Borrowers Will Now Be Able to Pay Loans Remotely Using Either Online Banking or with Cash at Local Convenience Stores
Skypatrol, a leader in GPS Tracking Solutions, is pleased to announce Remote Auto Payment for vehicle finance companies and BHPH dealers through Skypatrol’s mobile app. Borrowers will now be able to pay loans remotely using either online banking or with cash at local authorized retail stores. Skypatrol has created another way to increase the value of their award winning Defender software platform by offering tools to improve the profitability of their customers.
Now, with Skypatrol’s Remote Auto Payment feature, borrowers in the U.S. can take cash payments to a neighborhood 7-Eleven®, ACE Cash Express® or other authorized retail stores where the clerk will accept the cash and initiate a virtually instant payment transfer. ACE is the largest owner and operator of check cashing stores in the United States and 7‑Eleven, Inc. is the largest chain in the convenience retailing industry with over 57,000 locations globally. To make a remote payment through either retailer, the lender sends a PayCode via email, SMS text or on a printed card.
Remote Auto Payment also includes a recurring billing system through a secure, cloud-based payment platform that enables consumer payments by using a credit card or debit card. The system allows lenders to set up a billing program that is customizable for individualized payment schedules whether they are monthly, bi-weekly or weekly. Lenders can operate in a card not present environment streamlining payment acceptance by leveraging automation. Through tokenization, consumer payment information is stored in a PCI compliant environment.
“Skypatrol is keenly focused on providing software tools that improve the relationship between lenders and borrowers,” said Robert Rubin, the Skypatrol CEO. “By having solutions such as Remote Auto Payment, we facilitate on-time payments on behalf of our lender customers while simultaneously making the process more customer-friendly for the borrowers. And because borrowers can pay with a credit card, debit card or cash, geography is no longer a boundary and will certainly improve lender cash flow. This is yet another productivity and profitability tool that has been added to the Defender platform and provided at no cost to our lender customers.”
“Giving our customers the ability to make cash payments from thousands of retail locations or via online accounts from literally anywhere has obvious value, said Jimmy Lee, a Franchise Operations Director at J. D. Byrider. “We see the potential for improved cash flow and fewer customer interaction issues by removing barriers to payments.”