Credit unions continue to grow in the indirect lending market, but despite how straightforward accepting payments may sound, this comes with operational challenges as to how these loans are serviced to best meet member needs. Specifically, how can card or ACH payments quickly and efficiently be processed?
Members are used to fast, easy, card-based transactions. While it sounds simple to remotely process loan payments, if the infrastructure is not in place, it is anything but. Have you experienced either of the following scenarios?
- My frontline staff is taking card information over the phone or through email. It isn’t the most secure way to pay and it takes a lot of time to process these types of payments.
- A manual cash advance is sometimes needed to pay a loan. This is a time-consuming and imperfect process that leaves room for manual error, especially during a busy period at my credit union.
If these statements sound familiar, you aren’t alone and Synergent is pleased to provide a solution. Through our partnership with SWBC, we can offer your credit union a remote payment portal that easily and securely allows loan payments to be submitted via multiple channels, 24/7/365. With the ability to scale according to a credit union’s evolving business needs, implementing this solution sets the stage for success as loan offerings continue to grow.
This web-based remote payments module allows members to make loan payments using ACH or card-based transactions. Core integration expands a credit union’s ability to originate, track, and process these ACH and card-based payments. Whether it is your frontline staff assisting a member in making a payment through the integrated platform, or your members accessing self-service channels, payments are ultimately settled through a single, automated process.
Members can make a payment through the following channels:
- Bacon Loan Pay Web Application & PayPrompt™ SMS
- Interactive Voice Response (IVR)
- Custom APIs
- Home Banking
Benefits & Security
Worry less and focus on other to-dos on your list. SWBC manages the merchant processing and ensures that the solution remains in compliance with payment processing rules and guidelines. This solution is secure, reliable, and PCI compliant. Advanced encryption generates and saves NACHA-compliant disclosures. Regardless of how a member chooses to make a payment, interactive reporting modules highlight pending and failed transactions, settlement transactions, and balance and current transmittals. With real-time core integration and same-day ACH settlement and batch posting of files, account information is promptly and accurately updated.
Member marketing opportunities exist from within the portal, as credit unions can choose to cross-sell additional product and services.
This solution is now available to Synergent users. Want to learn more? Please contact your Account Relationship Manager, or email ARM@synergentcorp.com.
New to Synergent? Contact Account Executive Fred Barber at firstname.lastname@example.org.