PayPlan’s Premier Integration Partners: A Focus On Quality Over Quantity

‍Nothing exists in a vacuum. Nowhere is this more true than in modern-day… well, everything. In a world where your HVAC is connected to the internet for Smart Home controls, well, yeah, everything is connected in millions of different configurations. Fintech solutions are often overvalued on how many connections and integrations they have. If they can work with 1000 different integrations at every step, they must be the best, right? If a program works with everything than it must be the best option for lenders to use, yeah?

Here’s the thing: Integrations are great. But anything that works with hundreds of different integrations will rarely work well with all of them. Integrations will overlap. Some partially work, some don’t truly work at all. All of this leads to lenders paralyzed by decision fatigue – what integration works with your platform, what delivered results, what fits with this other integration further down the pipeline?

It’s enough to make anyones head spin! That’s why, here at Business Warrior, we took a different approach to developing our PayPlan platform and the out-of-the-box integrations it works with.

We want our customers to have solutions that work well right out of the gate. That’s why we built PayPlan with very specific criteria and integrations in mind. The truth is, most lenders don’t already have all of their integration desires lined up. So we want to provide our customers with a platform that works, key integrations that meet their needs for credit & data providers, payment processing, open banking, communications, and customer data platforms, period.

PayPlan works with thousands of integrations – it works really well with these select partners to deliver best in class features and performance in the following core areas.

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Credit/Data Provider  

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Credit Reporting Services specializes in a range of products beyond traditional credit reports, CRS offers, through one access point, all of the following types of data to jumpstart your lending process.

• Soft inquiry credit reports
• Hard inquiry credit reports
• Fraud alert verification & detection
• Decision analytics
• Trended data
• Premier attributes
• All credit and financial score models
• Business identity reports
• Income verification
• Asset verification
• Credit header data
• Demographic data
  

This is a one-stop shop for so much data the majority of lenders (we’re talking anybody not a Fortune 500 Company) will need. This will get you all of that and then some, which means you don’t have to worry about any other tools or integrations to get the initial customer data you need to make decisions and fund loans. CRS plugs into PayPlan and does it all.

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Experian’s Clarity Services focused on alternative financial services data and solutions. Their suite of FCRA-regulated reports and scores gives lenders visibility into critical subprime consumer information, including the thin-file and no-file consumer segments. 

Like CRS above, this integration gives lenders the data they need to make decisions and underwrite their loans. This integration is especially crucial for lenders looking to lend to borrowers who aren’t in the prime audience—meaning they may be travel lenders, teenagers just getting started in their financial lives, unbanked or unhoused people, or undocumented immigrants. Many people could benefit from a loan, but not all of them match the demographics to fit into the “prime borrower” avatar. For them and the lenders looking to work with them, there’s Clarity.

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Payment Processing 

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Simply put, Payliance enables our lenders to streamline their payment processing while minimizing costs and reducing frauds. It is a robust and feature-rich option for Payment Processing, which is why it is the select integration partner for PayPlan. 

Here are some other wins for Payliance:

• Specialized in working with lenders to do collections
• Specialized in lending – they’ve been in this industry for a long time
• Built from the ground up with rules and regulations in mind
• Understands borrower payroll frequency, allowing lenders to sync up payments with paydays
• Same day ACH
• Real-time payments
• Real-time funding to debit cards
• Non-business day processing

All of this means that lenders are able to offer the best possible experience for customers which increases conversion rates and keeps customers coming back

By operating in tight integration with Payliance, PayPlan users can minimize chargebacks, optimize collecting, and generate more profitability in their businesses.

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Open Banking 

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Our two Open Banking integrations, Sophtron and Plaid, perform similar services at different levels of data crunch. Either is a great option, but it depends on what level of data a lender needs to truly succeed.

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Sophtron is a great integration built around getting raw data from a borrower. Names, addresses, raw transactions. Simple clear raw data. From this data platforms can then estimate monthly incomes, and expenses, and extrapolate other potential data points as the raw data allows.

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Plaid is the defacto leader in the Open Banking space. Plaid, if they have coverage, is tied into integrations with the big banks and their core systems. Because of this connection, Plaid can ingest all the customer data faster as well as get higher quality data. It automatically provides metrics and calculations provided from the big banks’ systems, allowing lenders to create and leverage more robust and intricate data points.

Both Sophtron and Plaid provide similar functionality, allowing us to connect to consumers' bank accounts, and allows us to suck in information. The difference is in the level of granular data ingested. It improves the customer experience, eliminates the necessity to upload documents, fuels complex underwriting and more accurate decisions making, etc!

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Communications

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When it comes to communications, these are the big four, the standard platforms 90% of businesses and lenders need. They have robust APIs, and they work.

For some lenders though, your standards won’t cut it. For those we look at a communication platform like Mobiniti, that help market and communicate with people in subprime communities or in industries that have a higher level of regulatory scrutiny.

The PayPlan platform is agnostic in that way, ready to plug and play with any of the major communication-sending platforms. For those lenders working in difficult subprime spaces, dealing with more regulations it is better to have more than one provider on deck so that when things change or a flag gets raised you can pivot and stay in business while you troubleshoot the issues.

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Customer Data Platform 

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Twilio Segment brings together clean, consented customer data for real-time insights, allowing lenders to better communicate and follow up with borrowers, triggering messages at critical times to ensure an application gets filled out, a loan is repaid, and a borrower becomes a reborrower.

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When choosing integration partners for our lending platform, we prioritize quality over quantity. Each selected partner is meticulously chosen to ensure seamless functionality and optimal performance, allowing for a cohesive and streamlined user experience for lenders and borrowers alike. This focus on precision and collaboration ensures that you get the most reliable and efficient solutions, freeing you to concentrate on what matters most—growing your lending business.

Book a demo of PayPlan and see what our select integrations can do for your business!