Princeton eCom eCollect: One Time Payment Product Generates Ongoing Results

A growing number of companies are using an electronic payment product developed by Princeton eCom to quickly collect overdue accounts and introduce customers to the convenience of paying bills online without a lengthy enrollment process.

The product, Princeton eCom?s eCollect, was developed as a means of equipping collection agencies and corporate accounts receivable departments with the capability to quickly collect overdue accounts, using Princeton eCom?s core payment technology.

The eCollect payment capability can be accessed by consumers through a biller web site and over the telephone via an integrated voice response (IVR) system. It can also be used by a customer service representative in a call center to collect an overdue account or accept a payment.

eCollect electronically withdraws authorized funds from a consumer?s bank account or charges their credit card account for one-time convenience payments. eCollect provides a collection agency or biller with immediate access to payer funds with electronic debits that clear the account the next business day. That means payments post up to five times faster than the time it takes to receive and clear a paper check.

?Princeton eCom?s eCollect product takes the check that may be in the mail and turns it into a secure electronic payment,? said Ron Averett, president and COO of Princeton eCom.

A number of Princeton eCom clients have experienced significant results after implementing eCollect as part of an overall electronic commerce and payments strategy. One client currently processes 25,000 eCollect payments per month. A second client collected $750,000 in overdue payments in 15 business days.

Additionally, billers and collection agencies that use eCollect can reduce costs by replacing paper billing and collections processes with a more accurate streamlined electronic payments process. The quick settlements made possible by eCollect also reduce the need for expensive repeat calls and mailed notices.

Averett noted that eCollect?s capabilities extend far beyond facilitating collections and account receivable payments.

?Billers can use eCollect to offer their customers an online payment capability that can be implemented and integrated with legacy systems quickly, and used by consumers without lengthy or cumbersome enrollment processes,? he said.

One Princeton eCom client has placed a payment icon on its web site and will use eCollect to facilitate one-time payments from consumers. Another client has equipped customer service reps in walk-in payment centers with eCollect and a printer to print receipts for customers. HOW IT WORKS:
Consumers provide bank account information or a credit card number along with their biller account number over the telephone to a customer service representative, by following prompts through an IVR system, or at a biller web site for real-time verification of the billing account number and the consumer?s ABA number. This real-time verification helps eliminate mistakes ? while the customer is on the phone with a representative, using the IVR, or making a direct payment online.

eCollect debits the consumer?s checking account or charges their credit card. A remittance file is sent daily by Princeton eCom to update the accounts receivable system. The biller bank account is credited for all payments made.

At the time of making the initial payment, consumers can also choose to schedule future payments or to create a payment schedule.

ABOUT PRINCETON eCOM:
Princeton eCom, the first company to present a bill on the Internet, provides electronic billing and payment processing services to billers, banks and financial institutions.

On a monthly basis, Princeton eCom processes more than 4 million payment transactions, presents more than 750,000 bills online through biller direct web sites and handles more than 1 million telephone bill presentments and payments using integrated voice response systems. In addition to its core billing and payment services, Princeton eCom also offers electronic collection and one-time-payment services as well as electronic balance transfer services.