Patent Pending Process Automates Collection Payments

New system slashes the cost of updating collection payments of check, credit card and other forms of debt

Oxnard, CA (PRWEB) June 29, 2005 -- transmodus, the technology leader in on-demand check processing and collections, announced today that they have applied for patent on a business process that redefines the payment model for check, credit card and other forms of collection payments. This technology called, Collections Update Tool or "CUT", is available now to clients and business partners through the transmodus.net processing site.

The business process improvement delivered by CUT enables anyone to use common office equipment to accept mail-in payment coupons and automatically update the associated account within local billing systems, and national negative file databases. This functionality compliments the new automated, secondary collections offered by transmodus that generates system driven "phone call and letter" campaigns that pay 100% of all collected funds to the client.

"I have been in the collections industry for a long time and it is obvious to me that the introduction of the CUT service marks a real change in the way we will do business. As a transmodus business partner for the past two years, I'm not surprised at all by this type of innovation. It lets the client keep their money and it lets us maintain our margins", according to Mike Rabb, Principal of Pinnacle Financial, a nationally licensed collection agency headquartered in Minneapolis, MN.

The service can be delivered in a number of configurations to meet the operational requirements of the client.

These options include

Client office - The payment coupon can be addressed to go directly to the client location. This bypasses the normal and costly stop for payment update processing at the collection agency. All that is required is an email account and a inexpensive barcode reader to scan the barcode from the payment coupon which places the unique ID number into an email that is sent to transmodus where the data (unique ID number or list of numbers) from the email is automatically parsed into the transmodus systems updating the payment to credit the person making the payment.

Agency or Lockbox - The payment coupon can also be addressed to go directly to a collection agency or a transmodus lockbox. The agency or transmodus emulates the same process that the client would perform to credit the payment.

"This service strengthens our abilities to provide our clients and partners with our exclusive automated secondary collections. Since collections have a fixed value, improving processing efficiency is the best way to improve that value. On average, our clients see an improvement of an extra $15.00 per collection compared with traditional methods," says Richard McShirley of transmodus.

Collection agencies interested in licensing the technology should contact the company for more information.

About transmodus

transmodus provides an on-demand solutions platform that delivers automation for check and ACH payments processing. The functionality available can service small business, franchise, mid-market and enterprise level client requirements as well as provide a complete processing platform solution for collection agencies and bank partners. transmodus has positioned itself as a leader by listening carefully, thinking ahead and moving forward with purpose to provide clients and processing partners with access to the best on-demand processing solutions. transmodus is a registered trademark of JUSTCHEX, LLC. The company is an IBM business partner.

For more information please visit http://transmodus.net, or call us at 805-604-4472.

Contact: press@transmodus.net

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