As a number of firms try to incorporate phone-based payments into their operations, Hungaryʼs VCC Live Pay is offering immediate over-the-phone payment solutions for debt collection agencies all over the continent, says a press release on the companyʼs website.
According to the company, a major problem of debt collection agencies is not being able to collect their clientsʼ debts on time, resulting in a cycle of collectors calling customers about debts, and customers promising to pay without actually doing so.
VCC Live Pay allows customers to settle their debts via an agent with a phone call. After an agent from an agency contacts a customer via phone and encourages them to pay their outstanding debt during the phone call, the client enters their card details via their mobile phone touchpad. Operators have no access to the data. The agent initiates the transaction and helps the customer during the process.
"As an operator at one of our clients commented: ʼwith VCC Live Pay, weʼre now collecting money, not empty promisesʼ," says Péter Málhai, the firmʼs head of business development. "Debt collection companies always struggle with the uncertainty of how many promises will actually turn into real payments. With VCC Live Pay, however, companies can now monitor in real time, hour to hour, how much money they actually collect during their phone calls."
VCC Live Pay meets the requirements set by the Payment Card Industry Data Security Standard (PCI DSS), one of the strictest security codes in the world, issued by the five largest credit and debit card issuers on the market (Visa, Mastercard, American Express, Discover and JCB), making the payment process completely secure.
"Allowing your customers to pay in a cloud environment during a phone conversation with agent assistance is still a very unique feature in the market," notes Málhai, claiming that his was the first company in Europe to develop such technology.
"In recent years, we helped many of our clients accelerate their debt collection processes with the help of VCC Live Pay," says founder and CEO Szabolcs Tóth, citing the example of European cable TV provider UPC, which he says managed to increase its debt collection rates from 18% to 43% within a year.
"Today, VCC Live Pay is the preferred payment option for UPC’s customers to settle their debts, with the company initiating 4,000 transactions per ten operators in a month," says Tóth.