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As the need to improve loan payment processes and enhance member relationship increases, credit unions are seeking solutions that offer a myriad of benefits in the digital loan payment processing arena. Such solutions must not only provide increased process efficiency but satisfy the needs of their current members and entice new members, especially in the younger demographic.

Many credit unions struggle with an efficient way to simplify their loan payment process, manage their high volume of loan payments and satisfy members’ needs. They experience inefficiencies as payments that were not processed through a member’s online banking have to be manually posted to the account by their back office staff. This is highly cumbersome and inefficient and Sharetec recognized this and looked to one of its business partners for a solution.

Sharetec’s PortalPay, an innovative payment solution offered through Sharetec’s partnership with Allied Payment Network, allows members to make payments to a credit union loan from an external financial institution by ACH, debit or credit card. The solution is gaining momentum as it brings significant advantages to credit unions across the country.

One specific credit union that is enjoying the benefits of PortalPay is LorMet Community Federal Credit Union of Amherst, Ohio. Shavena Brown, LorMet’s 1st Vice President/COO, states that their financial institution was primarily seeking a loan payment option that would automatically post to the member’s account. With our previous vendor, payments that were not processed through the member’s online banking had to be manually posted to the account by our back office staff,” remarks Shavena. “With over 200 loans processed each month, LorMet required a solution that would easily and efficiently manage this high volume and meet our members’ diverse needs in the process.” Shavena also states, “PortalPay is such a great alternative to mailing a check, it reduces the loan payment period from seven days to two to three days.”

As an advanced web-based loan payment solution, Sharetec’s PortalPay was able to provide LorMet with those benefits and much more. According to Shavena, the solution offered quick and easy installation for their busy credit union, with no integration required.

PortalPay enables members to easily make payments using their checking account information whenever they choose from any device and they can continue to make payments using the debit card. Back office staff can access the administration site to check the status of payments and research payments on demand. The system is extremely user friendly and customizable.

Dan Miller, Vice President, Sharetec, states that his company is looking forward to continuing to offer the latest and greatest leading-edge solutions to credit unions and further fostering Sharetec’s already successful partnership with Allied Payment Network. “Products such as PortalPay not only strengthen the success of our Sharetec Core Processing solution, they serve to build and improve the relationship that credit unions have with their members. Having this web-based loan payment solution is a win-win for everyone involved. It’s a truly unique product that Sharetec is proud to have among its prime feature offerings.”

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