By integrating the Lexop collections management software, REPAY aims to allow its clients to collect late payments more efficiently, receive real-time payment updates, raise engagement, and reduce loan servicing costs. Additionally, Lexop’s clients can provide members with an integrated self-service portal, enabled by REPAY’s Embedded Payments technology, that focuses on making payments more available and convenient for them. Credit unions and financial institutions can accept debit cards, automated clearing house (ACH), and payments via text, mobile, and IVR. Lexop is set to receive payment data in real-time from REPAY’s Embedded Payments engine, simplifying reconciliation and accounting operations.
The integration’s objective and capabilities
According to REPAY’s officials, the late payment collection process can pose several challenges for both credit unions and their members, specifically for members who cannot complete payments through their preferred channel. The integration of REPAY with Lexop intends to minimise these issues by providing multiple payment options, making remittance more convenient for members, and offering instant payment updates for their financial institutions. Representatives from Lexop expressed their enthusiasm over their company’s ability to enable credit unions with flexible payment options and further enhance the efficiency of accounting functions via the integration with REPAY. Lexop aims to focus on prioritising credit union members’ convenience during the collection process and the additional capabilities enabled by REPAY are set to enhance its customers’ ability to create connections with their users through improved payment methods.
Currently, Lexop offers a digital payment and collection software solution that enables members to self-cure their late bills. By leveraging automation capabilities, data analytics, and a payment portal, the company simplified the collection process, intending to make it more efficient and cost-effective than the traditional methods. One of Lexop’s objectives is to improve the collection experience for credit unions and their members by providing a user-friendly solution to enhance contact rates, payment recovery, and member satisfaction. On the other hand, REPAY offers integrated payment processing solutions to verticals with specific transaction processing needs. The company’s proprietary, integrated payment technology platform focuses on minimising the complexity of electronic payments for clients while improving the overall experience for consumers and businesses.
REPAY intends to provide enhanced payment options for credit unions by leveraging Lexop’s digital collection software. By joining forces, both companies support the development strategy and objectives, while their clients are set to receive improved experiences and advanced solutions.
