Payment Processing for the Auto Industry
One of the biggest concerns in the auto industry is ensuring borrowers can make their car loan payments on time. At Verifacto, our goal is to provide software that makes the loan payment process easy to use for both lenders and borrowers. The easier it is for a borrower to make a payment, the better […]
What is Collateral Protection Insurance?
Collateral Protection Insurance (CPI) is insurance used by lienholders to protect themselves from financial loss. CPI is also known as force-placed insurance because this type of insurance is not sold to a customer, however, it can be placed on a vehicle when the borrower does not have physical damage (comprehensive and collision) coverage.
Verifacto: Not Your Average Auto Insurance Tracking Company
In the automotive industry, it’s crucial lenders, dealers and finance companies effectively track their customers’ auto insurance status. This allows lenders to stay on top of every update and keep their company safe from potential liability or monetary loss. Nearly every auto insurance tracking company claims to help you save money, but Verifacto stands apart […]
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 […]
5 Important Questions to Ask About Insurance Tracking
If an auto lender is not using insurance tracking with their customers, the company is taking a high and unnecessary risk which results in monetary loss from their customers that are not properly insured. When it comes to insurance tracking, lenders want to make sure they’re asking the right questions so they can get a […]
How CPI Can Positively Impact Auto Lending Margins and Reduce Risk
In today’s market, auto lenders are battling to maintain profitability and growth. Finance companies, banks and other lending groups are all competing for consumer auto loans. In this economic climate, it is imperative that lenders protect their bottom line by minimizing losses. One initiative that lenders can take to help minimize losses and protect their […]
Move Beyond Spreadsheets with Verifacto Insurance Tracking Services
Lienholders in the automotive space, including car dealerships and financial institutions, have a wealth of data to keep track of in the course of their day-to-day business. As business has moved to a more data-centric focus, with more and more companies recognizing the value and importance of data in all areas of their business, the […]
Payment Reminders: Mail or Email?
Let’s face it: snail mail is an ineffective means of communication – especially when it comes to payment reminders. No wonder so many businesses are turning to payment reminders and bill alerts to encourage customers to settle on time. While some businesses might be skeptical of switching to an automated payment system it is easily […]
How Insurance Tracking Benefits Auto Finance Companies
How Insurance Tracking Benefits Auto Finance Companies Lenders have thousands of dollars tied up in their auto portfolios. These banks and auto finance companies need insurance tracking that will protect their assets and mitigate any risk of loss. Insurance tracking is essential to providing lenders with security, compliance, and ultimately peace of mind. Verifacto’s insurance […]
How Insurance Tracking Benefits Car Dealerships
Your subprime borrower just totaled their vehicle. They still owe over $4,000. Unknown to you, they didn’t have any valid insurance or their insurance has lapsed. You do your best to keep up with insurance tracking. However, the process is time-consuming and labor-intensive. You don’t have the time to verify between third parties. If you […]
