REPAY: Digital Payment Solutions Enhancing Credit Union Platforms and Enabling Virtual B2B Card Transactions

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In a nutshell: Small businesses and credit unions often don’t find the solutions they need from business digital payment providers. REFUND makes its real-time omnichannel card solutions more accessible to businesses and organizations so they can make and accept payments and serve more customers. The platform integrates inbound payment acceptance and outbound B2B virtual card payments with existing accounting and management software. That means REPAY gives companies even more control over when and how they pay.

Digital payment processing methods can expand service options and bring new efficiencies to businesses and organizations, including credit unions. Customers enjoy more payment options and businesses retain flexibility in B2B transactions.

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REFUND provides a unified platform that provides a frictionless and customizable end-to-end payment solution. It can handle all inbound and outbound transactions seamlessly for various use cases, including lending.

REPAY was founded in 2006 to serve companies and organizations in underserved vertical markets. The company’s founders had worked in the consumer credit industry and saw that cash payments and checks were still preferred. Lenders using digital payments tended to use ACH, or electronic checks, and card payment infrastructure was relatively rare.

REPAY logo

“So we brought debit card processing to the space,” said Tim Murphy, CFO of REPAY. “The bigger card companies just didn’t know there was card volume.”

Many of REPAY’s competitors saw that card brands did not allow lenders to accept credit cards, and that cash, checks and ACH transactions were entrenched.

That gave REPAY a significant advantage as it wanted to expand its business services to consumer lenders. Credit unions, auto lenders and mortgage lenders began to rely on the REPAY platform for card and payment solutions as the company expanded its product line, in part through an acquisition strategy.

REPAY entered the lending market in Canada and gained traction in B2B virtual card payments and payment solutions for hospitals and healthcare systems.

“We own our backend processing platform, so we do our own clearing and settlement with the card brands,” Murphy said. “As a full-service payment processing company with proprietary technology, we are going to market in a highly integrated way.”

Today, REPAY handles physical and virtual debit and credit processing and ACH transactions. It also partners with more than 200 accounting and business management software providers to ensure security and speed for its customers.

In the credit union space, outsource partners are an essential part of resource allocation. They help credit unions provide members with modern payment solutions and compete with other financial institutions.

“Credit unions rely on us to optimize their electronic payments and provide channels including mobile, SMS and even interactive voice response to connect with members and non-members to repay loans,” Murphy said. “Especially with indirect loans to non-members, we help them improve the payment experience and collect outstanding loans.”

REPAY’s Spring 2021 acquisition of integrated payment provider BillingTree propelled it further into the credit union market.

Screenshot of the REPAY website

REPAY helps credit unions effectively improve service and reduce costs.

“It’s the largest acquisition we’ve made,” Murphy said. “It further expanded our healthcare footprint, but BillingTree also had a nice credit union and we now have more than 180 credit unions combined.”

The platform also integrates message management capabilities directly in its payment solutions. Those tools can send custom messages to direct and indirect loan recipients and allow credit unions to communicate business updates and promote new offerings.

REPAY works with credit union employees on tracking, listing management, and content and delivery strategies. In combination with REPAYs SMS Pay Solution, institutions can use SMS as an end-to-end relationship management tool.

“It’s frustrating when you get a text message about a bill that you have to pay, but you can’t really pay,” Murphy says. “With Text Pay, we have taken the next step to enable customers to pay directly from their SMS app.”

REPAY solutions fit a wide range of B2B payment scenarios as it is both an inbound and outbound processing provider. That makes it a leading end-to-end payment provider for businesses.

B2B payment solutions leverage all of REPAY’s tools for a variety of use cases where efficiency and customer service come together. REPAY integrates vendor payment automation on the Sage 100 enterprise management platform, which is an example of how the end-to-end transaction paths work.

“Sellers using Sage can accept payments from other companies. With this integration they can now also perform creditor transactions that are automatically included in Sage,” Murphy said. “We are one of the few vendors in Sage that does both underwriting and payments, and customers come to us because they prefer just one payment vendor rather than two or three.”

Payment groups, vendor group management, invoicing, automatic reconciliation, and custom reporting now flow between accounts receivable and payable in Sage. This optimizes the transaction process and saves costs by eliminating manual links.

The Sage integration includes virtual cards, as do all REPAY B2B automation solutions for accounts payable. The cards can be set up for a single use or for a fixed period with an expiration date. Businesses can add spend, category, or vendor limits to maximize security. The REPAY platform also provides instant fulfillment and alignment.

“Virtual cards are different from physical cards in that they can be used for specific transactions,” Murphy said. “To do that for customers who pay their suppliers is quite unique, and that’s a huge market.”

Virtual cards live securely on the REPAY platform, essentially as data tokens, in compliance with all payment industry standards. REPAY healthcare customers are also protected by federal health privacy laws.

“Our technology is very secure, so the card data itself is not visible,” Murphy said. “We manage the tokens, so we check the card details and can pass them where they need to be for reporting purposes without sharing the card numbers. It’s a big problem and we take it seriously.”

REPAY developers and customers have a comprehensive API infrastructure. These API programming tools enable the REPAY platform to meet the unique needs of more than 16,000 customers and process $20 billion in card payments across all of its vertical markets.

Photo by REPAY CFO Tim Murphy

Tim Murphy, REPAY CFOAY

“We can integrate a new customer in as little as a few days,” Murphy said. “And we give them all the tools they need to do it as seamlessly and easily as possible.”

When the COVID-19 pandemic broke out in 2020, REPAY became an indispensable payment partner for more businesses as the shift to digital payments accelerated.

“We saw a big increase in adoption of what we call our omnichannel approach, which allows customers to accept payments remotely — any way they want, whenever they want,” Murphy said.

When physical locations closed, credit unions and other lenders took advantage of REPAYs Direct financing technology to fund loans directly on debit cards.

“A big part of the consumer experience with a merchant is the payment experience,” Murphy said. “Our job is to improve and streamline that experience, and that’s what we do.”

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