Third Look and Merchant Backed Payment Plans
It seems many are just starting to talk about payment plans. EC has been providing advance payment plan solutions for over 10 years. Our platform is an end-to-end solution, from advanced origination mechanisms to comprehensive software and services. The payment plan module, like the others, is built to integrate seamlessly or function as a stand-alone product offering.
How It Works
The solution is built to work independently or within partner solution workflows. Our APIs allow full access to the underwriting and origination mechanisms, as well as to all facets of the payment plan servicing aspect of the platform.
The platform includes four types of origination mechanisms:
- Web-based point-of-sale interface used by merchants to set up payment plans
- Merchant branded, self-application portal in which the consumer can complete the entire process on their own, including in-application signature pad
- API based sign up in which our customers build their own origination flows
- 3rd party origination interface in which they can manage their applications and optionally complete them or submit them for approval
For underwriting criteria, the platform uses our innovative Get Offers system to provide a highly customizable and easily deployed rules system for very advanced underwriting, while keeping the end-user interface simple – Get Offers and pick one. The Get Offers rule system allows you to specify terms of the payment (down payment amount, length of term, and interest rate) based on the risk of product/service category, credit risk and dollar range. The platform includes a credit check for credit risk, but also supports an API call to our customers own credit risk algorithms. Changes to Get Offers are reflected immediately, and end-users do not need to be notified or retrained – simply choose “Get Offers” and the current available offers show up.
The platform manages the required legal documents (configurable merchant by merchant or multi-location entity), has an included e-signature pad and supports notifications via email or API about current status or completion of a plan.
The simple flow for payment plans from a consumer standpoint:
- Provide basic personal information
- Provide detail on the type of procedure or service, the total amount, plus any downpayment (1st look line of credit amount, plus insurance or consumer out of pocket fees)
- Review offers
- Enter payment information
- Generate agreement and get it signed either in application or some other mechanism
From there, our Recurring Billing kicks in, handling all aspects of payment management. When needed, our collections management module helps deal with any missed payments.
Key additional features:
- Dynamic settlement logic
- Straight to merchant
- To consolidated account with settlement to merchant including withholding of fees (e.g. splitting interest, per transaction cost and more)
- Detailed reports to reconcile payments and fees
- Branded customer portal
- Various reports to manage your portfolio of plans
- Payment management tools to help keep consumers current
- And much more…..