Benefits of Using Automated Payment Reminders for Auto Lenders
Manually sending out payment reminders to customers is a tedious and tiresome ordeal. Not only does it take up precious time, but if a payment reminder gets lost in the mail or misplaced by a customer, this puts a delay in your cash flow.
To reduce payment risks and save your company a lot of time, Verifacto provides automated payment reminders for lenders nationwide. This innovative technology results in effective accelerated payment collection for lenders and leaves borrowers satisfied with an easy-to-use payment process.
Why Choose Automated Payment Reminders?
If you’re a lender looking for immediate customer response rather than waiting for days – or even weeks – when using direct mail reminders, automated payment reminders is the solution for you. Since automated payment reminders are sent via email and text, customers receive their notice immediately.
Automated payment reminders, like Verifacto’s PayMinders, allow lenders to increase efficiency by customizing messages, frequency and timing. This leads to a faster collection of funds deposited directly into the lender’s account, improving cash-flow. Other important factors to take into account when considering automated payment reminders over traditional mail include:
- Increased Speed: When lenders send a payment reminder by mail, it could be days before the customer gets the letter. Add in weeks if the letter is lost in the mail. Automated payment reminders sent through email and text ensure the message is delivered immediately into the hands of your customers.
- Cost Savings: Sending payment reminders through regular mail isn’t cheap, especially when adding up all of your customers and any recurring messages you may need to send out. There’s the cost of ink, paper, envelopes and postage. Add express or recorded delivery and you have an extra expense tacked on. Automated payment reminders not only save you time, but extra money in the long run.
- Convenience: Automated payment reminders are much simpler and faster to process. They can be easily scheduled to arrive in a fixed number of days before or after the due date and at a time when your customers are most likely checking their email.
- Customer Satisfaction: On the other hand, lenders want to think about a process that makes receiving and paying fees easy and accessible for customers. Automated messages allow customers the freedom to open their messages on the move, while also giving them the ability to quickly access the communication at their fingertips rather than searching for a filed-away letter.
PayMinders: Effective Automated Payment Reminders
PayMinders is an automated platform that sends automatic payment reminders via text and email to create effective communication with each customer. This advanced program escalates the automated payment reminders over time to provide effective accelerated payment collection.
After receiving a payment reminder, customers can pay online in an easy-to-use payment portal which automates periodic payments. Automated payment reminders should be efficient and valuable for the lender, but they should also have the customers’ best interest in mind.
The seamless payment processing integration lets customers easily make online payments. With PayMinders, the customer can use the portal to see their total balance on the account while checking their insurance information, any fees owed, or even make a purchase to ensure they stay covered.
PayMinders efficient process allows lenders to:
- Set up automated payment reminders via email and text
- Customize the frequency and timing of messages based on payment behavior
- Handle an unlimited amount of customer accounts
- Increase the efficiency of collection – improving cash flow
- Reduce the number of collection calls
With PayMinders, you set up your account once, and our software handles the rest, so you never have to worry about an account being left unattended.
At Verifacto, our automated payment reminder technology was developed for auto dealers and finance companies across the U.S. to solve problems for auto businesses as well as their customers. Request a free demo today to see why our technology is improving the auto industry nationwide or call us at 678-783-8123 to learn more.
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