Payday lenders have established themselves as an easy option for those looking for a quick fix in terms of acquiring money urgently. This is sometimes because consumers don’t have any other options, or simply because getting finance is easy and convenient, thanks to same day payouts. Payday lenders, however, have found that it’s a very difficult industry to not only get into but to keep going to provide an excellent service that’s also profitable. One of the ways the top payday lenders achieve success is by ensuring their operations run smoothly and efficiently. They can do this by implementing the right software so they can automate a high percentage of operations but, more importantly, so they can keep providing good customer service. Let’s have a look at some of the pieces of software a typical payday lender will use.
While the below software can help automate most operations of a lenders business, automated software is what most lenders look to invest in. Automated software can help them run a high percentage of their business operations so they can concentrate on other aspects of the business, such as securing new clients or handling finances. Automated software isn’t cheap for businesses to implement, but seeing as it can do a lot and save money on hiring new employees, it’s obviously software that’s worth its weight in gold. You’ll find that a lot of lenders also use CustomerRelationship Management (CRM) software to automatically handle analytics, giving them a better chance of finding new trends and highlighting possible niches that they can market to.
One of the main pieces of software lenders choose to use are finance applications. These applications handle everything finance-related and, seeing as that’s their primary goal, to provide financial services, it’s one of the pieces of software that’s an absolute necessity. Smaller lenders may not have the capital to invest in such software and, therefore, will choose to use basic Microsoft services to handle their needs. Most of the finance software in play comes with everything they need to invoice, email, and communicate with customers.
As everything today is mobile-based, payday lenders have been much more efficient in being able to provide a better service for customers. Mobile apps make it even easier for lenders to help and manage their websites, client data and, more importantly, their finances. You’ll find that many of the smaller lenders in the industry are run by very few people, which makes mobile apps even handier. Banking apps are one of the main apps that lenders use so they can keep an eye on their finances as and when they see fit. They can also control spending and receiving funds from their own handheld devices thanks to supported apps. Ultimately, mobile applications make things easy for business owners to operate while undertaking other duties.
Payday Lender Software
Payday lenders also have the option of software that’s specifically designed for payday loan companies. This type of software generally has everything they need to get started in the business, and it’s one of the most cost-effective ways of getting their foot in the door. Unfortunately, this piece of software isn’t custom-made and, typically, it means that lenders need to use other software in conjunction to ensure they have everything they need to operate. Such software comes with all the basics in terms of customer support options, customer information management, and electronic features that help businesses pay and receive funds into their desired bank accounts. These pieces of software are available as pay monthly solutions, which means new lenders can get going quickly and for a fraction of the cost.
Credit/Identity Checking Tools
As a payday lender, it’s absolutely crucial they have the right credit/identity check tools in place so they abide by the rules and regulations which are set out by their country/state. Due to so many people committing fraud online, these checks need to be accurate. Therefore, payday lenders will always opt for additional security tools/software to ensure that they aren’t sending funds out to people who aren’t who they say they are. Many payday lenders/brokers offer no credit check features, so those with a bad credit report still have a chance of securing finance. You can find out more about this by clicking the link. However, payday lenders still need to verify the applicant’s identity.
Payday lenders will never be able to overlook standard desktop applications to ensure the running of their operation is smooth. Simple applications like Microsoft Word and Excel come in useful for letter template designs, and even invoicing to other suppliers. You may even find a lot of lenders take advantage of graphics software like Adobe Photoshop and Illustrator for their website graphics and marketing needs.
As most payday lenders rely on their website to introduce new customers, it’s imperative they have the right website tools to ensure the application/support process is flawless. Simple tools like website monitoring, administrative access to control new registrations, and live support features to provide prompt support are just some of the tools payday lenders use to improve the User Interface (UI) and navigational experience.
While many unestablished payday loan companies take advantage of the above pieces of software to compete with other lenders, many others choose to implement custom software packages. Such software is built to the needs of the business but generally includes automatic electronic funding via banking institutes, credit history & identity checks, and automatic payment collection. A lot of custom software also helps payday lenders improve customer service by compiling a database with customer information, which is easy to access.
With more and more payday lenders now looking to establish themselves as one of the most popular services, it’s crucial they all have the latest software in place to ensure operating is much more efficient and cost-effective. The above software solutions are just some of the many pieces of software that you’ll find an average payday loan company takes advantage of to keep providing a top service for their customers.