Online Resources releases collections tool small and mid-sized creditors

Source: Online Resources

Online Resources Corporation (Nasdaq:ORCC), a leading provider of web-based financial services, today announced the launch of a new version of its award-winning online collections solution designed especially for small to mid-sized lenders, billers and receivables management companies.

Online Resources' Virtual Collection Agent Advantage provides smaller first- and third-party collectors a low cost, secure web-based service that sharply increases collections performance against all types of delinquent debt. The service is integrated with CollectPay, Online Resources' payment service, to maximize consumer payment options and minimize processing costs.

The new Advantage version of Virtual Collection Agent leverages technology and best practices developed for Command, a highly configurable version of the service currently in use by 4 of the top 20 U.S. card issuers and a top-3 U.S. receivables management company. By providing their delinquent customers with a private, convenient way to resolve their credit problems, Online Resources clients using the Virtual Collection Agent have significantly improved their right party contacts, payment and liquidation rates, and cost-to-collect.

Advantage complements existing collections technologies used by creditors and billers. It is particularly well-suited for community banks, credit unions, and small- to mid-sized lenders and billers, including those in the healthcare, utility, telecommunications, insurance and receivables management industries. Advantage features include:
  • Shared-software hosting that enables rapid implementation and greater flexibility to scale debt recovery efforts in response to business and market needs;
  • Self-management tools and consumer analytics that provide clients complete control over their collections strategies, including how they are applied to the segments of their portfolios; and
  • Robust, PCI-compliant security across its collections and payment applications, and full regulatory compliance.

"We added Online Resources' Web-based collections product to our collections technologies in 2006, and have achieved astonishing results across our diverse consumer debt portfolios," said Dawn Willey, Chair of Collections Marketing Center, a subsidiary of Bridgeforce, Inc. "The 24x7 availability of an online self-service option has proven to be a big contributor to the success of our comprehensive automated channel strategy."

"As a leading biller service provider integrated across multiple industries, we are uniquely positioned to help our clients--including more than 150 receivables management clients gained through our acquisition of Integrated Transaction Solutions--proactively treat the rise in delinquencies they are seeing today," said Robert R. Craig, executive vice president and general manager of Online Resources' eCommerce services division. "The Virtual Collection Agent represents our commitment to helping creditors and billers of all sizes collect more, at a lower cost."

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