Interactive ideas on modern consumer payment options were exchanged in the first education session at ACA IGNITE hosted by Williams & Fudge speakers David Williams and Jon Balon.
03/17/2022 1:30 P.M.
3 minute read
The education journey started at ACA IGNITE 2022 Thursday with an interactive session exploring the evolution of consumer payment options led by David Williams, president, and Jon Balon, vice president of product and innovation, from Williams & Fudge Inc., based in Rock Hill, South Carolina.
Williams and Balon spoke about technology and payment methods and polled the audience on their experiences with consumers’ preferences and new options their agencies are considering. They also shared that PayPal and Venmo are used daily by consumers and cryptocurrency is already being accepted by large corporations across the country.
If you have an idea about new payment options, explore it, Balon and Williams said.
Williams & Fudge has implemented PayPal and Venmo as payment options but there are many unknowns on accepting cryptocurrency in the future, according to Balon.
“It’s just amazing the evolution we’re seeing with our almost cashless society,” Williams said.
As you explore these new payment options, the main priority should be evaluating your clients’ and consumers’ preferences with the goal to make it easy and convenient for consumers to make payments.
Use your network—meaning your colleagues in the accounts receivable management (ARM) industry—and vendors offering business solutions.
“We’re at a critical point in the evolution of money,” Williams said.
To put it in perspective for the audience, Balon explained that financial challenges are not unique to the consumers you’re working with—an unexpected challenge can put anyone in a situation where they have a debt to pay.
That’s why moving forward, agencies that adopt different payment options should consider sharing them on consumer-facing websites or in account communications for them to later explore on their own. When you do connect with a consumer interested in paying through PayPal or Venmo, for example, it’s a good time to remind them that every little bit helps to resolve their account and get back on solid financial footing.
Want to learn more? You can read an interview with Balon on this topic in the January/February issue of Collector magazine.
Additionally, Williams & Fudge recently partnered with ChangEd, an app that takes the change from consumers’ everyday purchases, rounds it up and applies it as a payment toward their student loan debt, which you can read more about in the May/June issue of Collector magazine.
To learn more on adapting to new payment options, register for the April 19 Hot Topic, “Modernizing Consumer Payments,” exploring what the payment future looks like and how to make sure your business stays current (and secure) when taking a more innovative approach to how your receivables are handled.
If you’re not at ACA’s IGNITE this year, check out our online education for March on the Fair Debt Collection Practices Act, data reporting, business operation tips and more.
Check out our full online education calendar for the opportunity to register for series on business optimization, compliance and state specifics for collectors.
Thank you to our IGNITE sponsors Provana, WebRecon LLC, Observe.AI, TEC Services Group Inc., Payscout, Prodigal Tech, VoApps DirectDrop Voicemail, Solutions By Text, ezPay365 and Finvi.
If you have executive leadership updates or other member news to share with ACA, contact our communications department at [email protected]. View our publications page for more information and our news submission guidelines here.
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Consumer Payment Ideas Explored at ACA IGNITE Kickoff Session - ACA International
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