Fairstone Financial Inc. Selects REPAY to Deliver Text Repayment Options for Loans

Canada's leading provider of responsible lending solutions for near-prime borrowers enhances its customer experience by giving customers opt-in SMS and email payment capability from any mobile device

ATLANTA--(BUSINESS WIRE)--Repay Holdings Corporation (NASDAQ: RPAY) ("REPAY"), a leading provider of vertically-integrated payment solutions, is partnering with Fairstone Financial Inc. (“Fairstone”), Canada's leading provider of responsible lending solutions for near-prime borrowers, to enhance Fairstone’s customer experience through REPAY’s opt-in text-to-pay technology. Matching Fairstone customers’ growing preferences toward mobile and contactless payment options, REPAY’s payment solutions will give customers even greater loan repayment flexibility, including utilizing the global Visa and Mastercard networks.

Making loan payments via mobile SMS is simple and secure. Using a unique payment link that is sent by text message or email, customers can make debit card payments via any mobile device. After the initial opt-in and authorization process is complete, all subsequent loan payments can be made by text message with tokenized card details that are securely stored, providing ongoing convenience to customers.

With deep experience and expertise in the alternative financing industry in Canada, REPAY provides customized payment technology for lenders and their borrowers. Offering a reliable, PCI compliant payment platform, REPAY’s solutions can help Fairstone provide more convenience to customers and reduce the overall complexity of accepting electronic payments through expanding automated, self-serve payment methods.

“We are committed to continue improving the satisfaction of our customers’ mobile preferences with an opt-in text payment option,” said Grant Wyard-Scott, Executive Vice President, Direct Lending at Fairstone. “We are constantly looking for innovative technologies serving consumers, while maintaining the exceptional experience they expect from Fairstone throughout their customer journey. With its market and technology leadership in repayments, REPAY was a natural choice as a trusted partner to advance our mission of delivering the best borrowing experience with more contactless payment options.”

“Smart lenders and businesses are always looking for ways to further enhance their customer experience, and it is clear that the market increasingly favors contactless mobile payment options for flexibility and convenience,” added Susan Perlmutter, Chief Revenue Officer at REPAY. “By offering text payment options to its customers, Fairstone can confidently meet its mobile payment demands to improve the customer experience and achieve their business objectives.”

About Fairstone Financial Inc.

Fairstone Financial Inc., is Canada's leading provider of responsible lending solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis. Fairstone, including through its predecessors, has close to a 100-year history of providing Canadians with access to responsible credit. The Company has two key business lines: lending directly to consumers through its branch network and online; and financing consumer retail and car purchases through retailers and dealerships. Headquartered in Montreal, Fairstone is an operating subsidiary of Duo Bank of Canada and ranked among one of Montreal’s Top Employers for 2021. More at www.fairstone.ca.

About REPAY

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.