Today’s e-commerce experiences are fast, easy and frictionless. Consumers are exchanging money with family and friends using peer-to-peer payment applications such as Cash App, Venmo and PayPal, and they rely on digital wallets to effortlessly make e-commerce transactions from their mobile devices. So, why do so many bill pay experiences still feel dated?
It’s no secret that today’s consumers expect convenience in virtually all aspects of their digital lives. Want that new book your co-workers are raving about? A few taps on your phone and it’s on your doorstep by dinner.
Your customers expect the same ease when managing their finances.
Optimizing payments is mission-critical for auto lenders. With fierce competition and delinquencies on the rise, being able to collect more on-time payments and operate more cost-efficiently is key to profitability. Making it possible is PayNearMe’s robust integration with Auto Master Systems, a leading loan management system for BHPH auto dealers and finance companies.
Payments used to be just transactions between consumers and businesses. If the process was slow, inflexible or required manual work, that was part of the deal. Now, however, payments are a central focal point in the customer experience.
Demand for consumer credit is still on the rise, despite recent years of escalating inflation and recession rumors. And as interest rates may start easing downward, competition among lenders will heat up. Banks, credit unions and consumer lenders are all vying for a piece of the consumer credit pie, estimated to top $24 billion by 2032.