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About ON TIME - Product Profile
The ON TIME Electronic Receipt Book is an integral part of VeriPay's service delivery. The miniature computer is installed into financed vehicles for the term of the loan.
ON TIME requires from the customer that they enter a 6 digit "receipt code" into an under-dash keypad following each scheduled instalment date.
Receipt codes are the finance company's electronic signature confirming that a scheduled payment has been received.
Following a due payment date, if a receipt code is not entered into ON TIME during the allocated grace period, the vehicle becomes immobilised. To remobilise the vehicle the customer must first catch up any missed payment and enter the required receipt code.
The ON TIME keypad |
The operation of the ON TIME keypad is very simple ...
When the payment light flashes GREEN, this means that all due payments have been received by the lender.
When the payment light flashes RED, this means that a payment date has fallen due and that it is now time for the customer to enter a receipt code.
- 3 days before the vehicle immobilises, the number 3 on the keypad flashes to remind the customer that they have only 3 days left to enter the receipt code.
- 2 days before the vehicle immobilises, the number 2 on the keypad flashes to remind the customer that they have only 2 days left to enter the receipt code.
- 1 day before the vehicle immobilises, the number 1 on the keypad flashes coupled with an audible beep to warn the customer that they are on their last day and that the vehicle will be immobilised at midnight unless they catch up any missed payment and enter the receipt code.
The finance company manages Receipt Codes via the ON TIME/VeriPay online contract management system. A daily import of loan statuses advises VeriPay which customers are up to date with their payments and which customers have missed payments. Receipt codes are then released or withheld accordingly. Once released, the customer may phone for receipt codes or have them sent by automated SMS txt to their mobile or by email.
Screenshot of the online contract management system. Click to see large version
Product Features & Benefits
VeriPay chooses the ON TIME Electronic Receipt Book for the following reasons:
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has no geographical limitation as it does not need to communicate with the vehicle |
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is user-friendly and does not require the customer to negotiate with their ignition each time they start their vehicle |
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has no moving parts to malfunction and has no effect on the Electronic Computer Module or Factory Warranty of vehicles |
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is completely safe; it is impossible for the system to disable the vehicle while the engine is running |
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has an emergency code feature which enables the customer to start the vehicle in a real emergency (limited use applies) |
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ensures that payment dates remain as stated in the finance contract because it has its own clock and back up battery |
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is a proven technology that has been installed in over 300,000 vehicles to date
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has a tamper-resistant option (at additional cost) that uses RFID technology to covertly prevent the vehicle from starting should the ON TIME computer
be disconnected or removed and the car rewired correctly! |
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is patent-protected technology (US patent #6,195,648)
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For more information on the ON TIME system and how it operates, please visit the manufacturer's website here.
To request a demonstration click here
Please note: ON TIME keypad pictured above is representative only. Actual keypad may vary slightly in colour and shape.
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