A solution to facilitate fast and easy loan approval on the latest mobile devices with no-credit payments.
Payvantage is an innovative application designed to streamline the process of leasing mobile phones. The platform simplifies the leasing process by allowing users to complete a brief application that includes personal details, bank information, and pay stub details. DEVtrust’s collaboration with Payvantage significantly improved the mobile phone leasing experience by addressing key challenges related to application processing, bank account verification, loan eligibility, and payment management.
Here are the challenges we encountered during the application’s development phase
Traditional mobile phone leasing processes were inconvenient, requiring extensive paperwork and lengthy approval times, leading to user frustration and abandonment.
Verifying bank account information manually posed significant security risks and inaccuracies, potentially leading to fraudulent applications and incorrect eligibility assessments.
Determining loan eligibility based on manual assessments or outdated criteria was prone to errors and inefficiencies, resulting in incorrect loan approvals or denials.
Coordinating lease payments with users’ paydays and processing payments manually was inefficient and prone to errors, resulting in delayed or missed payments and operational challenges.
DEVtrust implemented several innovative solutions to address these challenges.
We developed an intuitive user interface for Payvantage, allowing users to complete the leasing application quickly and easily. The simplified process reduced the application time and improved user satisfaction.
To address bank account verification issues, we integrated the Plaid Transaction API. This integration ensured secure and accurate verification of bank account information, significantly reducing the risk of fraud and errors.
We implemented Payvantage's proprietary payment system, which leverages data from Plaid's API to automate and refine loan eligibility calculations based on users' transaction histories. This solution improved accuracy and efficiency in loan assessments.
By incorporating the Stripe ACH service, DEVtrust enabled automatic and reliable withdrawal of lease payments synchronized with users' paydays. This integration streamlined payment processing and minimized the risk of missed payments.
The implementation of solutions yielded impressive results.
The new application process reduced the average time to complete a lease application from 15 minutes to just 5 minutes, improving user satisfaction and decreasing application abandonment rates by 40%.
The integration of Plaid Transaction service decreased the incidence of fraudulent applications by 30% and improved the accuracy of bank account verification by 50%, enhancing overall trust in the platform.
Automated loan eligibility calculations led to a 25% reduction in incorrect loan approvals and denials. This accuracy improvement ensured a fairer assessment process and increased approval rates by 20%.
The implementation of Stripe ACH service streamlined payment withdrawals, reducing late payments by 35% and increasing on-time payment compliance to 95%. This efficiency led to a 50% decrease in payment processing errors.
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