An immoblising keypad unit is installed into financed vehicles for the term of the loan.
On the fourth day after the payment due date the Veripay Contract Management Sytem will automatically release a receipt code for the Client.
Receipt codes are the finance company's electronic signature confirming that a scheduled payment has been received.
The customer then enters the 6 digit "receipt code" into the installed keypad allowing the vehicle to be used until the next payment cycle arrives. i.e. Weekly, Fortnightly, Monthly etc.
If Payment has not been received then the Lender can stop the release of the receipt code by logging into Veripay's Contract Management System and setting the account to Delinquent.
If a receipt code is not entered into the keypad 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 codes.
The operation of the Veripay keypad is very simple
The Lender manages Receipt Codes via the 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.