Same-Day ACH as a method for banks and credit unions to increase their margins and offer better customer service

By | Mar 3, 2013

Jer TrihouseFirst, The New York Times blasts the banks for aiding payday loan companies via the ACH system. Next, a highly regarded consultant (Serge Milman)  for banks and credit unions suggests “Same-Day ACH” as a “method for banks and credit unions to increase their margins and offer better customer service.” The Fed’s are looking into all of these incestuous relationships… The tribe “sovereign nation model” is coming on stronger than ever. And in spite of all this, offshore capital and their banks want a piece of the U.S. domestic small dollar loan market. (I know, I get the calls.) VERY interesting times ahead for those of us willing to enter the treacherous consumer loan industry.

Meanwhile, “same-day” ACH technologies are here! Internet lenders and store operators are making loan proceeds instantly available to their borrowers 27/7, including Saturday’s and Sunday’s.

Relative Cost Structures by Payment Type - Check, Credit, Debit, Wire, ACH

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7 Comments so far
  1. Suki March 3, 2013 2:55 pm

    24/7 debits and credits to consumers is changing the world as I write this. Disruption is all around us. Governments cannot begin to keep up with the really smart guys in our industry. Nor can government stomp-out demand for credit by all demographics in every geographic location on our planet.

  2. Payday Loan Industry March 3, 2013 2:58 pm

    You’re right, Suki. There are solutions in the market place offering digital delivery to consumers on weekends NOW!

  3. Frank M. March 3, 2013 3:08 pm

    Jer, how do I connect with a company that can deliver funds to my loan customers on a Saturday or Sunday? Or a holiday?

  4. Payday Loan Industry March 3, 2013 3:08 pm

    Talk to me :o)

  5. Michael Brown of CAB Consulting March 4, 2013 6:59 am

    Hello Jer – our industry should be deflecting the attacks by consumer advocates towards the banks. Banks need the payday industry to take all the heat while they cling to antiquated business methods and hold consumers hostage. There’s a better way and technology is helping shine light on that fact!

  6. Martin March 15, 2013 11:09 am

    We are extremely interested in implementing this technology in the States. Please forward information!

    Martin F.

  7. Payday Loan Industry March 15, 2013 11:10 am

    We’ll hook you up with our vendor!

    Jer

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