REPAY Launches ‘Instant Funding’ through Push Payments

Visa Direct enables seamless real-time[1] push payments for 24/7/365 access to funds

ATLANTA, February 5, 2019 /PRNewswire/ — REPAY Realtime Electronic Payments has officially launched Instant Funding, a new and innovative service to send funds directly to eligible Visa debit and prepaid cards via electronic transactions enabled by Visa Direct. REPAY is the premier payment technology provider for the consumer lending and healthcare spaces, offering the most advanced and secure omnichannel payment services on the market. The addition of Instant Funding strategically complements REPAY’s current product suite as businesses will now be able to seamlessly accept payments and disburse funds to customers from a single user interface 24/7/365.   

With REPAY Instant Funding, lenders can say goodbye to issuing outdated checks and submitting slow ACH transactions, which means consumers will no longer have to wait days for funds to become available. Instant Funding transactions are processed in real-time[2] via Visa Direct, Visa’s real-time push payments platform, which reverses a normal transaction, “pushing” the funds to an eligible Visa debit or prepaid card.

“At REPAY, we use our technology to remove the friction and processing delays often associated with payments and traditional fund disbursements,” said Chris Arnette, VP of Product Management at REPAY. “Instant Funding will enable our clients to gain efficiencies and to provide a more customer-friendly experience. In today’s fast-paced world, it’s all about immediate gratification – and that’s what Instant Funding can provide.”

Instant Funding offers an incredible opportunity for REPAY’s merchants to differentiate themselves in the marketplace by delivering quick, convenient and secure funding experiences to their customers. Merchants who use Instant Funding will have access to REPAY’s dedicated implementation services, premier customer service, and professional risk management resources.

“With push payments representing nearly a $10 trillion opportunity, REPAY strategically identified the need to offer our Instant Funding product. We have invested in state-of-the-art technology to deliver a first-class, convenient funding experience in a highly secure environment while providing our merchants with access to real-time data insights,” said Shaler Alias, President of REPAY.

“We are excited to be working with REPAY to deliver a payment solution that helps businesses run more efficiently,” said Cecilia Frew Senior Vice President, North America Push Payments, Visa.  “Visa Direct helps meet the demand for fast, convenient and secure access to funds that allows businesses to operate and interact with customers seamlessly.”

The launch of Instant Funding comes at a time of immense growth and opportunity for REPAY. In January, Thunder Bridge Acquisition, Ltd. (NASDAQ: TBRG) and REPAY, announced that Thunder Bridge (“Thunder Bridge”) a special purpose acquisition company, will acquire REPAY and the combined company will continue as a publicly-listed company. Completion of the transactions is subject to approval by the stockholders of Thunder Bridge and certain other conditions. The transactions are expected to close in the second quarter of 2019.


[1] Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to the Visa Direct team and the Visa Direct Original Credit Transaction Global Implementation Guide for more information. [2] See citation 1

About Thunder Bridge Acquisition Ltd.

Thunder Bridge Acquisition Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In June 2018, Thunder Bridge consummated a $258 million initial public offering (the “IPO”) of 25.8 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and one warrant, each warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge’s securities are quoted on the NASDAQ stock exchange under the ticker symbols TBRGU, TBRG, and TBRGW.

To view the official press release, please click here.

 

Mobile Apps Make Payments Easy

More people are using mobile apps to pay for more items – from morning coffee to car notes to rent – than ever before.

Most of the money that moves around our economy is digital. The Federal Reserve estimates only about 11% of all dollars are in their physical form. This means almost 90% of them are electronic, digitized, and sitting on a ledger somewhere. In 2018, of the US M2 money supply of $14.4 trillion, only $1.7 trillion was in physical cash.

Mobile payments are a big part of this digital trend. Mobile is a growing method of payment acceptance for small businesses, too. This Statista chart shows how many small businesses were accepting mobile payments as of October 2017.

In 2017, ⅓ of businesses accepted mobile or digital payments inside the store. Fewer (less than 30%) accepted these payments online. In person, digital wallet apps (like Apple Pay) were under 15% acceptance.

It’s not just millennials who use these new payment services. Between the millennial generation, the tech-savvy, and those who are unbanked/underbanked, mobile payments are in high demand. Not accepting mobile payments could be a huge missed opportunity for your business.

Mobile app technology lets your customers pay you easily and quickly. And offering convenient mobile app payments could be a huge differentiator for your business, too.

Payment Apps Work with Your Existing Payment Processing

Businesses can access more of those digital dollars from customers through mobile payment apps that are compatible with your existing payment processing. Mobile payment apps, whether it’s Apple Pay, Zelle, or the most popular payment app, the Starbucks app (with almost 21 million users), are making payments easier.

If you sell to consumers, wouldn’t it make sense to include a mobile app as a payment option? It’s fast and convenient for you and for your customers.

The good news is many tech-enabled payment processing firms, like REPAY, can include app payments as part of your overall plan to accept payments from customers. We can white-label our app so it’s uniquely customized and branded to your business. You can collect payments 24/7/365, build brand loyalty and interact with your customers through push notifications on your very own mobile app.

Beat Your Competitors with App Payment Acceptance

In a 2017 survey of popular payment methods, in-store payments were the most popular, yet only accounted for 40% of transactions. This means that all forms of digital payments accounted for the other 60%.

If you have tech-savvy customers or a customer base with high smartphone penetration, you can get a leg up on your competition if you include some of these digital payment categories, such as mobile app payments, mobile messenger app payments, QR codes, or contactless payments. Many of these payment methods can be added to your existing payment processing without much hassle.

Is Your Business Ready for Digital Payments?

The days of only needing to slide a Visa or Mastercard into a physical terminal to process payments are over. Digital payments are here to stay, and they come in many forms. Whether it’s through Text to Pay, QR codes or a mobile app, your business needs to be ready. You can add these payment methods to your business with little effort, and in turn, you’ll give your customers more options and you’ll get paid faster. That’s a win-win in our book.

REPAY to Merge with Thunder Bridge Acquisition, Ltd.

Atlanta, GA and Great Falls, VA – January 22, 2019 Repay Holdings, LLC, a leading provider of vertically-integrated payment solutions, together with its parent, Hawk Parent Holdings, LLC (together, “REPAY”), and Thunder Bridge Acquisition, Ltd. (NASDAQ: TBRG) (“Thunder Bridge”), a special purpose acquisition company, today announced that they have entered into a definitive merger agreement.  Under the terms of the agreement, Thunder Bridge will acquire REPAY and the combined company (the “Company”) will continue as a publicly-listed company with an implied enterprise value at closing of approximately $653 million, based on current assumptions.

Upon the close of the transaction, the Company intends to change its name to Repay Holdings Corporation and is expected to continue to trade on The Nasdaq Stock Market under a new ticker symbol. REPAY’s management team, led by John Morris, Co-Founder and Chief Executive Officer, Shaler Alias, Co-Founder and President, and Tim Murphy, Chief Financial Officer, will continue to lead the Company. REPAY’s existing majority equity holder, Corsair Capital, a leading private equity investor in the financial services industry, is expected to remain the Company’s largest stockholder.

REPAY processed approximately $7 billion of payment volume in 2018 across diverse verticals, such as personal loans, automotive loans and receivables management. Management believes these verticals are underserved and accordingly provide significant growth opportunities over the next several years. The Company serves more than 3,000 clients via a proprietary, omni-channel payment platform that reduces complexity for merchants and enhances the consumer experience. In addition to highly-recurring revenue, REPAY has achieved strong Adjusted EBITDA growth over the last three years through market expansion, increased penetration of existing customers, new client wins and strategic acquisitions.

Gary Simanson, President and CEO of Thunder Bridge, said, “REPAY has achieved impressive growth while also delivering high levels of profitability in an exciting and underpenetrated area of the payments sector. John Morris and his team have developed a technology platform that is well-positioned with over 50 software integration partnerships to service customers with a footprint representing more than 11,000 locations across the country. We are looking forward to partnering with REPAY’s management team and Corsair in the next stage of the Company’s development.”

“We are very excited to continue to execute on REPAY’s growth plan as a public company and greatly appreciate Corsair’s continued involvement and partnership,” said John Morris, co-founder and CEO of REPAY. “We have developed a compelling tech-enabled value proposition that allows our merchants to expand the scope and depth of their services to meet the evolving needs of their customers. As a publicly-listed company, we will have access to capital to further support our acquisition strategy and invest in technology while continuing to develop software integration partners. We remain focused on delivering the highest levels of service to our merchants as we strengthen our leading position in the industry.”

James Kirk, Managing Director of Corsair Capital, commented, “We are proud of all REPAY has achieved since Corsair’s investment in 2016, and we look forward to continuing to support the Company’s development of value-added payment solutions. With over $500 billion of total payment volume, including over $200 billion of debit payment volume, projected next year across REPAY’s existing verticals and the ongoing evaluation of a pipeline of potential acquisition targets, we believe there are significant growth opportunities for the business in the future.”

“The payments industry is one of the most dynamic segments of the financial services space, and REPAY has established itself as an integrated player and early-mover in an important and underserved sector of the market,” added Jeremy Schein, Managing Director of Corsair Capital. “Given REPAY’s growth and history of pioneering innovative payment solutions, we see compelling opportunities ahead and look forward to our continued partnership with the REPAY management team.”

Transaction Summary

The transaction reflects an implied enterprise value at closing of $653 million, based on current assumptions. The cash component of the purchase price to be paid to the equity holders of REPAY is expected to be funded by Thunder Bridge’s cash in trust and debt financing, for which a commitment has been obtained. The balance of the consideration payable to the existing REPAY equity holders will consist of equity interests of the surviving subsidiary which will be exchangeable into shares of common stock of the Company at the option of such equity holders.  Existing REPAY equity holders have the potential to receive an earnout of additional equity interests of the surviving subsidiary if certain stock price targets are met as set forth in the definitive merger agreement.  Corsair Capital and the REPAY management team will remain investors by rolling over significant equity into the combined company.

Pursuant to the merger agreement, Thunder Bridge will domesticate from a Cayman Islands exempted company to a Delaware corporation and a subsidiary of Thunder Bridge will merge with and into Hawk Parent Holdings, LLC, with Hawk Parent Holdings, LLC continuing as the surviving entity and a subsidiary of Thunder Bridge. The corporate name of Thunder Bridge will change to Repay Holdings Corporation.

The transactions have been unanimously approved by the boards of both REPAY and Thunder Bridge.  Completion of the transactions is subject to approval by the stockholders of Thunder Bridge and certain other conditions. The transactions are expected to close in the second quarter of 2019.

Additional information about the business combination will be provided in a Current Report on Form 8-K that will contain an investor presentation to be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov. In addition, Thunder Bridge intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Thunder Bridge, and will file other documents regarding the proposed transaction with the SEC.

Advisors

Morgan Stanley, Cantor Fitzgerald, and CLSA acted as capital markets advisors and Ellenoff Grossman & Schole LLP acted as legal counsel to Thunder Bridge. Financial Technology Partners served as strategic and financial advisor, Credit Suisse as capital markets advisor, and Simpson Thacher & Bartlett LLP and Troutman Sanders as legal counsel to REPAY in this transaction.

Investor Call and Webcast Details

Investors may listen to a conference call regarding the proposed transaction at 10:00 AM EST today, January 22, 2019. The call may be accessed by dialing (866) 547-1509 toll-free in the U.S. or (920) 663-6208 internationally and participants should provide Conference ID number 2463704.

A webcast of the call, along with the investor presentation, can be accessed at: https://event.on24.com/wcc/r/1921454-1/571C6A1A13AF2967EE4E121BE4A317A9

The call will be available for replay at 2:45 PM EST today until midnight on January 30, 2019 by dialing (800) 585-8367 toll-free in the U.S. or (404) 537-3406 internationally.

About Thunder Bridge Acquisition Ltd.

Thunder Bridge Acquisition Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In June 2018, Thunder Bridge consummated a $258 million initial public offering (the “IPO”) of 25.8 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one of the Company’s Class A ordinary shares and one warrant, each warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Thunder Bridge’s securities are quoted on the NASDAQ stock exchange under the ticker symbols TBRGU, TBRG, and TBRGW.

About REPAY

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers.

About Corsair Capital

Corsair Capital, LLC, which includes a highly regarded global private equity platform, is a leading global investor in the financial services industry. Corsair Capital invests across a range of geographies and cycles, and in substantially all of the subsectors of the financial services industry, including payments, insurance, asset management, depository institutions, and specialty finance across North America and Western Europe.

FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding REPAY’s industry and market sizes, future opportunities for REPAY and the Company, REPAY’s estimated future results and the proposed business combination between Thunder Bridge and REPAY, including the implied enterprise value, the expected transaction and ownership structure and the likelihood and ability of the parties to successfully consummate the proposed transaction. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors previously disclosed in Thunder Bridge’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inability to meet the closing conditions to the business combination, including the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the inability to complete the transactions contemplated by the definitive agreement due to the failure to obtain approval of Thunder Bridge’s shareholders, the inability to consummate the contemplated debt financing, the failure to achieve the minimum amount of cash available following any redemptions by Thunder Bridge shareholders or the failure to meet The Nasdaq Stock Market’s listing standards in connection with the consummation of the contemplated transactions; costs related to the transactions contemplated by the definitive agreement; a delay or failure to realize the expected benefits from the proposed transaction; risks related to disruption of management time from ongoing business operations due to the proposed transaction; changes in the payment processing market in which REPAY competes, including with respect to its competitive landscape, technology evolution or regulatory changes; changes in the vertical markets that REPAY targets; risks relating to REPAY’s relationships within the payment ecosystem; risk that REPAY may not be able to execute its growth strategies, including identifying and executing acquisitions; risks relating to data security; and risk that REPAY may not be able to develop and maintain effective internal controls.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based.  There can be no assurance that the data contained herein is reflective of future performance to any degree.  You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control.  All information set forth herein speaks only as of the date hereof in the case of information about Thunder Bridge and REPAY or the date of such information in the case of information from persons other than Thunder Bridge or REPAY, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.  Forecasts and estimates regarding REPAY’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.  Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

For additional information on the proposed transaction, see Thunder Bridge’s Current Report on Form 8-K, which will be filed concurrently.  In connection with the proposed transaction, Thunder Bridge intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Thunder Bridge, and will file other documents regarding the proposed transaction with the SEC.  This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before making any voting or investment decision, investors and stockholders of Thunder Bridge are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction.  The documents filed by Thunder Bridge with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to Thunder Bridge Acquisition, Ltd., 9912 Georgetown Pike, Suite D203, Great Falls, Virginia 22066, Attention: Secretary, (202) 431-0507

PARTICIPANTS IN THE SOLICITATION

Thunder Bridge and REPAY and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Thunder Bridge in favor of the approval of the business combination.  Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Thunder Bridge in connection with the proposed business combination will be set forth in the registration statement on Form S-4 that includes a proxy statement/prospectus, when it becomes available. Information regarding Thunder Bridge’s directors and executive officers are set forth in Thunder Bridge’s Registration Statement on Form S-1, including amendments thereto, and other reports which are filed with the SEC.  Free copies of these documents may be obtained as described in the preceding paragraph.

NON-GAAP FINANCIAL MEASURES

REPAY uses certain non-GAAP financial measures such as Adjusted EBITDA to evaluate its business, measure its performance and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure that represents net income prior to interest expense and depreciation and amortization, as adjusted to add back certain non-cash charges and account for non-recurring items, such as other expenses, non-cash gain from the change in fair value of contingent consideration, transaction expenses, share-based compensation charges, and other charges. Adjusted EBITDA should not be considered as substitutes for financial measures calculated in accordance with GAAP but instead considered alongside such measures calculated in accordance with GAAP. Other companies in the industry may calculate it differently from how REPAY calculates it, reducing its overall usefulness. This communication does not provide a reconciliation of any forward-looking, estimated non-GAAP financial measure to the most directly comparable GAAP financial measure because calculating the components would involve numerous estimates and judgments that are unduly burdensome to prepare and may imply a degree of precision that would be confusing or potentially misleading to investors.

CONTACTS 
REPAY/Corsair Capital
Sard Verbinnen & Co
David Millar / Danya Al-Qattan, 212-687-8080

Thunder Bridge Ltd. 
Gary A. Simanson, 202-431-0507

To view official press release, click here.

Collection Firms: Collect Faster with More Payment Options

For your collections business, we’re sure you’d agree that you need to collect faster on your portfolio to make more money.

When your agency is earning contingency fees from clients or tracking payments made when you buy or service a portfolio, speed is vital for good returns. The more calls you have to make, the more time you have to invest in collecting, the lower your returns. The more your staff has to work to collect the same amount of money, the lower your returns.  You get the picture.

And we don’t have to mention what happens when debtors impose call cap limits on you. What you need is simple, fast closing on as many debt accounts as possible.

How can you collect more in less time?

Payment technology enables faster payments, and we know that almost every collection agency out there has an online payment portal if it has near current software. But what about other ways to pay?

More payment processing options and intelligent payment technology give debtors more ways to pay faster, enhancing your returns. Let’s see what other firms in the industry are doing.

Comprehensive CFPB Study of Collection Firms

In July 2016, the Consumer Financial Protection Bureau (CFPB) released a comprehensive, voluntary study of the collections industry. Fifty-eight firms of all shapes and sizes – from law firms to very small businesses of less than 10 employees to huge collection agencies – participated and shared information with the Agency on how they do business. Here is a copy of the study you can check out for yourself.

In the study, 43% of firms reported debtors imposing call limits on them. Imagine eliminating this as an issue…

From the chart, you can see that the larger the collection agency, the more likely a call cap came into play. Is that because larger agencies have bigger clients who may know about FDCPA rules? Or maybe smaller agencies have less debt savvy customers who don’t know the call cap rule?

Payment Technology = More Options

While accepting debit and credit card payments via an online portal or over the phone is standard for collection firms, there are many other great options on the table. You need to offer choices and allow debtors to make payments through:

  • ACH
  • Voice Recognition Software over the phone (it’s called IVR)
  • Text to Pay
  • Smartphone Apps

The good news is that tech-oriented payments firms will give you access to all these payment methods, while offering the standard methods like online portals.  Some companies offer even more advanced options and enable consumers to pay through their mobile apps, or they can help you develop your own app. A tech-driven payment processor means one account for all these payment options, which keeps things simple and straightforward.

In the CFPB study, 86% of firms surveyed had an online payment portal, but they had to pay an average of $50 per month in additional fees for an ACH gateway and another $30 per month for credit card processing (CFPB Study, p. 33-34). These fees are paid to the different firms before the first transaction ever goes through their systems.

Does your firm have multiple payment options like these?

With IVR, for instance, one of your employees could negotiate a deal with a debtor and then immediately move the debtor to the IVR software prompts within the same call. While your employee calls the next debtor, a payment is made from the first debtor in a one call close. Take your payment technology one step further and employ a virtual debt collector tool that will automatically negotiate the deal and accept a payment without any employee interaction.

This is maximum time management and effectiveness of your staff AND you are collecting more money faster from a one call close. Consider how much more business your staff can do with easier payment options and more advanced technology.

Some other questions to consider to increase your speed of collection include:

  • Is your payments platform integrated with your collection management software?
  • Are you giving the debtors many convenient options to pay?
  • Is your payments platform up to the task to enable one call closing with ease for the debtors?

Payment processing has advanced far beyond swiping a card in a physical terminal. For collection firms, this is an opportunity to take advantage of the better technology out there. Processors today can handle multiple payment options faster, enabling one call closing by your staff for maximum effectiveness and ROI for your firm.

REPAY’s Ashley Martin named an ETA Young Payments Professionals Scholar

REPAY is proud to announce that Ashley Lamb-Martin has been selected to participate in the 2019 ETA Young Payments Professionals (YPP) Scholar Program. The prestigious program sponsored by Discover® provides support, education and opportunity to young payments professionals and encourages scholars to assume leadership roles within ETA and the industry.

Ashley was selected as one of ten participants out of a pool of 50 highly qualified applicants. Applicants were required to have at least 2 years of experience in the payments industry, be currently employed by an ETA member company, and be between the ages of 21-35 years. As a scholar, Ashley will receive complimentary ETAU courses along with registration and travel assistance to TRANSACT and other industry events. Ashley will also be assigned a senior industry mentor and will have the opportunity to network with industry leaders throughout the program.

Ashley graduated from Kennesaw State University with a Bachelor of Science in Sociology. She has an extensive background in underwriting within the payments space and has served as a Senior Underwriter for REPAY since March 2018. She brings optimism, passion and a sincere thirst for learning to every new opportunity and challenge. There is no doubt she will make a lasting impact on REPAY and the payments industry, and we wish her much success in the ETA YPP Scholar Program!

A New Approach to Service for Auto Dealers: Automated and Unassisted Payments

There’s no doubt that consumer preferences are evolving quickly while expectations for high quality service continue to rise. Dealers not only have to identify the right mix of product and service offerings to attract new customers, they must consider how to effectively nurture these customers past the initial sale to develop long term relationships and establish recurring revenue streams.

It’s a known fact that it’s less expensive to keep an existing customer than to obtain a new one. If that’s the case, how can dealers keep their customers coming back for more? It’s relatively simple – by improving the customer experience and removing the friction involved in every customer interaction.

Susan Perlmutter, Chief Revenue Officer of REPAY and long-time player in the auto industry, recommends evaluating the experience a dealership creates when servicing vehicles. “Servicing a car can be a painful experience due to the number of interactions required between dealership personnel and the customer,” Perlmutter explained. “Technology and a streamlined process can make the experience much more enjoyable for customers.”

Alternative Ways to Pay

After a dealership services a vehicle, a customer must often wait in multiple lines before paying for the service and picking up the keys to the car. Simply reducing the number of touchpoints that a customer has with dealership personnel can make for a much more pleasant experience and efficient process. Dealers should consider offering alternative payment options, such as online payments or text payments, so customers can prepay for the services prior to picking up the vehicles.

These payment methods will allow customers to pay onsite without waiting in line or from another location if they choose to leave the dealership. They’ll be able to access the dealer’s secure, custom-branded online payment portal from any computer, laptop or mobile device. Depending on the payment processor, dealers can even send text messages to customers to alert them of the progress and notify them when the service has been completed. Customers can reply to a text message with a one-word response to quickly and securely initiate and complete a payment.

A Competitive Advantage

Providing these alternative ways to pay is not only convenient for customers, it’s savvy for business operations as well. Implementing unassisted payment methods will free up personnel resources and reduce the amount of data entry errors that can typically happen when payments are handled by humans.

Some dealers are hesitant to replace the human interaction with an impersonal technological experience, but they shouldn’t lose sight over changing consumer preferences. People are busier and more connected than ever, and they prefer fewer steps in a process. If executed the right way, the automated payment experience can be customized to individuals and can feel just as personal as a face-to-face transaction. Providing a seamless and easy payment process can serve as a differentiator and competitive advantage for dealerships by providing customers with a hassle-free experience, leaving them delighted and coming back for more.

REPAY Snags Spot on the Inc. 5000 List for Eighth Consecutive Year

Another year, another humbling opportunity to reflect on REPAY’s growth over the last decade. For the eighth consecutive year, REPAY placed on the Inc. 5000 list, which recognizes the fastest-growing companies in the United States. REPAY came in at #2164 with a 3-year growth rate of 205%.

Click here to see REPAY’s profile and the full Inc. 5000 list.

Payment Trends: Contactless and Digital Payments

Nearly every business in the business to consumer (B2C) space needs to have a payments option and most in the business to business (B2B) space need one, too. What used to be a convenience is now a requirement. The lack of many options not long ago meant that B2C and B2B payments were simple and streamlined. It used to be easy for a business. Sign up with a processor, get a terminal in your store or office, process payments and move along to the next initiative. But things are changing…

Payments Options Changing with Technology

Consumers have choices like wearable technology, mobile payments, contactless payments, online payments for e-commerce, peer to peer payment services, mobile wallets, RFID (radio frequency identification) technology, NFC (near field communication) technology, and non-bank payments providers. These choices make it tough for a business that wants to accept payments to figure out how to get to their customers in a way that is both convenient for the customer and cost-effective for the business.

One way to figure out how to reach your customers is to look at some of the trends going on in payments.

Contactless Payments on the Rise but Slow in the US

The US is way behind much of the world in the area of contactless payments. The leader is Australia, who according to a Westpac Bank study of their cardholders, use contactless payments 92% of the time as of December 2017, including in over 90% of face to face payments.

PaymentsWeek cites a study by The Economist that by 2022, contactless payments may get up to ⅓ of all electronic payments in the US. Why such a big discrepancy between Australia and the US?

  • Americans use more cash than other countries thanks to the US Dollar’s strength and its position as the world’s primary reserve currency.
  • Americans have big concerns over digital security. With so many digital hacks reported every month on the news from financial and other providers, this should come as no surprise. The American Express 2017 Digital Payments Survey indicates 37% of people have abandoned an online purchase due to security concerns. That’s a big number and a problem that we, as a country and an industry, will need to solve.
  • Here in the US, we have every potential payment option known to man. If you were in a place like Kenya, who depends on cellular technology for payments and banking, then you’d have limited choices. You’d select the best provider available, the innovative fintech payments provider M-Pesa. Australia isn’t Kenya, but their big banks like WestPac and Macquarie, have embraced these technologies, making it easier for the consumer to adopt contactless payments. They don’t have payments options overload like we have in the US.

The US has room for tremendous growth in this area. The trend is telling us that if contactless payments are a good option for your retail business, or even a business where you travel to the customer, like a plumber or electrician, then you could be early and benefit greatly if you embrace this payments trend.

Digital Wallet Adoption Slow

JP Morgan commissioned a study, The Intersection of Payments and Commerce in the Digital World, to help its merchant customers better understand and prepare for tomorrow’s payment opportunities. Here are some of the more important pieces from the study:

  • Consumers like the idea of digital wallets and payments in theory, yet adoption is slow with only 16% to have ever used a digital wallet. The study cites digital security as a primary concern that limits adoption, as well as low levels of understanding about digital wallets.
  • Only 38% of those surveyed considered themselves informed about digital wallets and how they work.
  • 62% of those surveyed prefer debit or ATM cards and 53% of those surveyed still prefer to use cash as their primary method of payment.
  • Of businesses larger than $20 million in revenue, 56% accept digital wallets as a form of payment while only 25% of smaller than $20 million in revenue businesses do. The biggest concern for small business adoption is the cost associated with upgrading systems.
  • 69% of people surveyed believe they will be making the majority of their payments through digital wallets within 5 years, making digital wallets the #1 payment choice tied with credit cards.

The trend is moving slowly upward, but increasing clarity and improved understanding should exponentially increase the number of digital wallet payments.

Are Digital Wallet and Contactless Payment Options Right for Your Business?

Two of the big advancements in the technology of payments is the digital wallet and the use of contactless payments. When implemented properly, these tools help your customers in new ways like

  • Faster checkouts
  • Easy to use/install rewards points or loyalty programs
  • Convenience
  • Couponing and easy gift card buys and redemption

Local retail stores and service providers, like the coffee shop or the local electrician, and small businesses, in general, can get way ahead of the trend and their competitors once they decide to adopt these technologies. If only 1 out of 4 lower level revenue businesses have these technologies, then you can differentiate yourself even more from your competitors in the marketplace.

Business Intelligence: What can we tell you about your customers – and your business – that you don’t know?

Business intelligence (BI) seems to be the hottest new buzzword in town and can be found across a multitude of industries and platforms. For those who don’t understand it, or perhaps for those who haven’t had the chance to fully realize its purpose and impacts, it can be vague and often intimidating. Upon hearing the term, you may imagine a robot spitting out data or an unending sequence of unreadable formula tables and statistical jargon. These preconceived notions may not be entirely misplaced, but the true beauty of BI lies in the analytical simplicity of its end results.

BI refers to the technologies, tools, infrastructures, and applications that are used to collect, store and analyze complex data sets to support better, more informed decision making. The ultimate outcome of BI is to package the data into easily understandable results to provide insight into business best practices and trends.
But how does one start using BI to take advantage of all it can offer? The capabilities of BI are endless and can often be overwhelming with no clear start or finish line; in fact, the entire course can seem hazy and insurmountable at times. That’s why Susan Perlmutter, Chief Revenue Officer of REPAY, recommends business leaders partner with a trusted vendor who is already collecting important data points about their businesses and customers during normal, day-to-day operations.

“It’s best to find a partner who can not only collect the data on your behalf, but who can also analyze and package that data into digestible, easy to understand pieces of information that can translate into best practices, trends, and action items for your business,” says Perlmutter. She is surely no stranger to the advantages of BI as REPAY continues to build robust business intelligence services for its clients.

REPAY, an Atlanta-based payment technology company that offers omnichannel payment services wrapped up in the most secure and advanced technology on the market, is already using BI to identify both micro- and macro-level trends. The company primarily serves clients in the consumer finance, auto finance, and collections industries where most payments are made on a recurring basis to repay some form of debt. “By using BI in conjunction with payment data, we can tell you an awful lot about your business and your customers that you probably don’t know,” explains Perlmutter. “Payment data can provide insight into consumer preferences and behaviors and can measure ROI on technology and personnel resources, which in turn can help businesses make more sound decisions regarding marketing efforts, staffing levels, and future investments.”

By analyzing a merchant’s payments, REPAY can identify consumer payment preferences, including how, when and through which channel a specific type of consumer prefers to pay. REPAY can also detect potential usability issues within payment channels. For example, if consumers initiate payments on one channel, but complete those payments on another, it may suggest that there is an obstacle impeding the payment process.

BI can provide cost analysis, another important aspect for merchants who accept electronic payments. REPAY’s BI platform can analyze the cost of payments through each channel, comparing the cost of agent-assisted payments to the cost of fully automated, unassisted payments. This valuable insight can measure ROI and suggest where additional investments should be made.

According to Perlmutter, “the opportunities of business intelligence as it relates to payments are infinite. We can successfully predict when businesses will receive the most payments and when payments will most likely be approved, and based on that data, we can offer action plans for effective account management, communication strategies and marketing tactics.” She’s most excited about turning that data around to reward consumers. REPAY can evaluate payment data to build a reward-based system unique to each merchant to reward consumers who practice ideal payment behaviors, such as paying on time for six consecutive months.

The future of BI is promising and powerful, and it is thriving in our own backyard. Just as Atlanta has become the hub for payments, it soon will be known as the epicenter for business intelligence. Millions of transactions run through Atlanta every day and the number of data points associated with those transactions are astonishing. As a society, we are on the verge of unlocking invaluable information that can not only predict individual business operations but could potentially predict much larger shifts in the economy, such as periods of GDP growth or recession. It is not too premature to think that Atlanta could be the leader in those national and global conversations.

REPAY aims to harness the power of business intelligence to help its merchants grow and prosper. REPAY’s BI platform provides its merchants with both an overarching 30,000-foot view of economic and market trends and a granular analysis of their immediate ecosystems comprised of individual consumers and payments.

Preferred Collection and Management Services, Inc. Initiates Partnership of Two Tech Vendors, REPAY and TCN, Inc.

ATLANTA and ST. GEORGE, Utah and TAMPA, Fla.Aug. 15, 2018 /PRNewswire/ — When it comes to creating efficiencies and elevating the customer experience, Preferred Collection and Management Services, Inc. (Tampa) understands the recipe for success. Preferred CMS initiated a dynamic partnership between its payment processing provider, REPAY Realtime Electronic Payments (Atlanta), and its contact center technology provider, TCN (St. George), that promises to deliver an enjoyable and frictionless payment experience for Preferred CMS customers.

TCN’s multichannel communications platform enables companies to improve operations and enhance their customer service through features such as: predictive dialing, interactive voice messaging (IVM), short message service (SMS), voicemail drop, interactive voice response (IVR) and email. Specializing in the consumer finance, ARM and healthcare industries, REPAY offers integrated payment technology solutions that enable businesses to accept real-time payments through a variety of payment methods, ultimately improving collection efforts.

The integration between the companies will enable the Florida-based collections agency to meet medical patients and other consumers’ growing needs by providing a convenient, user-friendly payment option through its already-established IVR system. In addition to offering payment channels via its web portal and SMS messaging, Preferred CMS now offers an integrated IVR solution where consumers can easily make unassisted payments using their phones any time of day without ever speaking with a live agent. After a customer follows TCN’s automated prompts to make a payment, REPAY immediately processes it and communicates the approval and payment details back to Preferred CMS.

The shift in consumer preferences and the downward trend in paying on debts using the traditional methods prompted Preferred CMS to invest in the advanced technology. “Most people want to pay their bills at a time and in a manner convenient to them without having to speak with a representative. Preferred CMS’s partners, TCN and REPAY, are cutting-edge solutions who worked together at our request to make this happen,” said Matt Kiefer, Preferred CMS’s Chief Officer of Information, Compliance, and Development.

“We’re honored to partner with TCN and Preferred CMS to deliver this custom solution. We’ve combined REPAY’s secure payment technology with TCN’s IVR technology to deliver enhanced value to consumers,” said Susan Perlmutter, Chief Revenue Officer of REPAY.

“We are proud to partner with Preferred Collection and Management Services, Inc. to equip collections agencies with the most advanced contact center tools they need to stay competitive in today’s market,” said Terrel Bird, CEO and co-founder of TCN.

To view the full press release, please click here.