org.
FAMS is a leading provider of specialized and third party student loan collection programs, working with borrowers to help them resolve and rehabilitate their student loan debt. Founded and incorporated in 1993, FAMS is headquartered in Atlanta, Georgia and is fully bonded and licensed to collect in all fifty states.