Better Payment Technology Could Increase Repeat Business for Servicers
Ease of payment for customers may sound like a trivial part of a business model, however, a new report claims that better payment technology could have a positive effect on repeat business for servicers.
Processing payments has become tiring at points for servicers. With a new wave of tech-savvy millennials, ACI Worldwide has found that they tend to pay mortgages with credit cards.
"To enhance their profitability, four of the 20 top mortgage servicers accept card payments today," Steve Kramer, vice president at ACI Worldwide, said in a press release, according to National Mortgage News.
The report also broke down reasons behind late payments. Many of which look to be solved by improved payment systems, possibly ones that allow automated payments.
"Late payments occurred for one or more of the following reasons: forgetting to pay due to a lack of text or email reminder (23%), the complexity of the process (11%), the need to prioritize another bill (17%), or lack of available funds (57%)," according to the report.
Millennials also seem to be looking for a better payment method as the report stated 30% of them have inquired or complained about payments.
To learn more about innovative payment methods and how they can impact your business, click on the image above.
