Technology continues to transform the electronic services credit unions offer their members. As the adoption of new technology, such as mobile wallets, person-to-person transactions and wearables becomes more common, credit unions will need to better service their customers to remain competitive.

Payments by healthcare consumers is increasing rapidly. A recent study by the InstaMed Network revealed that during the period of 2011 to 2014, payments from consumers to healthcare providers increased 193%. This presents a challenge for providers.  Previously they primarily relied on payments from insurance companies and only small amounts from patients. Now they need to collect payments directly from hundreds or even thousands of patients in greater amounts due to higher deductibles.

As the percentage of total number of online payments grows, more and more companies are choosing a partner to help them with their online payment processing strategies. The advanced electronic payment technology can help meet the growing consumer demand for multiple payment options.

There have been significant advancements in recent years in how consumers pay merchants. You probably think that a lot of payments are now done electronically.  However, according to a survey by the Association of Financial Professionals, the most common form of payment is still the old-fashioned paper check.  The survey showed that paper checks are used, on average, 50% of the time to make payments.

As the burden of paying health care costs increasingly moves from employers to individuals, healthcare providers are finding that they are collecting smaller amounts of the balance due. According to the American Hospital Association’s “Uncompensated Hospital Care Cost Fact Sheet, 2014”, hospitals wrote off 49.5 billion dollars in bad debt in 2012. Some of the reasons for the debt are patients being uninsured or underinsured, charity care by the hospital, or just non-payment of the debt.

Cachet’s ‘Select Mobile NowPay’ becomes the first new partner solution approved by BillingTree’s recently opened Payrazr Marketplace 

Billing Tree’s 2015 Collection Agency Operations and Technology Survey showed that 56% of collection agencies don’t collect healthcare debt payments from Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA), and of those, 35% would like to begin doing so. Using medical spending accounts to pay bills has its own rules and regulations, though, so before you commit to it, here are a few things to keep in mind specific to FSAs.

A payment gateway is a solution that allows you to accept card payments and other forms of transactions securely. When your business is connected with an effective gateway, business flows smoothly; payments can be taken, deposited, and recorded in a compliant manner. Implementing the right payment gateway can prove key to ensuring long-term success.

In cooperation with the Association of Credit and Collection Professionals, the Healthcare Financial Management Association (HFMA) released a list of best practices for collecting and resolving outstanding medical debts.

Technology and the Internet have opened the door for many businesses, including credit unions. To remain competitive, improve member service and cut operating costs, credit unions are exploring ways to expand their electronic services. As a result, credit unions will increase their dependency on technology to deliver services and process information.