Product: Instant Funding
REPAY, a vertically integrated payment solutions provider, added Instant Funding to its digital suite of consumer-facing payment channels, which include text pay, interactive voice response (IVR) phone pay, a mobile app and online payment portals. The solution enables lenders to instantly push funds to consumer debit and prepaid cards, without having to switch systems or platforms, eliminating costly delays and providing consumers with instant access to funds, the company stated. Susan Perlmutter, chief revenue officer at REPAY, described Instant Funding as a timely solution for the digital era. "As the lending process continues to shift rapidly to digital-first, speed to funding is becoming crucial to the consumer experience," she said, adding that the solution is fast, frictionless and friendly, which makes lending more convenient for all parties.
Perlmutter further noted that REPAY's payment platform, built on globally reliable Visa and Mastercard rails, has been funding more than $50 million per month to consumers, helping businesses deliver fast, convenient and secure funding experiences. When lenders provide faster payments, customers are not waiting for days to receive paper checks or ACH transactions, and this complementary technology enables REPAY clients and partners to accept payments and disburse funds on one platform, she noted.
Instant Funding technology, a user-friendly push payments solution for lenders and consumers, makes funds available to customers within minutes, eliminating lengthy payment procedures that may take days to complete, and lenders can set transaction limits to help control risk and fraud, REPAY noted. The all-digital funding technology enables lenders to securely process transactions in real time, providing customers with instant, anywhere, anytime, access to funds 24x7x365, backed by always-on, top-tier support, the company added.
According to REPAY, when transactions are initiated, the solution automatically validates the initial debit or prepaid card data, securely tokenizing and storing credentials and funding customers within about 30 minutes, while noting some customers have reported receiving funds within five minutes. Once tokenized and securely stored, the company noted, enrolled cards can be quickly accessed on the platform for future disbursements or recurring customer payments, further increasing customer satisfaction and eliminating inconvenient delays. In addition, Instant Funding provides real-time insights into transaction data and activity through easy-to-read reports, further simplifying the reconciliation process for lenders, REPAY stated, describing the fully digital solution as a perfect enhancement for any digital-first business. Participating business owners have reportedly seen repeat financing transactions increase by as much as 25 percent after successfully deploying the Instant Funding solution, the company added.
REPAY said it provides ISOs, merchant level salespeople and sales channel partners with a high level of customer service and reporting, including dedicated implementation services, ongoing training, and 24/7/365 customer service. Support professionals are well versed in helping partners manage risk and handle processing exceptions throughout the partnership, the company added.
REPAY partners can leverage the company's technology suite to provide frictionless, tailored, end-to-end commerce solutions to seamlessly manage inbound and outbound transactions across a variety of vertically integrated use cases, including lending, the company noted, adding that partners can also use the omnichannel platform to accept electronic payments securely and conveniently at any time, from anywhere.
In addition to its suite of commerce enablement solutions, REPAY expanded its business services menu for consumer lenders, including credit unions, automotive lenders and mortgage lenders, by offering accounts payable automation, B2B virtual card payments and a proprietary back-end clearing and settlement platform. "From protections to control risk and prevent fraud in payments, to real-time transactional reports and a customer service team that provides 24/7 service through the implementation process, our partners have been able to understand the product and how it fits into the overall product suite to bring to new customers," Perlmutter said.
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