By Tanya Ferrero
LoJack Go was launched to address the unique pain points that every Buy Here, Pay Here dealer experiences. One important point of friction is ensuring that borrowers pay their loans on time. Through LoJack Go’s Carpay feature, dealers can conveniently send automated payment reminders, receive payments from their customers through mobile or online options, and gain access to free loan management software, so that they can manage their entire portfolio.
Help Customers Stay on Track with Their Loan through LoJack Go’s Payment Features
Borrowers are busy people, and they may use events in their lives as reasons for not stopping by the dealership to make a payment. With LoJack Go’s payment features, borrowers have every opportunity to avoid delinquency. As a result, BHPH dealers report an average increase of 20% in payment collections with LoJack Go’s Carpay feature. Best of all, dealers can collect payments without having to be at the dealership.
Additionally, through automated payment reminders, LoJack Go dealers can stay connected with their customers on a more consistent basis. Now, dealers can remind customers of their upcoming or late payments through text or email notifications, so that they can stay on track with their loan. This set it and forget it feature can reduce significantly the time normally spent calling borrowers.
Knowing which borrowers have made payments across a growing portfolio can be another time-consuming process. That’s why LoJack Go has incorporated a free loan management software solution that allows BHPH dealers to manage their entire portfolio – not just GoldStar® and LoJack Go customers. Dealers can now take advantage of a real-time dashboard with loan and payment status as well as payment tracking and accounting reports. Featuring DMS integration that imports customer information and automated payments, BHPH dealers have more insight into their business than ever with LoJack Go.
Payment Security is Critical for BHPH Dealers
Many BHPH dealerships have instituted high security protocols to ensure safety during payment collection. “I’ve been to a dealership in Van Nuys, California where customers were required to schedule appointments to make payments,” stated Cindy Kleist, Director of Sales at GoldStar. “Once these customers come in for their appointment, they enter a small waiting area, the payment processor is on a raised platform in a steel cage with bulletproof glass, and armed security guards stand by to ensure payment processing runs smoothly.”
Furthermore, dealers who collect physical payments assume additional risk when transporting their cash deposits to the bank after closing. Crimes of opportunity can be avoided by removing the opportunity altogether. Through LoJack Go’s online payment feature, dealers can receive payments remotely, greatly reducing their personal and financial risk, freeing up time, and decreasing operational cost.
LoJack Go’s Positive Effects on Dealerships Throughout the Nation
BHPH dealerships of any size can benefit from mobile payments. Honest Autos in Florida has experienced a huge boost in payment collections with LoJack Go’s Carpay feature. With 84% of customers remaining current with their loans, Honest Autos managed to reduce delinquencies and focus on other aspects of the business.
“Using Carpay to manage our loan payments, how we communicate with our customers and the reporting makes my job so much easier,” said Katie Brown, Director of Accounts at Honest Autos. “It saves me more than three hours a week in just customer follow-up and delinquency management. Being able to have our customers make their payments using the mobile app has given us the ability to increase our payments.”
To make the process easy, Honest Autos enrolls their customers into Carpay at the point of purchase. “So many people today are used to shopping online using their smartphones, so it makes a lot of sense to provide this as a customer offering,” continued Brown. Enrolling customers as soon as possible streamlines the payment processing by keeping a consistent system that ensures all customers receive automated payment reminders and have access to mobile payments.
Bring LoJack Go Mobile Payments into Your Dealership Today
LoJack Go enables dealers to transform their business by offering their customers the protection and value of connected car technology while improving the dealership’s payment collections, streamlining portfolio management, and giving dealers peace of mind. Find out how LoJack Go can improve your dealership’s payment collections today. Contact us to get started.