“By working together with customers, considering their financial challenges, and providing payment flexibility, businesses can help valued customers navigate this stressful time and may find they benefit from better customer retention and more reliable payments in future.”
Digital payment solutions provider, PayPoint has launched a new collection tool for the motor finance sector.
Named PayByLink, the platform allows lenders to engage with customers on a personal level, sensitively and responsibly, collecting due or arrears payments with care.
With the majority of finance companies granting payment freezes to customers, PayByLink gives lenders an opportunity to encourage rather than enforce payment terms, sending reminders about upcoming payments. Available through digital payment solution, MultiPay, PayByLink also allows them to offer flexible payment terms for customers who are struggling, or simply seeking agile means to control their finances. It also enables lenders to personalise communications and provide payment links in SMS text and email messaging to increase the effectiveness of customer engagement and in turn, the likelihood of full or part payment. This is available either through PayByLink or via a finance lender’s own CRM system.
Danny Vant, Client Services Director at PayPoint said “PayByLink is ideal for motor finance providers aiming to reach out responsibly to customers and begin the payment or arrears collection process. As Government help lessens, the longer-term financial impact of the pandemic is becoming clearer and in turn, the industry needs to change how it operates and adapt to a new world of payment collection.”
“Importantly, PayByLink provides customers with payment flexibility, putting them in control whilst improving arrears collection for lenders. The user-friendly payment options remove friction from the payment process whilst retaining security and peace of mind, increasing customer engagement and collections success. “
