May 28, 2021

Accelerating the Pace of Change | Merchants Acceptance Corporation

The Scenario

Merchants Acceptance Corp (MAC), a family-owned and operated company that specializes in direct sales financing, was facing a difficult decision between re-upping an expensive support package for a rapidly depreciating legacy solution or investing in custom software to streamline operations.

They needed to know that the solution they chose would solve several of their business-critical concerns. For instance, employees as well as dealers and field agents were wasting labor hours on tedious manual entry processes. Additionally, the legacy system used to connect employees and transfer data had too many restrictions and limited the number of new applications processed daily.

MAC knew that whether they got a support package upgrade or invested in something custom, they would need a system sophisticated enough to meet complex consumer finance regulations from all 50 states. Beyond meeting compliance, they would also need software that could work seamlessly with credit bureaus and transfer information within a matter of minutes.

Realizing that an expensive support package would only solve immediate problems, MAC decided to partner with AltSource to design a more custom solution that would be scalable for future growth.

Jarod Yoder
Director of Business Operations, Merchants Acceptance Corp.

“Several of our full time employees no longer have to perform manual tasks and we reassigned them to higher-value customer related activities, which ultimately improves revenue.”

Custom software
Product strategy

Features & Benefits

The AltSource team of business specialists and solution developers sat with MAC stakeholders to identify workflows and optimize processes. To solve the bulk of MAC’s technology problem, AltSource designed and built a full-service loan origination and servicing platform that featured a custom accounting package.

Next, AltSource designed a complex call center queuing system to ensure accounts were worked in the correct order by the right teams. This system also allowed for routine maintenance, the scheduling and processing of payments, automated notes, consumer credit reporting, fee and interest accrual, and account aging.

Finally, AltSource made sure to implement the necessary integrations with credit bureaus, such as Experian, and reporting services, such as Domo. These integrations simplified certain processes, making the system easier to manage for end users.

Business Impact

Integrated Data with outside Agencies
  • Thanks to direct integrations, employees could securely leverage the MAC app to get financial information from DOMO, ReportWorks, CarletonCalcs, Equifax, Transunion, Experian, and Newcourse.
Improved Reporting for Accounting
  • With the custom accounting package, team members could track all ledger details around interest accruals, fees, recovery, aging, and standard payments better than ever before.
Accelerated Recovery Efforts
  • Specific sets of workflows gave recovery agents extended capabilities to monitor aging accounts with features like asset verifications, skip tracing, legal actions, bankruptcies, charge-offs, and settlement payment tracking.
Streamlined Credit Approval Process
  • The MAC app calling queues provided a guided, dynamic workflow that significantly sped up the process of reviewing customers’ employment and other financial records needed for authorizing financing approval.
Increased Customer Service
  • By digitizing and automating data workflows, the MAC app greatly reduced the need for manual entry, which gave team members, dealers, and field agents more time to focus on customers.