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 the chance lenders will get their money on time.

Payment Processing Advanced Technology

At Verifacto, we developed a seamless payment processing solution for auto dealers and finance companies to better help customers stay current on their car payments. The payment processing software reminds borrowers when they need to pay back their loans while also providing them with easy access to pay online. This can be done from their computer or, for added convenience, their mobile phone.

In the past, if a borrower didn’t pay a lender right away, the lender would be responsible for keeping track and sending out numerous reminders that could possibly become lost in the mail. With Verifacto’s PayMinders, the system will keep reminding the borrower via email alerts and text messages. Each reminder comes with the access link to pay online providing easy payment steps right to the borrower.

Benefits of Verifacto’s innovative payment processing technology include:

  • Pay by Text
  • Mobile-Friendly Access
  • Secure Virtual Terminals
  • Personalized Customer Payment Portals
  • Recurring Payment Setup
  • ACH Pay with Electronic Checks
  • Automated Payment Reminders
  • IVR
  • Competitive Rate
  • Surcharge Allowed
  • Split Funding
  • Include Collateral Protection Insurance (CPI) payments

Verifacto’s easy-to-use payment processing helps reduce payment risks. This top-notch technology results in effective accelerated payment collection for lenders and provides borrowers with the satisfaction of an easy to access payment process.

When using Verifacto’s payment processing technology, borrowers can use the portal to see their entire balance on the account while checking their insurance information, make an insurance payment to stay covered and pay any other fees owed. Borrowers no longer have to deal with numerous bills and paperwork. Access to their payment and fees owed are all available in one spot.

Verifacto’s Comprehensive Solutions

At Verifacto, we aim to make payment processing easy to access and beneficial for both lenders and borrowers. However, we don’t just stop with payment processing. Dealing with borrowers not paying their car loans on time is only one of the issues causing problems for auto lenders and dealers which is why we also offer services for automated payment reminders, collateral protection insurance, smart recovery, and insurance tracking.

We stand apart from other insurance tracking companies by providing lenders with efficient and easy-to-use technology keeping them updated on their borrower’s insurance status. Our dashboard allows lenders to see their portfolio’s financial performance at a glance, so the lender is always in control.

Try a Free Demo Today

If you’re looking for a better payment processing solution along with the very best in insurance tracking, Verifacto has you covered. Our software was developed for auto dealers and finance companies across the U.S. to solve problems for auto businesses as well as for their customers.

Give us a call at 678-783-8123 or email us at sales@verifacto.com to try a free demo today.

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