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What is the difference between 'ON TIME' and 'VeriPay'? |
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ON TIME is a product. VeriPay is a service. VeriPay adds value to ON TIME by delivering a full-service solution to finance companies and their customers. VeriPay's 'turn-key' approach to distributing ON TIME enables finance companies and end-users to more effectively and efficiently harness the payment prioritizing power of ON TIME technology.
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How much does VeriPay cost? |
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To "VeriPay" a car loan costs just $99 for Activation (including on-site installation and customer training), and from $2.05 per week for ON TIME rental and code distribution (based on a 36 month loan term with fees prepaid). Add GST.
Many companies on-charge VeriPay's fees to the borrower as a cost of credit, so savings go straight to the bottom line, creating an opportunity to offer more competitive interest rates.
Question: Can your company afford not to "VeriPay" its ledger?
For a complete list of investment options request a demonstration.
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What guarantee have I got that VeriPay works? |
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VeriPay is not a magic pill or a substitute for poor lending processes. The desired results are only achievable if due diligence is exercised by the lender when approving loans and the issue of receipt codes is tightly managed. Clearly, if a borrower doesn't have the income capacity to make regular loan payments or if they lose the use of their vehicle, VeriPay will have no effect on the loan's performance. Where capacity, intention and incentive to pay does exist however, the service is extremely effective at making customers prioritise their car payments, regardless of past payment behaviour. To read customer testimonials, click here.
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What happens if the customer is experiencing an emergency and needs to use the car? |
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Each customer is issued with an emergency code that can be used 3 times during the term of the loan contract.
After 3 uses the emergency code no longer works. Each use of the emergency code lets the customer start the vehicle for 24 hours even though ON TIME has been set to 'immobilise' mode.
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What is stopping customers from removing or disconnecting the ON TIME system? |
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There is a big difference between a customer who can't (or doesn't) pay their loan installments versus one who is out to rip the lender off. VeriPay deters dishonest customers from tampering with ON TIME by employing a number of very effective preventative measures. To find out what these measures are, request a demonstration.
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What training is provided to the customer? |
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VeriPay technicians run through an interactive instructional video and questionnaire with the customer at time of install. The questionnaire provides a record of user competence. Training is currently available in English, Samoan and Tongan. VeriPay also operates a 24/7 free-phone helpline for on-going user support. Lastly, an easy to read instructions label is affixed to the windscreen of each vehicle.
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Does VeriPay use GPS technology? |
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Yes, VeriPay has a GPS division called VeriFind. Visit here to learn more.
VeriPay also assists lenders trace GNA customers, not just their vehicles. A number of GNA customers have been traced using VeriPay's unique search methods where conventional tracing efforts have failed. To find out more about VeriPay Tracing request a demonstration
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