ATLANTA–(BUSINESS WIRE)–Repay Holdings Corporation, (NASDAQ:RPAY) (“REPAY”) a leading provider of vertically-integrated payment solutions, and Visa Canada announced today a strategic partnership that will seek to expand debit card and online payment acceptance for the Canadian personal loans market.
The partnership aims to bring speed and convenience to the traditional debt repayment process by reducing the complexity of online payments and lowering the costs associated with debit card acceptance.
Together, the companies are making it easier for Canadian lenders and finance companies to accept debit cards as a form of repayment in a card-not-present environment. Visa has made debit card payments a viable alternative to cheques and ACH. Paying off debt with a Visa debit card has major advantages for both the consumer and for the lender – for consumers, debit card payments offer zero liability*, making them a safe and secure payment method. For lenders, it improves customer service by making the billing and payment experience easy. This is crucial, because the billing and payment experience is the most influential driver of customer satisfaction in lending1. REPAY’s payment technology gives consumers the flexibility to make their loan payments with a debit card and transforms the online payment process into an easy, convenient and pleasant experience.
“We believe this initiative with Visa will bring innovation and convenience to a previously underserved market,” said John Morris, CEO of REPAY. “Our omni-channel integrated payment platform removes the friction from the debt repayment process by giving merchants the ability to securely accept debit cards 24/7/365 in an automated setting.”
“We’re excited to partner with REPAY to offer merchants the opportunity to greatly improve customer service with an easy, safe, and fast payment solution,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “Widening the acceptance of Visa Debit for debt repayment means more convenience for millions of Canadian Visa Debit cardholders, and efficiencies for lenders and merchants.”
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.
1 Source: AYTM 2017 Debt Repayment Survey, Quantitative research to understand consumer landscape and preference; Commissioned by Visa; Target: 400 US, Men and Women, 18+ years old; July 17-18, 2017
*Visa Zero Liability is not applicable to anonymous Visa Prepaid, Corporate and Commercial cards. Required keeping account and PIN safe. Other conditions and restrictions apply. Cardholders should refer to their issuer cardholder documentation for more details.