Pay-by-Text is exactly what it sounds like. It allows your customers to make loan payments via text. What happens is our Notification System will send your customers a text message when they have an upcoming loan payment. This text message asks the customer if they would like to make their payment immediately via text message. If the customer replies in the affirmative and confirms their payment, the payment is made.
Beginning of 2023: Our client began offering Pay-by-Text at the beginning of 2023 but waited to start promoting it to their customers.
March 2023: In March they began getting the word out to their customers about Pay-by-Text and more payments started being made via text.
August 2023: For the month of August, 4,000 customers used Pay-by-Text in August.
November 2023: In the month of November, 7,000 customers used Pay-by-Text in November.
2023 Overall: By the end of the year, over 39,000 customers used Pay-by-Text.
2024 and Beyond: More and more of their customers are making successful payments via text and this will continue to grow. It’s so much easier to make a payment by texting two words to pay and confirm than navigating to a website, logging in, selecting the loan, and then making the payment. Customers like things to be easy. And financial institutions like customers to make on-time payments. It’s a win-win!
We are so excited about the successful year our client has had with Pay-by-Text and for the prosperous future ahead of them.
If your financial institution is also interested in using Pay-by-Text and making the payment process easier for customers (and who wouldn’t be), contact GOLDPoint Systems today!
To learn more about our integration with Solutions by Text, see this blog post: Integration Spotlight: Solutions by Text.