In-House Payment Plans 2017-04-01T15:45:25+00:00

CompanyBkgrGr2Payment Plans: Taking Business Further

Capture Customers that Otherwise May Walk Out the Door

Used within major industries such as: automotive, consumer products, dental, vocational schools and veterinary practices, ExtendCredit’s technology platform and software solutions make it easy for different types of businesses to master and offer financial options to their customers, clients and patients.

In-House Payment Plans: The Steps of Success

The platform provides a step-by-step process for simple sign-up and approval of in-house payment plans and includes instant credit, bank and fraud checks. Payment setup is easy; the application form is completed in three easy steps from one online window screen.
You decide the terms, e.g., 90 days to 12 months, as well as the interest rate and payment amount. A payment terms calculator provides quick auto calculations for review and approval. Enterprise and multi-location tools give larger organizations the flexibility to meet both corporate, management and local location needs.
The software includes all necessary payment plan agreements including a Promissory Note. It also provides compliance and regulatory oversight. The credit crisis has caused lasting effects, and many consumers may be declined top tier third-party credit, but are creditworthy. The ExtendCredit software conducts a credit, banking and fraud analysis and provides an easy to understand ranking. Organizations can set program requirements outlining acceptable findings, thus taking credit decisions out of the hands of busy front line staff, ensuring payment plans meet the approved risk comfort level.
The software is specifically optimized to minimize staff workload. Once approved, the system takes over handling every aspect of the payment plan, providing significant automation to ensure fast and easy management. ExtendCredit allows you to set up and manage auto-pay and handles payment storage methods. Monthly auto debits from your customer’s accounts as well as deposits to your business account are automated. Reporting and management tools make it simple to check status at any time.
The platform includes a merchant branded, cloud-based customer portal that enables customers to check account status, review statements, update personal information and make manual payments. Providing a self-service tools saves valuable time for you and your staff.
Keeping customers on schedule with payments is crucial; the ExtendCredit platform sends automated alerts, for upcoming payment attempts as well as missed payments, and also includes the auto reattempts for any plans that have missed payments. The system includes various tools for the business to work with the customer to keep them on track. Tools include: delaying the current month’s payment, changing future payment dates to new dates, providing additional months to pay back the note, partial payments and more. With all of these tools, rest assured that the ExtendCredit platform is managing all of the accounting and interest recalculations automatically.
Keeping an eye on your portfolio, reviewing payment plans and status are just a few of the reporting tools to keep you informed. Add analytics and watch your portfolio grow.