gives a variety of modules that allow the system to be configured to match particular specifications.
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Call us for a consultationAmtrax specialises in creating web based modules that interface with finPOWER. As an example of our work, here is a link to an online loan application . This example will do the Centrix credit check, drivers licence ID check, Passport check, and also automate the 3 months bank statement retrieval process. We can include scoring if required and any other required features.(eg PPSR search)
Additionally, many finance companies require external parties, eg Dealers, to have the ability to create both clients and the loan application, but within strict limitations of what they can and cannot do. The example dealer module below allows them to see all clients, but only their own loans. Contracts are created as a pdf document. Currently we are enhancing this module to provide a turnkey process flow management system to enable all the required steps prior to approval to be recorded and monitored by the dealers themselves, thus reducing the administrative time of the back office staff.
This module will allow clients to login and check their balances and transactions. Additionally, they can apply for another loan, or a top up based on their pre-set credit limit. This will save you a considerable amount of administrative time.
User Name = C10012
Password = Amtrax12
Often it’s more convenient for Managers and/or Dealers to access their clients and loans via the web, rather than accessing finPOWER directly.
With this module, your specific requirements that might be unique to you can easily be incorporated.
User Name = KEY-JK
Password = password
This interfaces directly to your finPOWER Connect account type configuration, so every change you make there will automatically be reflected in the online calculator.
But of course you need to make the right lending decisions in the first place if you are going to recover your loans. Ensure your lending policies and decision support systems are clear to all personnel, and that they support your business model and are easy to modify as market conditions change.
The finPOWER Connect Workflow module will provide you with a standardized set of lending rules and a structured decision-making process that can be consistently applied to every loan application.
Use Direct Debits rather than automatic payments, either via your own bank, or via a 3rd party provider. Print out the loan contracts with a pre-populated Direct Debit Authority form and lodge with the bank yourself. Do not rely on the customer taking these forms to the bank.
The finPOWER Connect Advanced Banking module will enable you to schedule the Direct Debit Payments, and then will export them for uploading to your own bank for processing. You can easily change your customers’ Direct Debit schedules as required – eg when they want to change their repayments amounts or date due, or when they change their bank. This module will also enable you to do a direct debit from different bank accounts (main & joint borrowers) for the same loan repayment.
A very simple way to ensure your customers pay you on time is to setup finPOWER Connect to automatically send them a text the day before they are due to pay.
Just the fact you are reminding them of their obligation will help keep you at the front of their mind, rather than other possible financial distractions.
It is essential that your system advises you as soon as a loan repayment is missed. And that a structured decision-making process clearly sets out what action needs to be taken by your staff. Although the law requires you to send a letter out, that alone is not much use if the borrower has moved house, or if there are several other reminder letters unopened in their letter box.
The system can be configured to automatically send out texts to reach all those customers instantly. Quick and efficient. And if you are using the Workflow module, these defaults will be communicated to your Collections division.
As soon as a payment is missed and you Collections Division has been in touch with your customer, make a payment arrangement and re-schedule a new direct debit repayment the same day. And create a ‘promise to Pay’ arrangement that commits your customer. Early communication with them will maintain a good working relationship - this will pay enormous dividends in the long term.
There are a wide range of fees you are entitled to charge to recover your costs. finPOWER Connect loan can be configured to charge any kind of fees on a fully automated basis, or manually calculated and applied. Careful analysis of where your loan staff spend their time, and then charging a fee for it can significantly increase your revenue.
Everyone loves to be acknowledged. But with a large ledger this can be a time-consuming and expensive process. Automate this, so customers get a thank you letter at the start of the loan, then birthday acknowledgements, special offers at Christmas and other occasions, and a re-marketing letter a month before the end of their loan.
A number of our finPOWER Connect users are using the customer database to sell additional products to increase the revenue per customer. And remember, a customer can be yours forever if you look after them. And looking after them is cheaper than the acquisition cost of finding a new customer.
If you can’t measure it, you can’t control it. There are a substantial number of sophisticated and highly configurable reports available, plus the ability to create your own reports. So every aspect of your business can monitored closely to identify any issues or trends. Reports can be scheduled to run daily, weekly, or monthly, or on demand. And they can be delivered to multiple email addresses, at pre-determined times.
Eg the Manager can have a trial balance of overdue accounts emailed Monday morning at 9:00am
