Collect Payments

Automated safe & secure recurring payment processing reduces collections risk

ExtendCredit.com utilizes automated direct debits from borrower's bank account. Also known as ACH, directly debiting the borrower's bank account automatically on the same date each month (or week) during the term of the payment plan is the most reliable method for ensuring payment. Rather than holding checks, invoicing and waiting for payment, or using expensive credit cards, ACH is a cost effective pro-active payment method that is the preferred method for recurring loan payments of all kinds. It puts you in the driver's seat to get paid and borrowers take it seriously because their bank account is involved and they risk NSF fees if the money is not available in their account when the payment request is submitted to their bank.

Prior to the scheduled payment date, ExtendCredit.com automatically generates a payment reminder email to politely remind the borrower that a payment is scheduled to be deducted from their bank account, including details on the amount, bank account number, and scheduled payment date. A contact number for ExtendCredit.com's Borrower Support Group is also included in case the borrower needs to call to make alternative arrangements prior to the scheduled payment date.

Simple, automated reconciliation and settlement of payments into your bank account each week

Based on payment cycle, each week ExtendCredit.com automatically emails you a statement listing payments received from your borrowers and deposits the proceeds into your bank account. All reports in ExtendCredit.com's Receivables management services software are always up-to-date so you have real-time information on all your borrowers and all transactions.

Handle special situations with ease

Because ExtendCredit.com is a full lifecycle, end-to-end solution everything about a borrower and their transactions are always at your fingertips. Expected cash flow by week, payment status, and remaining loan balances are only a few examples of the information ExtendCredit.com provides you with a click of a button.

ExtendCredit.com enables you to address special situations that may arise such as taking manual payments, suspending a note, restructuring the terms of an existing note, or making changes to bank account information.
The Memo capability inside ExtendCredit.com provides you a powerful CRM tracking tool to record all communications with your borrower. Always on display along side the borrower's information on screens throughout the system, the memo list shows you the latest communications. Adding a new memo is easy and the ability to categorize the memo or even send it to another user takes the feature beyond a simple text field and makes is a powerful workflow tool to help you stay in control and make sure everyone has visibility to all communications that have occurred.

As with all activity inside ExtendCredit.com all activity and transactions are time/date stamped with user's ID who initiated the activity/transaction so you have a complete audit trail to everything that occurs inside ExtendCredit.com.