LorMet Community Federal Credit Union improves loan payment process with PortalPay
Sharetec System, one of the fastest growing core systems offering the technology of simplicity, is pleased to announce that PortalPay – an innovative digital payment solution offered through the Sharetec/Allied Payment Network partnership – is gaining momentum as it brings significant advantages to numerous credit unions across the country. One such credit union that is experiencing the benefits of PortalPay is LorMet Community Federal Credit Union of Amherst, Ohio.
After extending its partnership in 2017 with PortalPay’s creator, Allied Payment Network, Sharetec has been able to offer its credit unions this advanced web-based loan payment solution that is easily and quickly installed with no integrations required, and that greatly simplifies and improves the loan payment process.
According to Shavena Brown, LorMet’s Chief Operations Officer, their financial institution was seeking a loan payment option that would automatically post to the member’s account. With their previous vendor, payments that were not processed through the member’s online banking were manually posted to the account by LorMet’s back office staff. Looking to improve their processes, they decided to request a demo of the PortalPay solution to determine if the product would serve their precise digital loan payment needs. With over 200 loans processed each month, LorMet realized that they required a solution that would easily manage this high volume and satisfy members’ needs in the process.
LorMet was pleased that PortalPay immediately simplified and improved its loan payment processes, and they are continuing to enjoy several key benefits from the solution. “Members can make one time payments at no charge using their checking account information whenever they choose, from any device, and can continue to make payments using their debit card,” Shavena remarks. “Back office staff can access the administration site to check the status of and research payments, and even make payments on a member’s behalf. And all payments are automatically posted to the account. Screens are user friendly and we can provide custom verbiage within the disclosure boxes to simplify the member-user’s experience.”
According to Shavena, PortalPay provides the easy access that members demand to easily and quickly make loan payments from their mobile devices. “PortalPay is a great alternative to mailing a check. It reduces the loan payment period from seven days – which may include writing the check, purchasing stamps, placing the payment in the mail and allowing three days for delivery and one for processing – to two to three days, by simply processing the payment online with the payment processed the next day,” she notes.
Dan Miller, Vice President, Sharetec, notes that his company is looking forward to continuing to offer the latest and greatest leading-edge solutions to credit unions, and to further fostering Sharetec’s already successful partnership with Allied Payment Network. “Products such as PortalPay not only strengthen the success of our Sharetec Core Processing solution, they serve to build and improve the relationships that credit unions have with their members. Having this web-based loan payment solution is a win-win for everyone involved. It’s a truly unique product that Sharetec is proud to have among its prime feature offerings.”
About LorMet Community Federal Credit Union
Since 1936, LorMet has called Lorain County, Ohio its home, and they are proud to serve all of Lorain County, Bay Village, Rocky River and Westlake. They are also proud of the variety of personal banking and lending products and services they offer to their nearly 21,000 members. LorMet’s success has resulted in an accumulation of approximately $185 million in assets.
About Allied Payment Network
Allied Payment Network is an industry-leading provider of emerging bill pay technologies to the financial services industries. With its award-winning solution, PicturePay®, Allied pioneered the first mobile photo bill pay application for smartphones and has brought the same level of innovation to its full suite of online and mobile bill pay channels. These include solutions for Internet bill pay, small business payments, person-to-person, account-to-account, and online loan payments, among others. For more information, visit www.AlliedPayment.com.
