Prompt Pay Ltd
Financial Services - , ,
Prompt Pay Ltd Details
What is Prompt Pay?A simple to operate and fully UK and EU compliant payment reminder system aimed at finance houses and self funding motor dealers wishing to safely capture the profitable grey and sub prime sector but remain completely in control of their own portfolio. Reminds the customer when a payment is due and will safely immobilize the vehicle in the case of ongoing default. Excellent performance and proven default statistics.How does it work?Contrary to belief this is not designed to be punitive but to help the hirer make their payments on time every time and therefore repair their credit score for future use. It audibly and visibly reminds customers when a payment is due. Once programmed the box holds unique six digit codes for every rental in an agreement. Once payment is received the next code is texted to the hirer who inputs the code into the Prompt Pay unit. Should a payment be missed the hirer has a period of grace to bring the account into line and for the lender to follow their due process. If this fails the vehicle will disable itself as long as it is not running. Should the hirer then make a payment a code can be sent out and the car will function again.
