Autopay allows a company to take money from a borrower’s account on a specific day of the month, every month. It takes one task away from the borrower and, because of this, can very well improve your borrower’s experience. Allow us to explain how autopay can improve your borrower’s experience:
Removes the Possibility of a Late Fee
People work hard for their money, and to lose it on a frustrating late fee because they day got away from them won’t leave them feeling satisfied. By enrolling in autopay, your borrowers can choose which day of the month the money will get taken out of the account. As long as it’s before or on the due date, your borrowers won’t lose their money to a late fee.
Speaks to Your Budget-Minded Borrowers
In last month’s article – How Payment Calculation Can Draw in New Borrowers – we shone a light on how being conscious of a borrower’s budget can actually decrease loan abandonment. Autopay, along with payment calculation, speaks to your budget-minded borrowers! When enrolled in autopay, your borrowers can easily track and expect a set amount to be taken from their account.
Eliminates a Task for Your Borrower
People are busy and are constantly looking for ways to make their life easier, not harder. When you allow the option for autopay, your borrowers can somewhat “forget” about their payment (logging into their account, going through the steps, submitting their payment, etc.). The only thing they must remember is ensuring they have the funds in their account. That latter responsibility sounds a lot better than the former.
Improves Your Borrower’s Credit Score
On-time payments made in full does wonders for a borrower’s credit score. By enrolling in autopay, they won’t have to worry about late payments causing their credit score to take a hit.
Allied Business Systems Can Help Your Company Succeed
We know you’re doing everything you can to convert more loan applicants and treat your borrowers well! We’re here to do everything WE can to ensure your loan origination and management software is optimizing your time. Our products are simple to learn and simple to use. Give us a call with your questions: 800-727-7534