Five Methods You Can Use to Reduce Late Payments
Using digital payment solutions makes it easier and more convenient for your members to pay, but it can be hard to find a solution that properly integrates with your core system without using annoying workarounds.
REPAY’s omni-channel options integrate with your core system and improve member satisfaction and on-time payments. That means more funds flowing through your accounts without manual data entry errors or delays.
Omni-channel solutions: mobile, online, phone or text
Accept debit cards, ACH, checks, eCash and digital wallets
Make settlement deposits directly to your general ledger account
Text alerts with payment links encourage timely payments
Increase on-time payments and improve the member experience by supporting how members prefer to pay.
Gain relief from the headaches of manual data entry and human error with REPAY’s digital solutions. Integrated into your core system, perform day-to-day tasks more smoothly without overtaxing employee resources.
Sending loan funds to your members with traditional funding methods can take days… and it’s possible they don’t have days to wait. Remove friction and processing delays by using Instant Funding to disburse funds to debit and prepaid cards in minutes.
Lenders using Instant Funding report up to a 25% increase in repeat business.
29% of members would switch credit unions to obtain more innovative products and services.
Transaction volume increased by 23.5% once a digital wallet was used.
Read how our online portal enables self-service payments for a credit union and its members without extra resources.
Partner with REPAY to stand out among other financial institutions and rethink how you do business. With advanced payment technology and tailored options that integrate with your core system, you can increase timely payments and reduce charge-offs.
eCash streamlines payment acceptance, enabling members to pay their loans or bills using cash at any of the thousands of participating payment locations, including major convenience stores, dollar stores and pharmacies.
U.S.-based and available 24/7/365, our dedicated customer service team can assist you with every aspect of REPAY’s payment processing program.
Digital payment technology evolves every day, and REPAY has the resources and expertise to keep you ahead of the changes. Rely on REPAY to simplify payments and manage the platform integrations for improved cash flow, streamlined internal processes and increased member satisfaction.
Payment digitization has transformed how businesses and consumers pay. Consumers, including borrowers, are looking for faster and more convenient payment options and are not afraid to seek out providers who offer their preferred payment technology.
Customer demands and preferences are constantly changing. They value convenience and speed during the payment experience in today's fast-paced environment. As a business owner, it's essential to provide payment options that satisfy their wants and needs. Offering multiple payment options can expand your customer base while enhancing the customer experience.
Over the past few years, credit unions have been at a major disadvantage when it comes to attracting new members. Contactless payment technology quickly became the norm during the first few chaotic months of the pandemic, forcing many businesses, especially those in the financial sector, to scramble toward implementing this new technology.