Danny Shader, Founder & CEO at PayNearMe, recently joined Jared Taylor on the Slice of Finance podcast to discuss how PayNearMe reduces the true cost of acceptance by focusing on Payment Experience Management.
Repos are up. Delinquencies are rising. And in the middle of it all, Buy Here Pay Here (BHPH) dealers are bearing more risk than ever. With vehicle repossessions hitting 1.73 million—levels not seen since the 2008 financial crisis—delinquent auto loans aren’t just a customer problem— they’re a profitability problem.
You may be wondering, what’s going on in the automotive industry these days? Frankly, it’s a bit of a paradox. On one hand, threats of high tariffs may make production more costly and complex. Ironically, despite potentially higher costs, a sense of urgency is fueling demand among buyers who don’t want to miss out before prices spike.
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.
As profit margins tighten and operational costs rise, lenders are under more pressure than ever to streamline their payment operations. One often-overlooked area with outsized impact? The bill pay experience.