A new mobile app called Payix is enabling users to make car payments through their smartphones — and help lenders send friendly reminders.
Chris Chestnut’s Fort Worth company built the app for those who have troubled credit and those who only qualify for high-interest loans and tend to have higher delinquency rates, according to the Fort Worth Star-Telegram. Payix provides collection tools, payment processing resources, and business intelligence solutions to lenders and auto dealers throughout the nation.
“There is a good portion of consumers out there who either got dinged in ’07-’08 [financial downturn] or they live in a perpetual state of recession,” Chestnut told the Star-Telegram. “Their ability to earn income doesn’t allow them to get out of the hole they’re in.”
It beta tested the app with a San Diego-based lender and now can be purchased by other companies the newspaper reported.
The free app also targets millennials who are “smartphone dependent,” and prefer to do things, such as pay off loans or bills, with their smartphone. Smartphone Dependent Borrowers is what Chestnut dubbed the term for his clientele,
In addition to offering collections tools, Payix also offers payment processing solutions.
“Fintech firms have worked wonders on the originations side of lending, but other than at the largest institutions, they haven’t focused on bringing better technology to the collections environment — until now. Payix has created collections tools and payment processing resources for any size financial institution or auto dealer to use so they can improve the way they connect with their borrowers and increase their ability to collect payments,” Chestnut said in a release.
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