EMI bounce rates are currently around 20%, which can be attributed to auto-debit failures or the absence of an auto-debit setup altogether. For lenders, this creates a costly, time-consuming cycle of endless follow-ups, manual work, and mounting operational expenses—a real drag on efficiency and borrower satisfaction.
But there’s a better way forward: a fully digital, automated solution that handles recurring collections seamlessly, from EMIs to utility bills to insurance premiums. With automation, lenders can shift from tedious manual interventions to a streamlined, high-efficiency approach. It is time to step up, modernize collections, and finally give both lenders and borrowers a smoother, smarter experience.
What is Credgenics Billzy eNACH?
Credgenics Billzy provides lenders with a comprehensive digital payments platform, making managing and receiving repayments from their borrowers easier. Through the platform, lenders can send payment links directly to borrowers, enabling them to make secure payments online. Additionally, lenders can leverage the e-Mandate registration service, which allows borrowers to set up recurring, automated payments from their bank accounts. This dual approach streamlines the payment process, reduces the need for manual interventions, and improves the overall efficiency of loan repayment collections.
Credgenics Billzy eNACH: A seamless approach to recurring payments’ collections
Automation has transformed the way debt repayments are managed. By digitizing recurring payments with Billzy eNACH, lenders can ensure seamless operations that minimize manual efforts and maximize efficiency.
Credgenics Billzy offers:
- Tailored Awareness Campaigns: Boost eNACH registrations through targeted outreach to borrowers.
- Automated Reminders: Send multiple notifications across various channels, ensuring borrowers maintain the necessary account balance.
- Support Across Default Stages: Efficiently manage cases from pre-due through to NPA.
- Seamless Reconciliation: Track payment status and manage the entire process effortlessly.
Empowering borrowers, streamlining recoveries from Pre-Due to NPA
A key benefit of digitizing debt repayments is the empowerment of borrowers. Providing a convenient, digital payment experience increases the likelihood of timely payments, improving recovery rates. Here’s how this approach benefits both lenders and borrowers:
- Customized Digital Campaigns: Tailored digital awareness campaigns are sent to educate borrowers about eNACH (Electronic National Automated Clearing House) registrations, encouraging them to switch to automated payments on Credgenics Billzy, for a smoother experience.
- Targeted Campaigns for eNACH Bounce: When payments fail due to eNACH bounces, lenders can implement tailored follow-up campaigns, providing borrowers with quick and easy solutions to resolve the issue, thus maintaining a positive borrower relationship.
- Flexible Payment Solutions: Billzy eNACH offers a robust system for managing recurring payment collections through automated deductions (auto-debits) from borrowers’ bank accounts. In cases where transactions fail due to insufficient funds or other issues, Billzy promptly provides follow-up payment links, allowing borrowers to complete their payments conveniently.
Simplified reporting with Billzy eNACH
Managing collections requires more than just payment processing. Lenders need tools that simplify reporting and provide a comprehensive view of their financial activities. Billzy offers a streamlined reporting system that gives lenders insights into collections, payments, and outstanding dues, helping them make informed decisions.
Preventing debt collection delays
- Automated Reminders: Credgenics automates sending multiple notifications across various channels, ensuring borrowers maintain the necessary account balance to prevent eNACH bounce.
- Risk Reduction: Billzy’s simplified eNACH registration decreases the operational risks associated with manual mandates, such as incorrect data entry, lost documents, or processing delays, ensuring a smoother and more reliable collections process.
- Batch Processing: Billzy eNACH allows automatic fund deductions from a large customer base in a single transaction.
How Billzy eNACH works
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1. NACH Registration Links sent directly from CG
2. Customer Authorization through debit card or Internet banking
3. Seamlessly manage and track NACH payments with Billzy
A case study:
An Indian lender, supporting eNACH registrations through digital and physical modes, faced ongoing challenges with approximately 10% of its customers not yet registered on eNACH. Outdated KYC data, mobile numbers not connected to bank accounts or Aadhaar number, e-signatures that did not match during physical eNACH onboarding, and the inability to use debit cards or net banking were among the main challenges. These issues elevated the risk of forward roll rates, as borrowers were more likely to miss EMI payments.
To address this, Credgenics implemented Billzy’s digital payment platform with targeted eNACH campaigns, helping customers register seamlessly and providing digital payment links. This initiative led to a 30% increase in digital-mode payments, making the repayment process smoother and more reliable for borrowers.
Facilitate hassle-free collections management with Credgenics Billzy eNACH
Adopting a digital solution for recurring debt repayments facilitates hassle-free collections management. Here’s what lenders can expect:
- 80% Reduction in Processing Time: Billzy eNACH speeds up the collections process, cutting down the time required to process payments by up to 80%.
- Improved Cash Flow: With faster, more reliable collections, lenders can maintain a steady cash flow, enabling them to reinvest and grow their business.
- Boosted Recovery Rates: Automated systems ensure higher recovery rates by reducing missed payments and enabling quicker actions in case of defaults.
- Better Borrower Retention: A smooth digital experience improves borrower satisfaction, encouraging them to stay with the lender for future financial needs.
The future of recurring payments collections is digital
Credgenics’ Billzy eNACH is rewriting the playbook for lenders who need a smarter, more efficient way to handle collections. Think of it as a transformative tool for boosting recovery rates while offering borrowers a frictionless digital payment experience. Billzy eNACH automates recurring payments, drives engagement with targeted campaigns, and streamlines registration—all essential for keeping costs down and payments on time.
With capabilities like batch processing, automated reminders, and detailed reporting, Billzy gives lenders a clear edge, reducing missed payments and delays. This isn’t just a tool; it’s a platform built for sustainable growth, where operational efficiency and borrower satisfaction go hand in hand.
To know more, please visit www.credgenics.com or download brochure.
