To provide convenient electronic payment options to aid BHPH dealers and customers alike, Debit Card, Ltd., of Houston, Texas has teamed up with Payment Protection Systems Inc.’s On Time system to provide the patent-pending On Time Prepaid Visa Card. This unique debit card, in conjunction with the On Time software and starter interrupt devices, helps take the hassle out of in-store payments. Dealers can simply debit car payments from the customer’s On Time Visa Debit Card each month.
For example, on the payment due date the customer’s card is debited the monthly payment and is electronically transferred to the lien holder’s account; a payment code is then sent to the customer (via text message or e-mail) allowing them to continue using the vehicle. If there are insufficient funds to cover the payment, the payment remains “pending” until funds are added to the card – at which point the customer will get a code to operate the vehicle until the next payment.
Customers can easily add funds to their cards at over 40,000+ retail locations (including Western Union, ACE Cash Express locations and Bank of America), or they can have their payroll directly deposited into their card account. The card will work anywhere Visa debit cards are accepted, though it does not have check-writing privileges, and there are no NSF or ACH fees to the customer or the lien holder. The card is ideal for the BHPH customer who might not have a checking account or cannot qualify for a credit card. To receive a card, the customer needs to be 18 years of age and have valid government issued identification.
“The On Time Prepaid Visa program is a slam dunk for auto finance collections,” says Dee Johnson of Select Automotive Management (SAM) Funding. “The web-based system is very easy to use and is very helpful in our reconciliation process, and our collection calls have dropped with this program. Our customers love the program because they like the convenience of paying their loan payment this way and they can use it for more than just paying their bill.”