A Leader in the Sub-Prime Auto Finance Industry Boosts Profitability
Gateway came to ACI to improve their customer experience, boost monthly payments collection rates and to improve the profitability.
The ideal solution would support customers and call center staff expedite phone payments on auto loans. It would also provide customers multi-channel electronic bill payment options, including mobile, web and interactive voice response (IVR).Solution Sheet Product Sheet
There are 18 ways for customers to pay their auto loans. Gateway wanted to give consumers the easiest and most secure way to pay on time.
- Auto loan collections calls were too time-consuming for customers and staff.
- Too many customers broke their promises to pay.
- Gateway needed an electronic bill payments solution that would easily integrate with Shaw Systems loan-servicing software.
- Gateway collectors complete calls quickly with a three-click payments customer service interface from Shaw Systems and ACI’s UP® Bill Payment™ solutions.
- Gateway was able to expand their easy payment options, including mobile, web, IVR and call payment channels for debit card and ACH payments.
- Collector-initiated dollars collected increased 58%.
- Cut broken promise rate in half from 32% to 16%.
- Since each collection call takes less time to resolve, collectors can make more calls, increasing collection results.
- Gateway entered riskier markets thanks to their improved collections operation.
- Gateway complied with PCI, CFPB, GLBA AND NACHA requirements
Gateway Integration of Shaw Systems and UP Bill Payment Solutions
Gateway’s three-month average broken promise rate fell from 32% to 16% in the first year following the integration of Shaw Systems and UP Bill Payment.
Using a dynamic customer service interface, Gateway’s call center collectors can now complete three-click electronic bill payments once they make contact with customers on the phone. This process has saved customers from falling into delinquency.
Armed with this fast, convenient payments option, collections staff can resolve customer delinquencies more efficiently, make more auto loan collection calls, and process more payments overall.
Gateway collectors increased the number of payments they accepted by more than 3,000 per month at the end of the first year. As a result, Gateway’s collector-initiated dollars went up 58% in the first year following the firm’s partnership with Shaw and ACI.
Mobile, Web-based and IVR Options Available to make Payments
Since Gateway expanded its payment options, the company grew its self-service payments by five percentage points up to 36% of payments coming through mobile, web and IVR.
One of Gateway’s most popular options is the ability to opt-in to receive text messages that include a link to make bill payments via a mobile payments site.
Now that Gateway has increased overall efficiency in its collection process, the company has been able to enter new markets. With a flat account delinquency rate, Gateway receivables grew 10% during the 2016 fiscal year.
Bill Payment Solutions
- UP Bill Payment Solution - a billing and payment solution to drive customer satisfaction in lending.
- Electronic Bill Presentment and Payment Services – one solution for every billing and payment need across all payment channels.
- Integrated Treasury Management - manage card processor relationships — including interchange management — by removing the risks and complexities inherent in most in-house systems.
- Mobile Browser Bill Pay - a quick and easy add-on to existing payment systems, this service offers a full mobile payments experience from notification to eBilling to payment.