The management of non-payments is one of the most complicated tasks for any company. For this reason, from Paymefy decided to develop a tool that would allow companies to automate and optimize their collection processes.
As stated by the CEO of Paymefy, Quim Zurano: “Getting customers to pay is not always an easy task, which is accentuated by non-payments. For this reason, I considered it useful to create an intelligent collection tool whose mission was to optimize the collection and non-payment cycle.”.
To do this, the company combines artificial intelligence and automation, a combo that reduces operational and personnel costs, as well as management time. Of course, although it is true that it achieves a simple solution, it requires certain technical and legal particularities. And that is where the SEPA Escrow solution comes in. PAYCOMET.
Artificial intelligence at the service of recovery
Paymefy is a collection solution based on artificial intelligence through “paymelinks”. In other words, a unique payment link is generated with which the customer can pay pending payments instantly and in just one click directly from the SMS, email or WhatsApp.
To improve the collection process, Paymefy allows the user to pay their invoices in a multi-invoice (if they have several pending) and even to do it in installments. In short, a whole range of options to improve the recovery rate.
But it not only offers facilities to the debtor. Companies that have this tool can obtain very valuable information to improve their recovery strategies.
For example, through the payment link, the company can track each user action to analyze their behavior.
Additionally, the debtor himself can add his feedback on the reason for non-payment. To do this, a personalized form is included through which the company is able to collect more information about its customers and their behavior.
Ultimately, with all these data, companies can design personalized follow-up and communication strategies until the case is completed.
What does PAYCOMET contribute to the solution offered by Paymefy?
To act as an agent within the sector fintech, a series of requirements must be met, both in terms of safety and legislation. For this reason, Paymefy is committed to PAYCOMET’s SEPA Escrow solution, which:
- It covers the needs of the company at a legislative level, providing its Payment Entity License, which is essential to be able to safeguard third-party funds within the legislative framework of the European Union.
- It acts as an intermediary, guarding the money of the users who pay the pending invoice, until the operation has been validated. This adds security and transparency to fund management.
- In addition, it adds a layer of technology in the automation of payments. PAYCOMET has developed a specific technology to meet the needs of complex payment flows that occur in business models marketplace or digital platforms, and that complements the technology developed by Paymefy.
Advantages of the PAYCOMET SEPA Escrow solution
With the intention of improving the collection system, Paymefy needed a tool that would allow them to manage payments easily and with all the security measures required by the sector. And that’s where PAYCOMET comes in.
“At Paymefy we have trusted Paycomet’s SEPA Escrow payment solution for two years. Apart from offering our clients a wide range of payment methods in an easy and simple way, it guarantees maximum security at all times.”
But what are the advantages of PAYCOMET SEPA Escrow? The main one is that it makes it possible to simplify the management of money movements, especially in business models where there are multiple clients. That is, platforms where the end customer can purchase services from different providers and make a single or multiple payments.
Thanks to this solution, all payment management is carried out from a single platform and, in addition, it allows each company to pay the corresponding part of its sale automatically.
The other great advantage is that Paymefy only needs the PAYCOMET Virtual POS to process payments. With this system, it centralizes, automates and speeds up the boarding of its clients in PAYCOMET.
Specifically, a boarding and KYC (Know Your Customer) simplified for each company. Once the information is verified, it is sent through the API and Paymefy client companies can start processing payments immediately.
Regarding payment to customers, Paymefy pays them through SEPA transfers to their respective bank accounts thanks to PAYCOMET’s SEPA Escrow. All this in compliance with the PSD2 regulation, which allows third-party funds to be managed within a secure environment.
From 30% default recovery to 80%
Simplifying the recovery process is in Paymefy’s DNA, so it is not surprising that they have been working on their tool for years to find the best solution. And it seems that they are succeeding.
According to data from the Education business sector for 2022, with Paymefy it has gone from recovering between 30-50% of defaults to 75-80%. In addition, the times have also been cut, leaving behind the two or three months of management, to recover the payment the same month in which the incident occurs.
Obviously, these figures are not the result of chance. There is a lot of work behind to speed up the collection process, as well as the vision to know how to choose the right travel companions, as is the case with PAYCOMET.
