Lenders that accept debit card payments on loans see the benefits of both revenue growth and cost reduction.
The demand for debit card payment acceptance from borrowers is increasing. Statistics show that lenders who offer debit card processing are able to receive more payments on time, decrease the amount of defaults, reduce loan losses, and show increased revenue growth.
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- Customers who are satisfied with their payment experiences drive them to open new accounts with their current lender. If lenders keep borrowers happy, they are more likely to request additional loans from that lender.
- Attracting consumers that prefer to pay with debit cards rather than the ACH method, which requires more information to submit. The majority of consumers prefer to pay with debit cards.
- Zero delay in knowing if sufficient funds are available resulting in freed-up cash flow.
Cost reductions:
- Debit cards also shorten call times by when customers call in to make payments by eliminating the need for disclosures and recordings as required by ACH regulations. Simply, the shorter the calls last, the lower the cost.
- The debit card payment method functions more efficiently in turn reducing the amount of time that lenders need to spend with these customers.
- Fewer phone calls from customers confirming payments have been received on time, lowering the cost of operating the call center.
In the ever-changing environment of payment processing, PayKings understands all of the card brand rules regarding debt repayment so you don’t have to. PayKings is PCI Compliant and all loan types are accepted.
In partnering with PayKings you will have access to:
- Multiple domestic sponsor banks for acquiring solutions
- API integration
- Support BOTH Mastercard and Visa Card Brand Interchange Debt Repayment Programs
- Easy gateway set up
- Supports recurring billing
- Tokenization
- Dedicated account manager