Rent to Own customers have a 7‐ 9% increase in the probability of paying on time and the average days late drop by 2 days a month when said customer receives text reminders and mobile “pay now” options.
A large fraction of rent to own and poor credit customers previously seem to have paid late not for strategic reasons but because they were unable to keep track of their payment schedule without the help of simple reminders. These findings support the idea that rent to own businesses suffer from customers with lack of financial management which affects their payment behavior. *(MIT study, MIT.edu)
The RTO Engage program ensures that your customer knows when the payment is coming due as well as makes it easy for the customer to make that payment via the mobile payment portal.
The benefits of sending automated payment and collection reminders to customers include:
- Reduce Length of Account Delinquency – Communicate early-on to reduce the chance of extended delinquency
- Increase Customer Response Rate – Instantly provide customers with an easy and interactive way to pay their balance
- Improve Staff Efficiency – Streamline collection processes to improve productivity and reallocate valuable staff resources
- Reduce Outbound Calls – Automated text messages will reduce manual calling while maintaining that personal touch