BillingTree®, one of the nation’s premier payment solutions providers, today announced that National Recovery Solutions (NRS) has successfully deployed Virtual Negotiation technology to expand customer payment options.
Since implementing the technology, NRS, a growing accounts receivables management firm based in Lockport, NY, has seen a 25% rise in on-line settlements, reduced ‘dropping off’ by 40% and estimates it now saves 1,000 working hours per month.
NRS decided to add the Virtual Negotiation technology because it wanted to expand its online payment options in order to help reduce the number of unsettled payments. This technology enables NRS to negotiate with customers on a case by case basis via an online gateway which individualizes repayment terms in real-time. The agentless technology runs 24/7 so payments can be settled outside working hours and customers no longer need to divulge their personal situation to a live agent.
By promoting the system’s availability online and in written communications, NRS was able to direct web traffic to the dedicated payment gateway. “We needed to expand our current system while remaining compliant,” commented Jeffrey Luskin, Creditor Relations Manager at National Recovery Solutions. “Since we integrated Virtual Negotiation technology, our return on investment has been immediate. We’ve given our customers more options to get their accounts resolved 24 hours a day. We’ve generated 25% more settled online payments than ever before and delinquencies have reduced by 40%.”
“Companies like NRS are realizing the benefits of integrating Virtual Negotiation technology with their existing software,” said Joseph Bonilla, Product Director at BillingTree. “These solutions deliver advantages for agents and customers since the online negotiations take place in a fully compliant environment, plus offer flexibility and enhanced services including an established payment plan, which leads to more settled payments and increased customer satisfaction.”
BillingTree’s mission has centered around assisting companies with growing their business by delivering cost-effective, compliant payment solutions that increase and accelerate collections. Committed to and serving the accounts receivable industry for over a decade, BillingTree is the industry leader in the breadth of integrations with core collection platform systems and payment technologies, and in payment compliance. At BillingTree – Your Growth is Our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.