PaymentVision gets closer to BEAM

GAITHERSBURG, US: PaymentVision, a provider of electronic payment processing technology for the Collection Industry, announced the release of its integrated offering for BEAM by Beam4D Enterprises, a provider of receivables management software for the Collections Industry.

AMG Financial, a collection company in Trevose, PA was among the first to implement the integrated solution. “Today’s business climate requires all the efficiency one can bring to bear. With the help of PaymentVision and BEAM we have integrated payment processing into our call center software, which has eliminated the back office process and provided our agents with more timely information,” said Mark Goldstein, Director, IT/Facilities Management, AMG Financial Services.

Debt purchasing organizations, collection agencies, and investment fund managers already rely on BEAM for portfolio management, collector productivity tools and the ability to efficiently move information to and from outside debt servicers, adds a press release. BEAM provides a technical infrastructure for organizations that perform debt purchasing and debt servicing functions.

“Integrating electronic payments through PaymentVision provides BEAM users with the additional tools and technology to further maximize effectiveness. And with current market conditions that include lower fees and declining margins, that can contribute significantly to the bottom line,” says Robert Morris, CEO of Beam4D.

PaymentVision security includes managing financial account data through the use of tokenization. With tokenization, financial account data is never stored on the debt servicer’s system and is passed directly to PaymentVision where it is securely stored in a payment vault. PaymentVision, in turn, provides a randomly generated, totally unique ID number (the token) which can be used to initiate future payments using the same financial account information. The PaymentVision platform is PCI DSS Level 1 compliant, which is the highest level of compliance available.