PromptPay Benefits - Automotive Payment Protection Systems

PromptPay - The Benefits

INCREASED SALES, by increasing the size of the consumer market available to finance.

REDUCED DELINQUENCY RATES. The PromptPay system improves customer payment behaviour.

Category	Current	Delinquent	Repossessions
Benchmarks Without System	72.7%	27.3%	15.0%
Benchmarks With System	95.0%	5.0%	4.0%
Actuals	97.3%	2.8%	2.3%

Benchmark without system	Benchmark with system	Actuals

INCREASED PAYMENT SECURITY AND ASSURANCE: With PromptPay and the “ON TIME” system, you have more control over customer payments.

INCREASED CUSTOMER SATISFACTION. Car buyers can be given the opportunity to re-establish credit history and qualify for loans they were previously prohibited from.

INCREASED REPEAT PURCHASE: Low delinquency, increased customer satisfaction and changes in customer behaviour alongside fulfilment of the contract, the Ontime system delivers a captive repeat purchase opportunity. This is because the user will be directed to the original point of sale for safe removal of the system.

REDUCED COLLECTIONS OVERHEADS: The PromptPay programme and the OnTime unit will significantly reduce collections overheads as outbound calls effectively becomes inbound as late payers will be looking to pay in order to receive their codes.

The following characteristics of our Payment Assurance service are why the benefits listed are achieved:

PromptPay is a proactive credit management tool that acts to prevent credit problems

	is a proven electronic alternative to the comparatively inefficient and increasingly ineffective manual collection processess.
	increases the quantity of paper your company can write by qualifying customers for purchases and finance programs that they otherwise wouldn't qualify for, effectively increasing the size of your market.
	provides a tangible assurance of timely repayment, assisting to lower arrears and repossession rates.
	reduces customer & staff conflict from the collections process, improving staff morale and customer satisfaction
	provides proper legal documentation for the dealer and finance company. The cost of the service is fully on-chargeable (as a cost of credit), so its benefits go straight to your company's bottom line.
	is a full-service solution making it extremely simple to incorporate into your company's existing lending and collections processes.

If you have any further questions please contact us