Remember when we said, “every business would become a software business?” Well, here we are, only 12 years later, saying “every software company is about to become a payments company.” Hence the new Loan Management Software (LMS) standard. To survive companies must futureproof their software optimizing the payments experience. It starts with integrated payment solutions.
This article provides an overview of integrated payment solutions and how they help lenders. Not only do we look at why they have become a competitive advantage, but we also illustrate how LMS companies can benefit.
Businesses were quick to find out what was "nice to have" leading up to the pandemic is now a "must-have." Enter in integrated payment solutions, a vital anchor in LMS for 2022. Today's successful companies realize they need to step up their game in the customer experience. And what that means to stay relevant.
The payment processing landscape is changing at a pace never seen before.
What is an integrated payment solution?
Integrated payments solutions are all about streamlining the back-end process. As a result, the manual, time-consuming accounting and payment processes become a seamless transaction. Thus, allowing lenders to generate invoices, collect loan repayments and send instant loans right from the LMS.
How an integrated payment solution helps lenders
Take the pain out of their manual, less secure time-consuming reconciliation process. In a digital world, integrated payment systems are vital for an efficient system. Lenders look to LMS such as Loan Pro to help automate the entire loan lifecycle. From start to finish.
An LMS without integrated payment solutions leaves lenders with a subpar experience. Today's lenders need a one-stop shop, and without an integrated payment solution, they will look elsewhere.
How integrated payments benefit LMS
Generate Revenue $$$ Adding a payment processing API integration increases partnership opportunities. As a result, business income gets a boost from revenue-sharing programmes. Earn a percentage of takings with each transaction fee. What would otherwise go to a third-party processor is now added to your bottom line.
Payment Method Flexibility Merchants need to meet consumers with their preferred payment choice. Customers constrained to a specific payment method will begin to look elsewhere. Hence offering various payment methods has become a necessity.
Stronger Payment Data Security Mitigate potential breach threats. Forget handling sensitive payment information. Tokenization is the security solution merchants need. With integrated payment solutions, LMS's have access to regulatory compliant and tokenized technology.
Integrated payment solutions deliver the LMS competitive advantage
Adding integrated payment solutions gives Loan Management Software a leg up.
Businesses everywhere are beginning to catch on. Solutions that incorporate accepting payments with ease will become the norm in 2022.
LMS providers with an integrated payment solution will earn a piece of that "new account" pie.
As we bid adieu to 2021, although every LMS platform should have an integrated payment solution, they don't. And if lenders need to adjust to changes in customer behaviour, so should the LMS companies they use. Otherwise, lenders might find themselves trapped, unable to adapt to new payment trends.
Partner with VoPay and offer integrated payments
When you integrate payment processing into your LMS software you shift the heavy lift to VoPay. Processing transactions, regulatory compliance and account onboarding is resource-intensive work. Choose the right payments partner for your business.
Futureproof your software with frictionless integration built right in. VoPay partners with the top LMS software providers across Canada helping them help lenders. Quick and easy direct bank payments are a 2022 LMS must-have.
