Phoenix Financial Solutions, Inc., a provider of loan servicing and debt collection services to auto dealers, has announced an integration with leading payment technology and services provider BillingTree and auto dealer management specialist Car-Ware to provide advanced loan servicing facilities to Buy-Here-Pay-Here Financing (BHPH) dealers in Ohio.
Car-Ware integrated the BillingTree Payrazr payment solution suite in May last year. By leveraging this robust integration, Phoenix can offer its customers a convenient, flexible and all-encompassing loan servicing experience, giving dealers the freedom to concentrate on selling cars – leaving the Payrazr platform to handle day-to-day collections as well as late notices, insurance lapse demands and repossession/auction coordination through the term of the loan.
Through Payrazr, Phoenix utilizes an enhanced web portal, an Integrated Voice Response (IVR) system and a Text-To-Pay and SMS Notifications service, all of which are integrated with Car-Ware. Uniquely, Phoenix Financial Solutions now also provides dealers with an avenue to collect on deficiency balances through assignment of debts, which are then primarily collected through the utilization of Civil Judgments.
“The level of integration that we have achieved has been the result of working closely with both BillingTree and Car-Ware. Both companies have been great to work with in terms of the customization we require as a loan servicer and to offer the products we need to run the company efficiently,” said Trisha Keiser, President of Phoenix Financial Solutions. “I am confident that we have found partners who understand our unique needs and support our strong desire to be a true extension of a dealership, and to provide a superior level of customer service to both the dealer and their car customers while maintaining compliance at all times.”
BBB Accredited company Phoenix has worked primarily with dealers in the counties of Richland, Muskingum and Summit, and has recently strengthened its client base with the addition of dealerships in Columbus, Cortland and Middletown. The company has a strong record of growing the number of active accounts, reducing delinquency and repossession rates for their clients, at the same time as increasing their rate of collections on deficiency balances.
“Payment technology is essential to drive revenue in the auto finance industry and dealers and consumers alike are constantly on the lookout for convenient, flexible and simplified methods to process auto loan payments,” said Jason Hiland, VP of Sales at BillingTree. “This integration highlights the ambition of Phoenix and we are pleased to be on board. Our payment technology provides automated, convenient and compliant payment channels that put both dealers and consumers in control, while providing a competitive advantage to help both BillingTree and our partners grow.”