The Hidden Cost of Payment Failures
Many businesses face challenges in optimizing their payment lifecycle, leading to high processing costs, increased payment failures, late or delinquent payments, and revenue loss due to fraud. Payments are instrumental to cash flow, and regular on-time payments, coupled with an effective collections process and lower processing costs, ensure sustained financial health.
The payment journey is unique to you and your customers and is more than the point in time of the transaction. Where in the payment journey could you be saving money or generating additional revenue?
Understanding The Payment Journey
It's key that your business identifies areas of potential loss in the payment journey, as payments, while operating in the background of your daily activities, are vital to your long-term success.
is the cost to the global economy from failed payments each year.
Discover
Hidden
of failed payments turn into bad debt for B2C businesses 16-20% of revenue is lost to payment fraud in North America 2.7%
Gains
Key Opportunities for Payment Optimization
Despite the multiple points of potential loss in the payment journey, there are opportunities for optimization that can make a lasting impact on your business, including:
1. Increasing payment completion and recovery rates
2. Lowering processing costs
3. Improving collections efficiency
4. Proactive fraud prevention
Tailored Solutions for Superior Payment Performance
CSG Forte’s payment optimization solutions are tailored to meet the unique needs of your enterprise and customers by addressing key challenges in the payment lifecycle.
By implementing strategic processing optimization strategies, CSG Forte helps you keep more of the money you make.
1
Increase Payment Completion & Recovery Rates
Our solution validates ACH payments beforehand, verifying account details, ensuring accuracy, and thwarting fraud. In the event of a decline, our recovery solutions minimize payments heading to collections through automation and strategic re-presentment.
Key Features:
▪ ACH payment validation
▪ Account detail verification
▪ Fraud prevention
▪ Automated recovery solutions
2
How we solve the problem: Our solutions ensure higher payment completion rates, reducing the likelihood of payments going to collections and improving overall financial health.
REDUCE RETURNS DUE TO CLOSED ACCOUNTS BY 50-70%
ONE ORGANIZATION RECOVERED $78M IN 2023 THROUGH CSG FORTE'S PAYMENT RECOVERY SOLUTIONS
Reduce Processing Costs
Leveraging techniques such as data level optimization on card transactions, and a strategic review of your payment method mix can help you maximize cost-effectiveness and save on interchange costs.
Key Features:
▪ Data level 2 and 3 optimization
▪ Card pricing and payment method strategy review
How we solve the problem: By optimizing processing methods and analyzing your interchange fees, your business may be able to lower your transaction costs and increase profitability.
3 Protect Revenue and Improve Collections
We elevate primary collection efforts and simplify dispute management, optimizing and automating processes to free collections teams to focus on more challenging payments.
Key Features:
▪ Automated re-presentment for non-sufficient funds returns
▪ Streamlined dispute management tools
▪ Optimization of primary collection efforts
▪ Revenue share benefits
4
How we solve the problem: Our payment optimization solutions reduce manual work for collections teams, allowing them to focus on high-priority cases, leading to better collection and recovery rates.
ONE BUSINESS IMPROVED COLLECTION RATES BY 30%
OUR RECOVERY RATE IS 30-40% HIGHER THAN AVERAGE DEBT COLLECTION SUCCESS RATES.
Proactively Prevent Fraud
We provide proactive fraud management tailored to your risk tolerance, utilizing behavior anomaly monitoring and rule-based fraud detection to mitigate risks and safeguard your revenue.
Key Features:
▪ Behavior anomaly monitoring
▪ Rule-based fraud detection
▪ Tokenization
How we solve the problem: Our fraud prevention tactics provide early detection and prevention of fraudulent activities, protecting the revenue and integrity of your business.
