The two highest risks lienholders experience
1 Payments2 Insurance
In order to reduce payment risks, Verifacto provides automated Payment Reminders which create an effective communication platform with the customer via SMS and email. This advanced engine escalates the messaging over time which results in effective accelerated payment collection.
For customers to pay online in a simple and easy manner, Verifacto offers a customer payment portal that allows the customer to pay online and automates the periodic payments. The customer can use the portal to see their balance on the account, check the insurance information and purchase insurance online as well.
In order to reduce insurance risk. Verifacto has developed an effective insurance tracking platform that allows the lender to track insurance statuses and insurance deficiencies.
In the process of mitigating the insurance risk, Verifacto provides the customer email alerts with a link for competitive auto insurance quotes that enables the borrower to purchase insurance online at any time for the best price.
Verifacto provides the lender with a Collateral Protection Insurance Program (CPI) which enables the lender to control their own risk and reduce it to a minimum.
Not only is Verifacto a leader in insurance tracking and reducing your risk, clients can enhance their communication with Payminders™ to ensure loans are repaid in a timely manner. Contact Verifacto today and start with your demo.
For high-risk portfolios, 1 out of 3 cars are uninsured.
On Day 1 – 62% of portfolio vehicles have issues
447 Critical Issues – 62%
After 90 Days – Only 15% of portfolio vehicles have issues
115 Critical Issues – 15%
“The team at Verifacto has provided us with a custom solution that enables us to operate with fewer staff, while allowing us to track our assets and reduce potential losses to our firm”