Focus on lending, not payments providers

Lending is hard.

As a lender, you’re riding the ups and downs of interest rates, trying to mitigate risk, and dealing with numerous things that have nothing to do with underwriting loans.

This includes payments. In fact, a lot of you have told us that managing payments is your biggest worry. There are a lot of reasons for this, but we believe most of them boil down to this statement:

You have multiple payments vendors, each performing different functions—but they’re not integrated with each other and they often provide overlapping features.

This makes it extremely difficult to ensure the two most important functions of your business are happening: that loans are being disbursed and that they’re being repaid.

We get it, and we’re here to help. In fact, we’re built to solve exactly these kinds of problems. In what follows, we’ll outline some of the common challenges we hear from lenders and describe some of the ways that Moov is already solving these problems for businesses like yours.

The problems with payments

Each payments vendor only provides a piece of the payments puzzle.

This leaves you responsible for orchestrating and validating everything. Not only does this distract you from your business objectives, but the complexity of these disparate, siloed, and often archaic systems makes it difficult to know if and when payments are being made.

Having multiple vendors with overlapping features can also force you to duplicate efforts, generating additional cost and confusion. For example, you may be required to perform an external bank account verification or KYC process multiple times even though you originated a loan!

How Moov helps
We orchestrate the entire payments process. This means you’ll have one vendor, one set of agreements, and one integration point to handle all your payments—money in and money out. We enable ACH, RTP, and push-to-debit, and we’re modular, allowing you to easily configure payment workflows specific to your needs.

This complexity makes it hard to solve problems and serve customers.

All of your vendors have their own backend and tier-2 support teams for each payment method, so getting to the root of problems is confusing and time-consuming. For example, if there’s an issue with a loan draw, is it because of the ACH, RTP, or push-to-debit vendor? Did the customer change their bank account in the ACH or RTP systems? Or do you need to check the wire desk?

And it’s not just a problem-solving issue. This complexity also results in poorer customer experiences across the board. For example, even if you’ve invested in a fast underwriting process, the underlying infrastructure and dependencies don’t allow you to disburse funds any more quickly. So customers are forced to wait for disbursement regardless. This makes it difficult to compete with non-traditional lenders, some of whom can offer instant disbursements.

We also still see basic customer experience pitfalls—like vendors’ payment pages not working on mobile devices, multiple tabs for different payment types, or days-long delays in notifications of payments made on time. We recently heard from a lender that was fielding 40,000 calls per month due to these kinds of user experiences. That’s a huge lift; it’s costly and the time spent focusing on existing customers diminishes your ability to scale your business.

How Moov helps
We free your staff to add value, rather than just problem-solve. Because we free your back-office staff from managing so many vendor relationships, systems, and reconciliation tasks, your team can focus their time and energy on more strategic initiatives. For example, a lender we recently worked with is now getting useful transactional data in near real-time. As they plan their next few quarters, they’re considering offering additional services, using that data, to grow non-interest income.

Transactional data is either lacking or siloed.

There’s no transparency between providers, it moves in batches, and it’s difficult to integrate with your other systems. Typically, payments don’t include loan or customer information to aid in reconciliation; you’re forced to manually match proprietary files a day late to know if repayments are occurring on time.

Even worse, lenders often have to reconcile funds disbursed and collected to a reserve account from these multiple payment vendors. A consistent settlement record does not exist, making it impossible to correlate who paid or was paid at any given time.

Trying to manually reconcile all of this requires significant time, software, and headcount. This cuts into your revenue and limits your ability to iterate and grow your business as fast as you need to.

How Moov helps
We give you access to all of your data when you need it. Moov offers a single source of truth for reconciliation. We enable access to this data in near real-time, so there’s no more waiting on batches or CSV files. And we link all transactions, regardless of payment rail, with customer and loan identifiers and payment type. This makes reconciliation back to the loan and reserve account effortless.

What makes Moov different from other payments vendors?

Most payments providers offer access to a single rail, or they’re simply an abstraction layered on top of existing infrastructure. Moov is different on both counts. We’ve built a direct and flexible approach to handling payments that creates optionality and alleviates the need for multiple payments providers.

As a comprehensive payments solution, we give you a single source of truth for your transactional data. And, we’re able to give you useful access to that data within minutes of transactions completing.

Lenders like you are already processing billions of dollars through thousands of transactions per second with Moov. If you’re ready to learn more about the ways we’re helping them—and how we can help you—let’s connect. Reach out today.

Let’s talk