ExtendCredit’s extensive recurring billing experience and accounting-based software delivers the business know-how your company demands. The EC platform enables full recurring billing functionality. It starts with a complete accounts receivable system at the core, monthly statements with carry forward balances, billing portal for the consumer, proactive payment reminders and automated reattempts over the first 7 days.
The key to payment management is missed payment management. Beyond using a simple card updater service with your processor, the EC platform uses Smart Reattempt logic to do automatic reattempts at different cadences over a 7 day period, based on error type. This logic rectifies over 35% of rejected payments. The workflow is integrated with our collections management module.
ExtendCredit offers a comprehensive collection management system. The system is optimized for very high volume with the ability to orchestrate ticket assignment based on priority, type of ticket (e.g. aging, dollar range, time zone, amongst other factors) and skillset of the individual CSR. The solution can implement a waterfall methodology in which each CSR is assigned the highest priority tickets that they are qualified to manage. As they complete them, they move on to the next priority and so on. ExtendCredit provides an outsourced call center for missed payments for many of our customers, and this is the tool used by our team. In addition, larger partners use our module to manage their call center process if desired.
The system includes vital payment tools to help customers in need, such as postponement of the current month’s payment, support for partial payments, online or “at merchant” payments and sophisticated reporting and tools to make it easy to track and manage.
Individual organizations have unique business requirements and integration needs. As a billing technology company, ExtendCredit offers a complete state-of-the-art API suite, covering all aspects of the solution. Designed for easy integrations, the suite uses RESTful APIs, provides sandbox environments with Swagger for ease-of use, and includes overview documentation covering the most common use-case examples.
We work with third-party data collection platforms and with your internal team to funnel information to in-house data warehouses, enabling you to mine real-time information, while putting business intelligence reports at your fingertips.
Changing your merchant processor can often cause an issue with your recurring billing and payment plan programs. If merchant processors are reluctant or unable to release tokens for your clients, your business is saddled with the burden of reaching out to clients to obtain new payment information. EC solves this problem by providing our own PCI compliant data vault. We tokenize and secure information, so if your banking relationship changes, we can easily port tokens — eliminating the problem of payment interruptions. While credit cards are the most common data we protect, the data vault can also be used to protect various other sensitive information include SSNs, credit reports, IDs, etc. This solution provides a Universal Token for your business, allowing all of your apps to access and transact against the secured data.
Creating the right program to back your branding initiatives is essential. Membership plan programs provide great opportunities to build a singularly branded initiative or support individual, local brands. ExtendCredit helps businesses of all sizes through our in-house graphics department, which includes a seasoned brand strategist to propel your message forward. We can help small companies without a marketing team or serve as a resource for larger organizations with marketing teams.
Our marketing services provide the flexibility your business needs, with options ranging from completely driving the branding and marketing effort (including branding, design and fulfillment) to serving as a resource and collaborator to support your internal marketing team. With active communication, push-pull strategies, and key marketing elements, EC is here to set the stage for your success.
Defined, consistent goals and KPIs drive business intelligence, providing the guidance, insight, and vital information necessary for short-term and long-term success. ExtendCredit’s analytics and data not only provide key information and insight, they’re also supported by data-driven processes and tools to grow your programs.
With EC’s enterprise flexibility, you can view data at the local, regional, and corporate levels to fully understand progress and bottom-line results. The platform includes a host of crucial data points to assess program growth, including overall program dashboard and monitoring, uptake of optional services, and the effectiveness of promotional programs tied to your membership program.
EC puts a wealth of information and data at your fingertips with tagging that is customizable to specific partner needs. Tagging gives you the ability to quickly filter and pull information, delivering insights at a demographic, regional and program-specific level.
Organizations grow, as do their resource needs. Understanding this, ExtendCredit works with each of its partners to best support their needs in key areas of program management. This spans branding and marketing, program accounting, GAAP considerations, technology, and business system integrations at every stage of growth. Helping you create a program that meets your organization’s unique needs and culture is important to us. EC is here to provide resources, as needed, to support or to supplement your team as part of your overall program.