Onbe’s digital payouts with Westlake replace checks, ensuring quick access to funds, cutting costs, and boosting customer satisfaction.
Leading corporate payouts platform Onbe, in collaboration with the biggest privately held financing company in the US, Westlake Financial, has formally introduced a new digital-first consumer refund programme.
With the Onbe payouts portal, Westlake has changed its check-based refund process, giving recipients rapid access to funds while cutting labour and internal programme costs.
In Onbe’s Summer 2023 Auto Survey, 47% of car buyers cite wait times as the main reason they were dissatisfied with their payout experience. The processing and delivery of refund checks can take weeks, and according to the Onbe survey, over half of customers are not given the option to select a different payment method.
When human costs are taken into account, checks are the most costly method of issuing payments, with costs as high as $12 per payment, according to the Association for Financial Professionals (AFP).
With its new refund procedure, Westlake hopes to do away with checks and give its auto loan clients rapid digital payments instead. Popular and affordable options include instantly accessed and spendable virtual cards with a bespoke design.
“Bringing the consumer lending experience into the post-loan era”
The new solution from Onbe has already enhanced Westlake Financial’s client experience, according to John Mason, senior vice president of operations: “Onbe removed the internal costs and labour associated with our processes while creating a more user-friendly payment experience for our customers.”
“The objective was to meet customers’ expectations for a quicker, more convenient payment experience, and Onbe’s digital refund solution significantly reduced wait times.”
StateSmartSM, a patented escheatment management technology developed by Onbe, is essential to the program’s effectiveness because it lowers administrative complexity and removes compliance risk for Westlake.
“We are proud to work alongside Westlake to modernise its automotive loan overpayment refund programme, reducing cost and risk while extending Westlake’s excellent consumer lending experience beyond the life of the loan,” said Tracy Monson, chief product officer at Onbe, in addition to discussing the significance of the partnership.
“Westlake can now provide their customers with modern and digital payout options while maintaining optimal efficiency thanks to a redesigned automotive refund process, which is crucial to meet customers’ demands for convenience, speed, and choice in payments.”
