REPAY Finds 65% of Americans Select a Loan Provider Based on the Payment Options Offered
Repay Holdings Corporation (NASDAQ: RPAY) has released findings from a recent consumer survey revealing that many Americans are prioritizing payment options when selecting loan providers. Conducted by OnePoll in May 2022, the survey showed that 87% of respondents have multiple loans, with 60% paying off home loans. Notably, 65% of consumers favor loan providers based on their payment options. The study highlights a significant shift towards digital payments, with 73% preferring at least partial online payment. REPAY's technology aims to enhance payment flexibility and improve the consumer loan experience.
- 65% of consumers likely to choose loan providers based on payment options.
- 73% of consumers prefer at least partial online loan payments, showcasing a trend towards digital solutions.
- REPAY's diversified payment methods can lead to higher success rates in payment collections.
- None.
A new study finds that payment diversification remains key for consumers paying off personal and auto loans
The survey found that many Americans ages 18 and over are exposed to consumer loans in some way. Nearly half (
With loans a high priority, non-discretionary item for many consumers, the way individuals are able to pay them off is crucial when selecting a loan provider. Nearly two-thirds (
REPAY’s suite of digital payment technology solutions enables consumers to pay for their auto and personal loans using the method most convenient for them. By increasing the number of payment methods offered to consumers, a business is more likely to have a higher success rate in collecting payments, and consumers are more likely to return in the future.
“Consumers across the country have been asking for more convenient and simpler ways to pay for their personal loans, hoping to match the ways they can pay for other goods and services,” said
Just over half (
Consumers also have a wide range of preferences for the payment channel they prefer, often changing by generation. Overall, consumers are most likely to choose to pay through an online web portal (
The driving reasons behind consumers’ choice in payment method included convenience (
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 clients, while enhancing the overall experience for consumers and businesses.
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Investor Relations Contact for REPAY:
repayIR@icrinc.com
Media Relations Contact for REPAY:
khoyman@repay.com
Source:
FAQ
What did the recent REPAY survey reveal about consumer loan payment preferences?
What percentage of consumers prefer to make online loan payments?
How many Americans have multiple personal and auto loans according to the REPAY study?
What are the top reasons consumers choose a specific payment method?