Payments technology company Payix has expanded its partnership with Nortridge Software, which provides tools for lenders and loan servicing companies.
According to a news release Monday (May 2), the partnership will see Payix provide online cash payment acceptance, known as eCash, to Nortridge clients.
“eCash streamlines payment acceptance by enabling borrowers to make payments on their loans using cash at thousands of participating retail locations, including major convenience stores, dollar stores, and pharmacies,” the release said. “Cash payments are then settled electronically to the system of record to simplify reconciliation and end-to-end payment management all from one place.”
The companies said the eCash technology will be embedded into the Nortridge Loan Management System (LMS), giving clients enhanced payment acceptance capabilities, robust reporting, streamlined workflows and easier reconciliation through real-time integration.
“Lenders are always striving for ways to improve collections,” said Greg Hindson, Nortridge Software president and CEO. “The integration between Nortridge and Payix makes it easy for borrowers to pay anywhere and anytime — benefiting both borrowers and lenders.”
Payix was acquired earlier this year by vertically-integrated solutions platform REPAY in a deal worth approximately $115 million.
See also: REPAY Buys Payix in Deal Worth up to $115M
“We are thrilled about the acquisition of Payix, a highly complementary business to REPAY,” REPAY CEO John Morris said in a news release at the time. “With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower. Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond.”
REPAY said in the release the purchase boosts its position “in the large and growing automotive vertical, and accelerates expansion into the attractive buy now, pay later (BNPL) space.”
It also provides a source of reliable recurring transaction revenue, as well as Payix’s proprietary software, per the release.
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