Many consumers not only want a digital path to secure auto financing, they also want streamlined technology to make payments, too.

To help, Inovatec Systems announced this week it is partnering with VoPay to integrate payment processing capabilities into the Inovatec LOS and LMS platform.

As a result of this relationship, the cloud-based software solutions providers said finance companies can offer a secure, efficient and easy-to-use payment mechanism for businesses and consumers to enhance customer service, reduce delinquencies and improve cash flow.

Through a single API, the VoPay platform can facilitate automated bank account payments for lenders and consumers across North America. VoPay’s multi-rail payments network supports real-time payments, EFT, e-Transfers, and Visa Direct, allowing finance companies to send and collect payments without building their own infrastructure. 

As a result of Inovatec’s partnership with VoPay, finance companies can verify bank accounts and digitize collections, while also adjusting payment terms on the fly to address changes in market conditions and personal circumstances.  

“VoPay is a dynamic, innovative company that has successfully deployed automated payment acceptance technology that is secure, reliable, and user-friendly,” Inovatec co-founder and chief executive officer Vlad Kovacevic said in a news release. “We are delighted to integrate VoPay’s API into our LOS and LMS platforms, and simplify the cumbersome payment acceptance process that has historically been a point of frustration for both lenders and consumers.

“This added functionality allows lenders to set payment parameters directly within the Inovatec system, reducing expenses, mitigating errors, and improving cashflow. Just as importantly, the automated payment mechanism satisfies consumers, who have the comfort knowing that all payments will be made on time, and in a secure manner,” Kovacevic continued. 

Hamed Arbabi is founder and chief executive officer of VoPay.

“We are delighted to work with Inovatec, which has an exceptional reputation for innovation excellence in loan origination and loan management solutions,” Arbabi said in the news release. “This partnership will allow lenders to convert the payment acceptance process from a legacy environment that was defined by costly inefficiencies and manual processes, to a modern experience that is automated, accurate and secure.

“Our efforts not only improve the lender’s bottom line, but also reinforces the relationships between lenders and their consumers,” Arbabi went on to say.

For information on Inovatec’s integrated loan origination system, loan management system, and customer portal solution, visit www.inovatec.com.