Alfa, Repay enter equipment, auto fintech partnership

Equipment finance technology providers Alfa Systems and Repay have agreed to a technology partnership to expand omnichannel payment options for auto and equipment finance borrowers across North America.

The integration will enable Alfa users to accept payments through cards, ACH and digital wallets, with borrowers able to pay online or via text, mobile apps or interactive voice response, according to a Repay release today. The collaboration aims to streamline loan and lease payment processing while improving convenience, reducing delays and minimizing late fees.

Financial institutions and lenders using Alfa’s loan and lease management platform will gain access to a modernized payment system with real-time processing, enhanced security and detailed transaction reporting. REPAY said the partnership will improve borrower satisfaction while simplifying reconciliation for lenders.

Executives from both companies said the initiative combines Alfa’s SaaS platform with Repay’s advanced payment technology to provide more efficient operations and flexible, digital-first payment experiences..

Finance providers Toyota Financial Services, Paccar, Mercedes-Benz, Daimler Truck and John Deere Financial Services use Alfa’s technology, it said. 

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