Three Ways ACH Payment Processing Helps Lenders

By Payliance | 02/21/19

As a lender, you want to provide your customers with reliable, secure, and rapid service that speaks their language. It’s critical to select a payment processing partner that not only understands the needs of your lending business but one that intimately knows the challenges and provides the tools to effectively solve these problems and reach your goals.Through accelerated funding, lower processing costs, and more effective risk management, ACH payment processing enables lenders to scale more quickly and streamline business operations to maintain and build a trusted client base.

ACH payment processing with Payliance provides the ability to focus less on technological challenges and more on how to grow your business to help borrowers achieve their financial goals.

Accelerate Loan Funding

Perhaps the biggest pain point that borrowers face is the lag time to electronically receive the funds they borrowed. ACH provides the option for a lender to fund loans electronically in the same banking day. Borrowers can have funds in their bank account by 5 pm the same day.

Flexible cut-off times guarantee next-day fund availability and Sunday processing capabilities mean funds borrowed over the weekend are available as soon as Monday morning.

Lower Processing Costs

ACH processing is less expensive and more streamlined than other forms of payment. Lenders want to streamline operational functions and reduce costs wherever possible. ACH processing helps you meet your business goals by eliminating the hassle of manual check preparation, strengthening cash flow management and streamlining both reconciliation and reporting.

 

More Effective Risk Management

Despite the recent easing of regulations, navigating risk and compliance issues will continue to be a challenge in the lending industry. From data security challenges and complicated consumer protection requirements in recent years, lenders are in an especially vulnerable position to remain compliant.

Payliance’s ACH payment processing sets businesses up for success through robust fraud monitoring tools, an in-depth understanding of internal risk mitigation, and eliminating the painstaking need for manual check preparation that can cause costly mistakes.

ACH processing with Payliance serves as a payment innovation designed to streamline processes and make the lives easier for both the borrower and the lender. Better processes mean a stronger lender-borrower relationship and an improved bottom line. That’s why leading brands view Payliance as more than a vendor - but a strategic partner empowering them to reach their business goals.


Easily start an online application to begin quickly accepting and processing ACH payments.

 

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Sources:
https://www.skillcast.com/blog/the-top-5-challenges-for-compliance-officers-in-2018-and-beyond