With COVID-19 already impacting mortgage loan repayments, and seeing a 10x increase in defaults and deferments, it's no surprise that this is trickling down to other loan products and receivables. And with electronic payment NSFs that can take up to 2-3 days to process, there is currently no real time fix.
However, our new Debt Repayment & Collections solution allows borrowers the ability to pay loan installments using a bank debit card. Whether you use the solution as a standalone product, or add it as a real time enhancement to your existing solution, our Debt Repayment & Collections tool can be a valuable add to your business and save you time and money.
With our new solution, you can easily process real time partial payments, if full amounts result in an NSF. Additionally, your collections department can facilitate simple and easy payments in real time from borrowers eliminating false promises to pay and receive confirmation in real time.
Whether you facilitate loans or collect payments including: POS financing, vacation financing, small business loans, landlords or regular receivables, Debt Repayment & Collections helps you set up borrowers in under 1 minute with instant notifications and confirmations when installments are paid.
Ready to simplify your repayment and collections processes?
Learn more here.