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Processing payments electronically has been a goal of major lenders for several years, and the progress toward that goal has been substantial. Increasingly, lenders find that consumers want to pay their monthly home loan bill online or via an automated debit service. But achieving that end requires lenders to harmonize a number of different interests. What is the effect on cross-marketing and portfolio retention campaigns? Will electronic payment affect collections? Will adding new payment options prove to be an extra cost or a streamlining of the cashiering process?
Smart lenders are addressing these bottom line issues as they implement electronic billing and payment options. And a number of technology and billing vendors are helping them do it.
Two of the more prominent vendors in the electronic payment processing field, CheckFree and Princeton eCom, are featured in this report. CheckFree is an established player with a 20-year track record in electronic payment services. Princeton eCom is a young firm that is looking to expand its presence in the mortgage industry.
Source: HighBeam Research, Special Report: E-Payments.(Brief Article)