FEX DMS recently launched major enhancements to its electronic payment service to help buy-here pay-here dealers who use the FEX EPS solution.
FEX DMS chief technology officer Jeff McCurry highlighted the new enhancements are designed to revolutionize the way FEX DMS dealers can accept and post payments.
“There are several valuable enhancements with this new EPS release,” McCurry said. “While we continue to evaluate ways to help dealers manage their business, this application now allows dealers to control what they are willing to accept online-and gives their customers the convenience of online payment. Dealers have the option to accept or change both full and partial payments.”
Each enrolled dealer can now have their own personal “myFEXaccount” public pay portal. FEX EPS can offers dealers convenient tools to configure their tolerances, payment types and frequencies of payment.
This unique, consumer-facing loan system can make it easy for customers to make secure payments online. Customers can make immediate payments, schedule future payments, view/print receipts and make payment decisions on paying the current amount due or a select amount.
The module is configurable on a dealer level and can be modified at an account level or a portfolio level. Dealers can configure the site to accept payments from current accounts and restrict the acceptable types of payments from past due accounts.
FEX DMS pointed out accounts designated as “out-for-repo” and “repo” status are not payable through the portal. Convenience fees can also be assigned with this enhancement.
“We have seen comprehensive adoption with our first rollout of FEX EPS,” said Dave Huber, president and chief executive officer of FEX DMS. “This enhancement helps further define FEX DMS as being the industry standard.”