Did you know that new auto loan accounts are continuing to open at a rapid pace? Furthermore, balances for subprime accounts are increasing as more and more customers are being granted loans.
There’s no question that the auto finance industry is a colossal one. And the latest trends are predicting that it’s going to continue to grow and expand in the coming years.
But it’s not all rainbows and unicorns for everyone involved in auto financing. With its unpredictable delinquencies and debts, the industry isn’t necessarily without its imperfections.
What’s the Issue?
With fast, dramatic growth, often comes significant challenges. For example, changing regulations, new fees and other potential concerns seem to have great impact on the overall condition of the industry.
In an effort to smooth over some of these flaws and imperfections, some auto finance payment solutions providers are rolling out new ways that can help lenders get paid, and mitigate the risk of delinquencies and defaults, all while keeping possible issues to a minimum.
Is There a Solution?
First and foremost: Easy access and convenience. By offering a wide range of ways for borrowers to pay, auto finance companies can greatly increase the chances of receiving payments on time, and it’s a simple and easy process for everyone involved.
For example, at BillingTree, we offer convenient features like 24 hour payment availability, credit/debit card support, card acceptance rules, payment history, electronic check, one-time payments, future dated payments and much more.
Keep in mind, in most cases, offering convenience can come at a higher cost to auto finance companies. In some cases, lenders can offset these fees by passing them onto their borrowers via convenience fees. One more thing to consider: Constant changes in regulation and policies can make it challenging and confusing when making the decision to accept convenience fees.
For this reason, at BillingTree, we focus on providing secure and fully regulatory compliant solutions that go above and beyond industry standards. We help take the guesswork out of payment processing, allowing companies to spend more time on growing their business.
With BillingTree’s auto finance payment solutions, you can accelerate your payments and deliver convenient self-service to your customers. Streamline and automate payment processing and posting, any time of day – with virtually any type of payment.