NAPLES, Fla. – Monday, Jul. 14, 2014
By SubPrime Auto Finance News Staff
In an attempt to increase consumer convenience and reduce payment processing costs, Southern Auto Finance Company (SAFCO) recently selected the UP Bill Payment Solution from ACI Worldwide.
Now, SAFCO customers will be able to pay their vehicle loans electronically on a mobile device, computer or via phone with a debit card or ACH (Automated Clearing House). These customers will also have the option to sign up for an ongoing electronic bill payment relationship or to make their loan payment quickly with no sign-up required.
“As a finance company, payments are our lifeblood,” SAFCO chief financial officer Gary Stein said. “ACI’s electronic bill payment technology gives us a competitive advantage by providing our customers the easiest and most flexible ways to make their loan payments, resulting in both operational efficiencies and significant cost savings for SAFCO and our customers.”
“As big banks and regional auto lenders compete for market share, providing convenient bill payment options can increase customer satisfaction, loyalty and future purchase intent,” Crone said. “We see increasing demand from consumers to pay from mobile devices and with debit cards.
“Today’s lenders must not only offer these options, but also the ability for consumers to pay quickly without having to sign up for online banking,” he continued. “Many banks have more than 50 percent of their loans with customers who do not have a checking account at their respective banks, yet banks do not offer electronic payment options for this customer segment.”
With that situation in mind, ACI Worldwide vice president and product line manager Scott Fitzgerald emphasized the value the UP Bill Payment Solution is designed to bring to SAFCO and other finance companies.
“SAFCO recognizes the importance of catering to the wide range of consumer preferences in order to win and retain business,” Fitzgerald said.
“We’re seeing forward-thinking consumer finance organizations expand their flexible bill payment options to include mobile and debit cards,” he continued. “These capabilities provide consumers fast and convenient payment options that make it easier to do business with loan providers.”