ATLANTA and LITTLETON, Colo., Feb. 13, 2018 /PRNewswire/ -- REPAY – Realtime Electronic Payments, a premier provider of advanced payment technology products and processing services, is honored to announce its new partnership with PassTime, an industry-leading GPS Solutions provider offering GPS tracking and Automated Collection Technology products and services to auto dealers and auto finance companies.
PassTime, which has been in business for more than 25 years, currently protects more than $10 billion in automotive assets by providing dealers and finance companies with in-vehicle technology proven to help lower delinquencies and repossessions. Through the use of payment reminders and vehicle disable features, PassTime solutions can help mitigate risk when financing consumers and also improve communication between consumers and creditors. Specializing in the consumer finance and auto finance industries for more than a decade, REPAY offers integrated payment solutions that enable businesses to accept payments at any time through a variety of payment methods.
An opportunity for partnership between REPAY and PassTime presented itself when shared customers faced a growing need to automate and shorten the duration of the payment process. The two companies have finalized an integration that will provide their customers with a more efficient and consumer-friendly collection method.
After consumers submit an electronic payment to the dealer or finance company, REPAY immediately processes the payment and automatically sends a message to the merchant and PassTime. The PassTime device receives the wireless command to reflect the current status and the merchant's customer management system is updated with the most recent payment information.
"We are thrilled to partner with such a highly regarded company in the industry," said Susan Perlmutter, Chief Revenue Officer for REPAY. "The integration with PassTime is a big win for our customers and bridges the payment communication gap, resulting in a quicker, more automated collection process."
"REPAY is a perfect fit for PassTime and we are excited about this partnership. The integration will make it even easier for our customers to manage their payment processing services and PassTime solutions," said Jerry Morgan, PassTime's executive VP of product development.
Realtime Electronic Payments (REPAY) is a full-service provider of electronic transaction processing services for a variety of integrated end markets, offering a suite of advanced payment technology products, including credit/debit card processing, ACH processing, consumer-facing payment portals, and electronic bill payment systems. For more information, visit www.repay.com.
PassTime is a provider of GPS Solutions and has been in business for more than 25 years. Its GPS telematics products help connect vehicles and protect assets for multiple sectors of the automotive and powersports industries including auto dealers, auto finance companies, fleet transportation providers and consumers. The company prides itself on high-quality, reliable products and unmatched customer support.
SOURCE REPAY Realtime Electronic Payments