REPAY Integrates with Lexop to Provide Seamless Payments for Credit Unions
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The strategic alliance between Repay Holdings Corporation and Lexop signifies an advancement in payment processing technology tailored for credit unions and financial institutions. This integration is poised to streamline collections management, a critical aspect of financial operations which directly affects liquidity and cash flow. By facilitating real-time payment updates and offering a variety of payment channels, including ACH and debit card payments, the partnership could potentially reduce delinquencies and enhance the customer experience.
The immediate benefit for stakeholders is the potential reduction in loan servicing costs. Efficient collections impact the bottom line by minimizing the need for extensive follow-ups and reducing the resources allocated to manage past-due accounts. For investors, this could translate into improved profitability margins and a stronger balance sheet for Repay Holdings. Furthermore, the move aligns with the broader industry trend of digitization and customer-centric services, which is crucial for maintaining competitive edge.
From a market perspective, the adoption of embedded payment technologies is a response to the evolving consumer demand for convenience and flexibility. The integration with Lexop's software addresses a significant pain point for credit unions: the collection process. By enhancing payment options and user experience, Repay Holdings Corporation is not only expanding its market reach but also reinforcing customer loyalty.
Long-term implications include potential market share growth for REPAY as they provide a value proposition that is attractive to a wide range of financial institutions. The ability to offer seamless, integrated payment solutions is increasingly becoming a differentiator in the financial services sector. This partnership could set a precedent for future collaborations between payment solution providers and financial management software companies.
The technical aspect of REPAY's embedded payment engine is crucial in understanding the impact of this integration. Real-time payment data transmission is a significant technological advancement, facilitating quicker reconciliation and improving accounting accuracy. This efficiency is paramount for financial institutions where the margin for error is minimal.
By leveraging technology to automate and simplify the payment process, REPAY and Lexop are contributing to the digital transformation of the financial industry. The integration showcases how fintech innovation can directly support operational efficiencies and strategic financial management. It's a testament to how technology can be harnessed to solve specific industry challenges, such as late payment collections, which in turn can enhance overall financial stability for credit unions and their members.
Embedded payment technology from REPAY provides enhanced payment options for credit unions using Lexop’s digital collection software
Lexop clients can now offer members an integrated self-service portal, empowered by REPAY’s embedded payments technology, to make payments more easily at members’ convenience. Additionally, credit unions and financial institutions can accept debit card, as well as automated clearing house (ACH), payments via text, mobile, and IVR. REPAY’s embedded payments engine seamlessly sends payment data back to Lexop in real time, streamlining reconciliation and accounting operations.
“Collecting late payments can be a stressful and challenging operation for both credit unions and their members, especially when members cannot make payments though their preferred channel,” said Jake Moore, EVP, Consumer Payments, REPAY. “REPAY’s integration with Lexop helps to alleviate that burden by offering multiple payment options, making remittance convenient for members and payment updates instantaneous for their financial institutions.”
“Lexop is proud to empower credit unions with flexible payment options and further improve the efficiency of accounting functions through our integration with REPAY,” said Amir Tajkarimi, CEO and Co-Founder of Lexop. “We prioritize credit union members’ well-being during the collection process and are confident that the new capabilities enabled by REPAY will enhance our customers’ ability to build strong connections with their members through convenient payment methods.”
About REPAY
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.
About Lexop
Lexop is a leading digital payment and collection software solution that empowers members to self-cure their late bills. With advanced automation capabilities, data analytics, and an intuitive payment portal, we streamline the entire collection process, making it more efficient and cost-effective than traditional methods. Lexop is on an exciting journey to revolutionize the collection experience for credit unions and their members by offering a user-friendly solution to improve contact rates, payment recovery, and member satisfaction. Learn how Lexop is empowering members and redefining collections at www.lexop.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201566449/en/
Investor Relations for REPAY:
IR@repay.com
Media Relations for REPAY:
Kristen Hoyman
khoyman@repay.com
Media Relations for Lexop;
Laura Chambers
laura.c@lexop.com
Source: Repay Holdings Corporation
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