1. Loan Transparency
Online payment portals allow for BHPH customers to have greater access to view their loan. This creates trust between the dealer and customer, helping to reduce delinquencies. With an online payer account, customers have access to view past, current and upcoming payments. The easier it is for a customer to navigate their payment plan, the more likely they are to feel comfortable making a payment.
2. Convenience
The ability for a BHPH customer to make a payment wherever, whenever is key to preventing no payment at all. Smartphones and computers are usually available no matter where a customer is. That means, a customer doesn’t have to wait until after work, lunch time, or a day off to make a payment. The customer can simply login to their online payment portal and make a payment. At the same time, the customer can manage notifications and update contact information. Electronic payments prevent cash from being carried around, they’re easier to track, and time is saved from not having to drive to the dealership to make a payment.
3. Control
Having control of loan payments from both the dealership’s end and the customer’s end provides a significant benefit. Dealers and customers can manage the account’s auto pay schedule. Customers are also offered the capability to update card information, contact information, and payment notification settings. Dealers can view the status of sent payment notifications and take control or assess where needed. Unlike making payments in person, online payment portals give the customer control to make payments with no restrictions on time or day.
4. 24/7 Account Access
Not only do online payment portals allow a dealer to view incoming payments in real-time from anywhere, it also allows customers to access their account anytime, anywhere. Moved out of state and no longer near the dealership? No problem, login to the app. Work late and can’t make it to the dealership before they close? Login to your account on your computer and make your payment. Going on vacation and will be away from the dealership? Access incoming payments from the dealer dashboard of your online payment portal.
Conclusion
An online payment portal allows your BHPH dealership to improve collections efficiency and accuracy. It also encourages your customers to take control of their payments and provides an easier way for them to pay. It’s not always easy to reduce delinquencies as a BHPH dealer—offering an online payment option can help. Keep in mind, taking online payments doesn’t have to be an all or nothing solution. You can still talk to your customers on a regular basis through two-way text communications and have them stop by the dealership for their pay-off. What’s most important is that you integrate online payments in a way that works best for your business to help reduce delinquencies and automate collections.
