When it comes to paying bills, consumer behavior is rapidly evolving. Innovative Consumer Finance companies and Lenders are adapting their payment systems to accommodate consumer preferences. These companies are finding that being flexible, and adaptive in their payment acceptance approach is reducing late payments and improving customer satisfaction.
When it comes to improving the payments experience, Consumer Finance companies don’t go it alone and partner with payment platform technologies to execute their payments strategies. When choosing a partner, here are four things that are relevant to Consumer Finance companies and Lenders:
- Multi-channel – Enabling customers to make payments across multiple channels such as Web, Mobile, IVR, while keeping the payment experience the same across all channels.
- BIN Blocking – To ensure compliance with card brand rules, Consumer Finance Business and Lenders must use the proper MCC code and have a platform that supports ‘limited acceptance’ capability, essentially blocking cards based on BIN ranges that do not qualify for debt repayment.
- Real-time Integration – Real-time reporting and integration with loan servicing software is a critical component to ensure that payments are recorded properly and timely.
- Convenience fee – Lenders that are charging a convenience fee must be up to date on regulatory changes and utilize a platform that specializes in convenience fee payment processing.
Looking to innovate your payment processing strategy and upgrade your payment capabilities? Contact Aliaswire to learn how our DirectBiller® EBPP platform is helping Consumer Finance companies and Lenders achieve their payments vision.