GPS devices offer customers more innovative solutions than ever before.
• Automated Collection Technology or ACT can be offered as a stand-alone product or in combination with GPS device offerings. It automatically warns a customer when they have an upcoming or late payment and can even be programmed to disable the vehicle’s starter, rendering the vehicle unable to start if payment is not received by the lender.
• The primary difference between GPS and Automated Collection Technology is that GPS is a reactive solution acquired more for locating and repossessing the vehicle, whereas ACT is a proactive solution, designed to help collect payments.
• The appeal of the device is that nearly all of the work is done for the lender. With a true automated collection technology device, once the device is programmed at the beginning of the payment cycle, the rest is handled, automatically. The commands are sent wirelessly to the device, warning tones are automatically enabled and the device will even disable the starter if need be, all automatically.
• By using an ACT system, a lender can improve its collection process by becoming more efficient. For example, a lender using a standard GPS device, or no technology at all, may have to look through their entire portfolio each day to determine who is delinquent. They would then need to manually send a payment reminder or locate the vehicle on specific accounts. With ACT, the device automatically does the work for the lender, including sending payment reminders and disabling the vehicle if necessary.
• The Automated Collections Technology improves customer payment performance that helps reduce delinquencies and helps keep customers paying on time. By combining ACT with GPS, the lender has a solution that facilitates improved customer payment performance and has the added benefit of GPS location features for the accounts that do require it.
For more information, please contact Jeff Karg, director of corporate communication, PassTime or [email protected].