by
Catalyst Corporate | Jun 13, 2023
Speed and flexibility are important to your members when they’re making loan payments, whether it’s 24/7 access to services or on-the-go capabilities from their phone or computer. They also help your credit union stay competitive in an ever-evolving industry.
Catalyst Corporate’s CU LoanPay provides a simple, flexible way for members to make loan payments to a credit union with funds from another institution. Although initially developed to streamline the process of collecting indirect loan payments, CU LoanPay is a convenient, browser-based, game-changing solution that can simplify the payment process for any credit union loan.
CU LoanPay allows borrowers to access services anywhere, by phone, computer or even in a credit union branch. More importantly, it provides an “always-on” channel for your members to make loan payments.
Digital loan payment service provides options
Members want options when it comes to making payments. The ability to choose between a one-time or recurring loan payment and to select ACH, same-day ACH or debit card as the payment vehicle offers conveniences to both parties in the transaction. Enabling borrowers to drive the interaction fosters service adoption and greater member satisfaction.
Simplified process for loan payments
One of the biggest advantages of CU LoanPay is its ability to elicit better response from members with indirect lending relationships at the credit union. Securing loan payments from other financial institutions can be challenging and inconvenient, but CU LoanPay offers a solution.
Once onboarded, the credit union receives a link to place on its website or anywhere it chooses. A member simply clicks on the link, enters identifying information and their loans display. This empowers them to proactively pay on outstanding accounts, potentially reducing past-due accounts and improving credit union liquidity. Credit union delinquency rates go down and member satisfaction goes up when the credit union helps borrowers better manage their cashflow.
Always-on channel meets member demands
CU LoanPay provides an “always-on” channel that meets member demand for self-service channels. Self-service technology can accelerate receipt of payments and provide credit unions and their members modern conveniences, such as automated email confirmation upon payment.
Catalyst Corporate’s CU LoanPay module is a game-changing solution for loan payment processing that spells convenience for the member and efficiency and savings for your credit union. Check out our CU LoanPay video for an overview of this simple loan payment process. For more information on CU LoanPay, contact us today.