How it Works

  • The Veripay Code based system is a starter-interrupt device that is installed in a vehicle to ensure payments are made on time by the vehicle operator.
  • It reminds the car buyer to make their payments as they are coming due and will deny the use of the vehicle when payments are delinquent

The Standard Veripay Process

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.

Operation of the Veripay Unit

The operation of the Veripay keypad is very simple

    1. Three 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. Two 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.
    3. One 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 enter a receipt code.

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.

  • When the payment light flashes green, this means the account is up to date.
  • 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.


Contact Us to Find Out More

0800 837 434     or     09 837 4729