Fairstone Financial Inc. Selects REPAY to Deliver Text Repayment Options for Loans

Rhea-AI Summary

REPAY Holdings Corporation (NASDAQ: RPAY) partners with Fairstone Financial Inc. to enhance customer experience through mobile payment solutions. The collaboration introduces an opt-in text-to-pay technology, allowing Fairstone’s customers to make loan payments via SMS, utilizing secure debit card transactions through Visa and Mastercard. This partnership aims to improve customer satisfaction by offering more flexible payment methods, addressing the growing demand for contactless payments. REPAY’s technology platform simplifies electronic payments, making it a strong ally for Fairstone's business objectives.

Positive

• Partnership enhances customer experience through mobile payment options.
• Opt-in text-to-pay technology offers secure payment through SMS.
• REPAY's platform reduces complexity of electronic payments for lenders.

Negative

• None.

Repay Holdings Corporation (NASDAQ: RPAY) ("REPAY"), a leading provider of vertically-integrated payment solutions, is partnering with Fairstone Financial Inc. (“Fairstone”), Canada's leading provider of responsible lending solutions for near-prime borrowers, to enhance Fairstone’s customer experience through REPAY’s opt-in text-to-pay technology. Matching Fairstone customers’ growing preferences toward mobile and contactless payment options, REPAY’s payment solutions will give customers even greater loan repayment flexibility, including utilizing the global Visa and Mastercard networks.

Making loan payments via mobile SMS is simple and secure. Using a unique payment link that is sent by text message or email, customers can make debit card payments via any mobile device. After the initial opt-in and authorization process is complete, all subsequent loan payments can be made by text message with tokenized card details that are securely stored, providing ongoing convenience to customers.

With deep experience and expertise in the alternative financing industry in Canada, REPAY provides customized payment technology for lenders and their borrowers. Offering a reliable, PCI compliant payment platform, REPAY’s solutions can help Fairstone provide more convenience to customers and reduce the overall complexity of accepting electronic payments through expanding automated, self-serve payment methods.

“We are committed to continue improving the satisfaction of our customers’ mobile preferences with an opt-in text payment option,” said Grant Wyard-Scott, Executive Vice President, Direct Lending at Fairstone. “We are constantly looking for innovative technologies serving consumers, while maintaining the exceptional experience they expect from Fairstone throughout their customer journey. With its market and technology leadership in repayments, REPAY was a natural choice as a trusted partner to advance our mission of delivering the best borrowing experience with more contactless payment options.”

“Smart lenders and businesses are always looking for ways to further enhance their customer experience, and it is clear that the market increasingly favors contactless mobile payment options for flexibility and convenience,” added Susan Perlmutter, Chief Revenue Officer at REPAY. “By offering text payment options to its customers, Fairstone can confidently meet its mobile payment demands to improve the customer experience and achieve their business objectives.”

About Fairstone Financial Inc.

Fairstone Financial Inc., is Canada's leading provider of responsible lending solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis. Fairstone, including through its predecessors, has close to a 100-year history of providing Canadians with access to responsible credit. The Company has two key business lines: lending directly to consumers through its branch network and online; and financing consumer retail and car purchases through retailers and dealerships. Headquartered in Montreal, Fairstone is an operating subsidiary of Duo Bank of Canada and ranked among one of Montreal’s Top Employers for 2021. More at www.fairstone.ca.

About REPAY

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005120/en/

FAQ

What is the partnership between RPAY and Fairstone about?

REPAY and Fairstone Financial Inc. are partnering to enhance customer experience through mobile payment solutions, specifically introducing an opt-in text-to-pay technology.

How does the text-to-pay technology work for Fairstone customers?

The text-to-pay technology allows Fairstone customers to make loan payments via SMS using secure debit card transactions.

What are the benefits of the new payment solution for customers?

The new payment solution offers greater flexibility and convenience for loan repayments, matching customers' preferences for mobile and contactless payments.

What financial services does Fairstone provide?

Fairstone is a leading provider of responsible lending solutions for near-prime borrowers, offering loans directly to consumers and financing for retail and car purchases.

What does REPAY specialize in?

REPAY specializes in providing integrated payment processing solutions tailored to verticals with specific transaction processing needs.