Improve Efficiencies and Optimize the Collection Process, A Webinar Summary

Posted by Yelena Kolesnik

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

MeridianLink’s XpressCollect team recently teamed up with BillingTree for an informative­ webinar about the collection process, including a live demo. Key talking points focused on ways to improve efficiencies and how to optimize the collection process for your entire organization. But if you missed out on the webinar, don’t worry. You can still catch the on-demand version, or you can comb through the summary we’ve provided below.

Because these two FinTech organizations play a crucial role within the collections process, and contain a wealth of knowledge, the information presented that was presented is something you truly can’t afford to miss. Trust us, if you’re in collections, or even related to the collections process, this webinar was aimed squarely at you. Now’s your chance to learn more about how XpressCollect and BillingTree can improve and optimize the entire collections process for your organization.

 

Introducing MeridianLink’s XpressCollect

 

MeridianLink is a leading provider of loan origination software and digital lending technology for banks, credit unions, and independent mortgage lenders. Our organization has helped transform over 1,300 clients, and proudly boasts a 97% client retention rate; which is rooted in our unbeatable customer service and superior products. MeridianLink also happens to process applications in all 50 states (including Puerto Rico.)

 

MeridianLink provides mission-critical software platforms that allow financial institutions to simplify loan decisioning, deposits, and workflows by providing accurate information within a streamlined, user friendly platform. In addition to offering a complete end-to-end solution for lending and deposit accounts—including data insights to help financial organizations make better decisions—MeridianLink provides one of industry’s best collection platforms, XpressCollect.

 

XpressCollect collection software is specifically designed to save collectors time, while improving overall efficiency within the collections process. With so many moving parts involved throughout the collections process, you can take refuge knowing XpressCollect is a secure cloud-based platform—it actually reduces expenses by alleviating the need for on-site equipment and maintenance. Additionally, XpressCollect reduces your workload thanks to worry-free product updates and enhancements. Best of all they’re updated automatically, so you don’t have to do anything on your end.

 

If you’re at all worried about the integration process, don’t be. XpressCollect seamlessly integrates into the core system and painlessly leverages a number of third-party vendors—plus any applicable (optional) MeridianLink products. Furthermore, key automations within the platform are designed to reduce the time it takes to process collections. It’s also incredibly simple for anyone on your team to quickly learn the ins and outs of the platform.

MeridianLink XpressCollect Collection Software Benefits

XpressCollect truly offers easy and flexible processes. We’ve placed a tremendous effort on collaborating with our clients to make sure our product is better for the user, and ultimately provides an excellent collection experience for everyone involved. It’s the result of

 

Financial Consumer Behavior: Past, Present and Future

 

Prior to the pandemic a lot of financial institutions were on the verge of rolling out an extensive digital banking strategy. Covid-19’s shutdown procedures, and the overall impact it had on business operations everywhere, accelerated the shift to digital solutions for many of these financial institutions, particularly those that were on the fence before, and at the same time the pandemic reduced the demand for in-branch services. Additionally, 2020 helped uncover some of the major flaws that existed in digital technology—namely, FI’s realized a full-service (end-to-end) digital solution is absolutely necessary in order to provide a safe, efficient, and favorable consumer experience.

 

Financial institutions should ensure they take the appropriate measures to empower staff members with the right tools they need in order to process collections accurately, fast, and with relative ease. With an increase in collections for many consumers, financial institutions can make processes and experiences smarter with the right automations. No doubt these measurements will ensure staff members can adequately meet all collections needs. Additionally, financial institutions must provide flexible options for consumers to pay their debt.

 

XpressCollect and BillingTree’s Payrazr: Together at Last

 

Due to an overwhelming demand from XpressCollect users looking to further enhance and expand the product, we are pleased to announce its full integration with BillingTree’s Payrazr. Combined, the connectivity provides a number of improvements:

  • Streamline the Payment Process
  • Create an Additional Payment Channel
  • Open the World of Payment Possibilities
  • Flexible Payment Method Opportunity

The integration with BillingTree provides consumers with many payment methods, all in one place. All other Payrazr features and functionalities, including standard and custom reporting, remain the same. Posting transactions follows the same path as determined by the platform. Additionally, funding the financial institution for the transactions follows the same credit card or ACH path with the normal funding timelines.

 

Payrazr also offers an agent/employee portal to manage your enterprise from a central dashboard. This allows the user to configure rules and permissions for each of your portfolios/merchants separately. The dashboard features an extremely user-friendly interface for staff members to quickly look up accounts, with easy access to one-time payments and setup of scheduled & automatic payments. Payrazr also enables users to easily view all crucial information, settlement logs, and efficiently communicate all this information right in the portal.

 

The solution provides a customizable member-facing portal to help consumers be on top of their debt management. The portal is mobile responsive design ensuring that consumers can submit payment from their mobile device. The portal also allows for an SMS option to help automate payment and ensure users approve their payments every time.

 

The integration developed between both XpressCollect and Payrazr makes for a more streamlined and overall efficient product offering. Combined, they present exciting new ways to improve efficiencies and optimize the collection process for your entire organization.

Improve Efficiencies and Optimize your Organization’s Collection Process

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Topics: collections, debt collection, xpresscollect

Written by Yelena Kolesnik

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