Chandler, AZ (May 23, 2019) – LucentPay, provider of adaptable and ARM-focused payment solutions designed for agency profitability, today announced it has acquired Global Collection Systems (GCS), a leading provider of virtual collection technology. Combined, the company continues to serve the ARM industry with payment partnerships that improve agency profitability.
“This was a natural progression for us with our ongoing focus on ARM and multi-channel offerings for our customers,” says Rob Kennedy, Founder and CEO at LucentPay. “We’re focused on offering solutions that are not only uniquely tailored to collection agencies, but also proprietary to LucentPay to eliminate unnecessary costs and mark-up in the processing of payments online.”
The acquisition brings together the Virtual Collector™ platform with LucentPay’s processing, providing another channel for customers to engage consumers compliantly and effectively. Virtual Collector is an online portal where consumers can negotiate, resolve, and pay their account balance online, meeting today’s consumer preferences and saving valuable resource.
“Today’s consumer clearly prefers an online experience, and with our new proprietary portal, we offer our agency customers a cost-effective and full-featured online payment solution,” says Michael McDonnell, Vice President of Sales and Marketing at LucentPay. “Our industry will continue to benefit from a payment partner that focuses on profitability in a world of shrinking margins and compliance considerations — and we’re now even better equipped to serve the ARM industry with a multi-channel suite of solutions as we evolve to meet consumer preferences.”
GCS was founded in 2003 by a team with decades of financial industry experience looking to modernize collections. “GCS’ extensive industry experience and machine-learning expertise has helped to create technology that is based in building new business efficiencies and possibilities,” says Caryn Carpenter, Founder and CEO for GCS. “We are thrilled to be a part of another ARM-focused partner that understands today’s consumer, today’s compliance, and today’s technology.”
LucentPay is a full-service payment processor and merchant services provider offering a wide range of advanced, compliant and integrated options for their clients including single payments, recurring, payment plans, and virtual debt negotiation. Founded in 2017, the company processes payment transactions for all major card brands including Visa®, MasterCard®, Discover® and American Express®. Headquartered in Chandler, Arizona, with locations around the United States, LucentPay services the Account Receivables Management (ARM) industry. For more information, visit www.lucentpay.com