Lenders who work with cloud-based software solution provider Inovatec Systems can now collect payments using email and text due to a fresh partnership between Inovatec and payment service provider Clik2pay.
Toronto-based Clik2pay gives lenders the capability to send emails or text messages to customers that include a link for the borrower to make their payment directly from their bank account without having to set up automatic withdrawals, David Robinson, chief commercial officer at Clik2pay, told Auto Finance News.
“Clik2pay is all about one-off payments,” Robinson said, noting the platform does not collect the money automatically each month. “Clik2pay serves the group of customers that aren’t set-and-forget [payers].”
Inovatec initiated the partnership with Clik2pay after lender clients expressed interest in offering one-time, direct payments, Bob Metodiev, head of business development at Inovatec, told Auto Finance News.
The software provider has two clients currently using Clik2pay and expects to have the platform fully integrated onto the Inovatec loan management system in early 2023, Metodiev noted.
“Our lending customers can improve their collections processes by requesting payments by email, all while lowering their overall costs, automating reconciliation, and enhancing the borrower’s experience,” he said.
Additional payment options
In addition to Clik2pay, Inovatec is in the process of completing integrations with several other payment service providers, Metodiev said, noting that lenders can choose which provider they want to integrate with.
“Allowing borrowers to make payments directly from their bank account in real time through an email or text makes paying incredibly easy for the customer and allows for more efficient collections and payment reconciliation by lenders,” Robinson said.
This story first appeared on Auto Finance News, a publication of Royal Media.