Visa Canada has partnered with payment solutions company Repay to expand its online payment acceptance offerings for personal loans and automotive loans.
This means that consumers will be able to use their Visa debit cards to pay off loans. Visa says debit cards are a safe and secure payment method that makes the billing and payment experience simpler. Visa pointed to the AYTM 2017 Debt Repayment Survey that found the billing and payment experience to be the most influential driver of customer satisfaction.
Through the partnership, Visa is also launching Instant Funding in Canada, which allows lenders to provide fast funding to customers. Visa says this will also offer improvements on the management side of the business.
“We believe this initiative with Visa will bring innovation and convenience to a previously underserved market,” said John Morris, CEO of Repay, in a statement. “Our omni-channel integrated payment platform removes the friction from the debt repayment process by giving merchants the ability to securely accept debit cards 24/7/365 in a completely automated setting.”
“We’re excited to partner with REPAY to offer merchants the opportunity to greatly improve customer service with an easy, safe, and fast payment solution,” added Brian Weiner, vice president & head of product, Visa Canada. “Widening the acceptance of Visa Debit for debt repayment means more convenience for millions of Canadian Visa Debit cardholders, and efficiencies for lenders and merchants.”