Online payment processing for consumer lenders has never been easier, safer, or more affordable than it is with LoanPaymentPro.
Offering the simplest debt repayment process for your borrowers will promote a more reliable relationship with your customers, decrease your default rate, and increase your number of repeat borrowers. You also want to keep your processing fees low while ensuring compliance. If you are a consumer or B2B lender, LoanPaymentPro’s innovative online loan payment platform can provide you with a number of significant advantages.
Our online payment interface allows you to expand your borrowers’ debt repayment options – including the option to make loan payments using their debit cards and automatic ACH payments. This helps reduce the number of payments that borrowers miss while maintaining their good standing for loans. Using LoanPaymentPro can also help you significantly decrease default rates.
For decades, short-term and small-dollar consumer lenders were limited by the payment methods available to them. Borrowers originally had to pay using cash or check. Later, consumer lenders obtained the ability to accept payments via ACH and electronic check.
Today, however, these payment methods are neither convenient nor preferable for the majority of consumers. Meeting the demand of today’s borrowers means adopting quicker, secure, and more reliable debt repayment options.
LoanPaymentPro enables lenders to accept payments via debit cards, ACH processing, and RCC/Check21 Payments. More importantly, our platform greatly expands the type of payment methods you can accept – by as much as 35%, in fact – while filtering out all non-compliant types of card transactions and reducing fraudulent transactions.
With our software, you can securely accept online payments from direct deposit cards, check cards, prepaid bankcards, gift cards and more. This opens up a new world of opportunity for your borrowers, who can access their funds where they are and use them to make timely loan payments online.
In addition to ACH and debit card payments, you can also accept online payments via RCC and Check21 using the LoanPaymentPro technology.
Agreeing to automatic debt repayment, whether via ACH withdrawals or online payments, still poses a cause of concern for many consumers. They often fear that their personal information may be at risk from data breaches and hackers. When you use LoanPaymentPro’s online payment solution, however, you can put your borrowers’ minds at ease. This innovative platform uses certified PCI-compliant offsite storage and advanced encryption for sensitive debit and/or credit card data.
Our low fee structure expands your online payment acceptance, regardless of your lending vertical. In addition, online payment processing can reduce the human resources demand that comes with other forms of payment such as mailed checks or with the processing of ACH payments over the phone.
Our platform offers a robust suite of solutions for web-based payments and card-not-present (CNP) transactions. For example, the LoanPaymentPro Fund Verification and Zero Dollar Authorization (ZDA) Tools allow you and your customer to verify and validate immediate receipt of a payment.
Using our RESTful API interface capabilities, you can integrate LoanPaymentPro directly and seamlessly into your own loan management software (LMS) and POS systems. Or, if you prefer, you can utilize the system on a stand-alone basis through our web-based interface option.
Contact us today to learn more about LoanPaymentPro’s patent-pending online payment processing platform.