Repay Holdings Corporation (NASDAQ: RPAY), a provider of vertically-integrated payment solutions, announced the expansion of eCash acceptance capabilities for lenders and other businesses to accept bill and loan installment payments from their customers at nearly 100,000 U.S. retail locations.
By digitizing and integrating cash payments, clients can “increase customer satisfaction by offering more payment choices across REPAY’s verticals, including personal finance, auto finance, credit unions and mortgage.”
Leveraging eCash, REPAY bridges the gap “between online and cash payments to simplify the payment experience and improve accessibility for the underbanked community and those who prefer to pay using cash.”
Consumers select eCash at checkout “to generate a barcode which they take to the nearest participating retail location for the retailer to scan and accept the cash.”
Once the transaction is completed through a financial network utilized by REPAY, the funds are “deposited to the client and the payment is automatically posted, streamlining reconciliation to offer lenders increased efficiencies.”
eCash offers additional benefits for lenders, “including increased payment volume and on-time payments, enhanced security, reduced chargebacks and improved customer satisfaction.”
Further, because the retailer handles all cash management, “there are fewer risks and lower costs to cash transactions for the lender.”
As a key player focused on the transformation of integrated digital payments, REPAY continues “to expand and enhance its solutions for all networks that send and receive funds.”
Jake Moore, EVP, Consumer Payments, REPAY, said:
“REPAY is committed to improving the payment experience for our clients and their customers by delivering innovative solutions that support evolving payment preferences. With today’s expanded eCash solutions, lenders can offer even more bill payment options, which will drive customer satisfaction and attract new customers while also enhancing efficiency and security.”
As noted in the update, 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 clients, while enhancing the overall experience for consumers and businesses.”
