ACI Worldwide (ACIW), a leading international provider of electronic payment and banking solutions, announced today that Southern Auto Finance Company (SAFCo) has selected its UP Bill Payment Solution to increase consumer convenience and reduce payment processing costs.
SAFCo customers will be able to pay their loans electronically on a mobile device, computer or via phone with a debit card or ACH (Automated Clearing House). They will also have the option to sign up for an ongoing electronic bill payment relationship or to make their loan payment quickly with no sign-up required.
Recently named to SubPrime Auto Finance News' list of Top 100 sub-prime auto lending, recovery and financial service providers, SAFCo is a leading automotive financing company that operates in 14 states. As the company expands its national reach, it is constantly working to improve processes and offer innovative solutions, including bill pay advancement. After conducting a broad vendor evaluation, SAFCo chose ACI's comprehensive and integrated electronic bill payment solution.
"As a finance company, payments are our lifeblood," said Gary Stein, Chief Financial Officer, SAFCo. "ACI's electronic bill payment technology gives us a competitive advantage by providing our customers the easiest and most flexible ways to make their loan payments, resulting in both operational efficiencies and significant cost savings for SAFCo and our customers."
"As big banks and regional auto-lenders compete for market share, providing convenient bill payment options can increase customer satisfaction, loyalty and future purchase intent," said Richard Crone, CEO, Crone Consulting LLC. "We see increasing demand from consumers to pay from mobile devices and with debit cards. Today's lenders must not only offer these options, but also the ability for consumers to pay quickly without having to sign up for online banking. Many banks have more than 50 percent of their loans with customers who do not have a checking account at their respective banks, yet banks do not offer electronic payment options for this customer segment."
"SAFCo recognizes the importance of catering to the wide range of consumer preferences in order to win and retain business," said Scott Fitzgerald, vice president and product line manager, ACI Worldwide. "We're seeing forward-thinking consumer finance organizations expand their flexible bill payment options to include mobile and debit cards. These capabilities provide consumers fast and convenient payment options that make it easier to do business with loan providers."