BLUE SKY THINKING
THE LATEST INNOVATIONS IN RECURRING PAYMENTS FOR COLLECTIONS

ACQUIRED.COM

In the collection landscape, innovative solutions are continually reshaping the way payments are processed and managed. With the emergence of technologies like Apple Pay Recurring, Open Banking payments, and Direct Debit, Debt Collection Agencies and lenders are streamlining processes and enhancing user experiences like never before.

APPLE PAY RECURRING

Apple Pay Recurring is just one of the ways borrowers are managing their recurring payments. Leveraging the convenience and security of Apple’s ecosystem, customers can use Apple Pay Recurring through gateways such as Acquired.com. Customers sign up for a subscription using Apple Pay and have the recurring payment collected as a normal Continuous Payment Authority (CPA). Apple Pay’s built-in layers of authentication allow transactions to meet all Strong Customer Authentification requirements, as well as offer a frictionless payment experience for borrowers.

OPEN BANKING

Open Banking payments are another rapidly growing innovation for the collections landscape. Introducing the option to pay via Open Banking from a different bank account than the one linked to their CPA or Direct Debit allows borrowers to make loan repayments from an account of their choice, enabling them to manage their cash flow more effectively. With Open Banking, debt collection becomes more transparent and efficient, benefiting consumers and collectors.

These latest innovations in recurring payments are reshaping debt collection and lending practices, offering enhanced convenience, security, and efficiency.

DIRECT DEBIT

Direct Debit remains a cornerstone in recurring payments, offering reliability and convenience. With Direct Debit, consumers authorise payments to be withdrawn directly from their bank accounts on specified dates, eliminating the need for manual intervention. This automation reduces the risk of missed payments and late fees, providing peace of mind for both borrowers and collectors. Additionally, Direct Debit offers flexibility, allowing consumers to adjust payment schedules as needed, further enhancing convenience.

NETWORK TOKENISATION

Acquired.com has seen a notable improvement in success rates of recurring payments with the implementation of Network Tokens, with some customers seeing up to a 4% uplift in success rates (Source: The Acquired.com Hub). If a customer’s card is lost, stolen, or expires, Network Tokens remain usable and update with the new card details in real-time. For lenders processing recurring payments, it means enhanced security, better conversion, and the potential for reduced costs.

In the UK, these latest innovations in recurring payments are reshaping debt collection and lending practices, offering enhanced convenience, security, and efficiency. With solutions like Apple Pay Recurring, the option of Open Banking payments, and legacy solutions like Direct Debit, the collections industry is better equipped to navigate the complexities of payment processing, while providing a seamless experience for consumers.