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As auto sales go mobile, payments go along for the ride

PaymentsSource

As auto sales go mobile, payments go along for the ride

Many consumers dread the car buying or leasing process—and with good reason. The process of finding a car, negotiating its price and then further negotiating the financing can be arduous. It’s no more fun to begin making the monthly payments.

In recent years, however, a number of fintech players have started using digital channels to transform the auto buying, leasing and payment process. Some have platforms that allow users to purchase and finance new or used vehicles almost entirely online. Other fintechs are giving consumers a more efficient way to pay their auto bills and simultaneously helping to reduce default rates.

For example, Payix Inc. of Hurst, Texas, has an app that allows loan recipients to check account balances, make or schedule payments, chat with their lender and view their transaction history, among other things.

The app is tailored for “smartphone-dependent borrowers,” to help reduce the chance of the mobile-minded missing a payment or defaulting, explains Chris Chestnut, co-founder and president of Payix, which is also a registered ISO.

PaymentsSource