According to recent research, Americans spend 4 hours and 30 minutes daily on their mobile phones, and 57% of Americans consider themselves "mobile phone addicts." Also, 15% of smartphone owners don’t have broadband in their homes, and 69% of Gen Z consumers surveyed report watching long-form videos (TV/movies) on their phones. Lastly, more than 60% of consumers pay loans with their smartphone, nearly twice as many as those using a desktop computer.
While these statistics are engaging from a sociological viewpoint if your business isn’t equipped to accept payments via mobile phone, your business isn’t equipped for today’s consumers.
That’s why Concord has introduced ConcordPay, a new payment technology that allows our clients to offer their consumers a personalized experience that reinforces their digital brand.
Now is the time to make it easy and convenient for consumers to track and make their loan payments using their mobile phones. In another report, over half (51%) of borrowers said managing and paying loans causes them anxiety and 60% wish that process was easier. ConcordPay streamlines payment processing and account management.
At Concord, we have found that there are two very important ways to drive improved portfolio performance. The first is to have consumers set up automatic payments. The second is to make those payments through ACH (Automated Clearing House, a U.S. financial network used for electronic payments), which comes directly from the payor’s checking or savings account. ACH payments eliminate the high fees credit card companies charge, and they aren’t subject to credit cards being replaced or canceled.
However, many consumers don’t select autopay, and 65% of consumers say it’s because they want more control over when bills get paid. Those consumers also indicated they would be more likely to enroll in autopay if they had more control over when payments are made. By tailoring autopay options to meet customer needs, you can increase enrollment and, better yet, increase predictable on-time payments. For example, you can enable customers to choose an autopay date based on when they are paid. You can even let them split payments within a month rather than paying in one lump sum, allowing them to manage their cash flow more easily.
Very few consumers carry their checkbooks with them today when it comes to ACH payments, meaning that their routing and account numbers may not be available when they make their first payment. By combining ConcordPay with a tailored incentive for setting up ACH payments in the comfort of their own homes, clients can increase the percentage of payors using this payment method.
ConcordPay eliminates other pain points, too. It can seamlessly notify consumers when their payments are due, and the notifications can be delivered at the time of their choosing. Logging in with facial or digital recognition eliminates the need to remember passwords and user names while also enhancing security.
With ConcordPay’s mobile app options, you can improve the consumer experience, leading to enhanced customer loyalty and retention and less collection efforts.
Getting started is easy as ConcordPay seamlessly integrates with MAI (Mobile App Installation) for consistent and efficient operations across all platforms. ConcordPay, available on Apple and Android phones, will be ready to grow with you as you grow.
Remember, at Concord, we are not just a service provider; we are a partner in your success. We are committed to providing our clients with best-in-class services and technology. We continually invest in our staff, technology, and systems, which allows us to deliver outstanding client support while offering a wide range of services and products at a compelling fee structure.
As a leading loan servicer with more than 30 years of experience, our team is dedicated to the stability and continuity of your loan operations. To learn more about ConcordPay or any of our services, contact us today at (866) 493-6393 or bd@concordservicing.com.
