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Text Messeging Connects Lenders and Customers

In The Know/Tranews

September 2010

TEXT MESSAGING CONNECTS LENDERS AND CUSTOMERS

TranDotCom Coordinates with MRS to Offer High Response Customer Service

TranDotCom Solutions recently formed a preferred partnership with Marketing Response Systems (MRS) of Dallas, TX to enable TranDotCom customers to take advantage of MRS text messaging services.

"MRS fits well into our stable of preferred partners because they are both customer and consumer-centric, providing timely touch points for lenders, but also protection on both side of the communications relationship," said Andrew Rains, EVP, TranDotCom.

MRS offers short-term lenders text messaging services for billing reminders, collections, re-marketing to past customers and lead-generation. The programs are effective for both TranDotCom’s online and storefront operators, with all data integrated through TranDotCom systems.

"Text messaging has become the preferred method of communications, especially for consumers under the age of 43," according to Mike Cantrell, President, MRS. Cantrell also cites Neilsen research, that "94% of text messages are opened within nine minutes, which is an advantage we have over traditional mail and even email communications."

MRS servicing extends beyond simple implementation of text messaging. The company approaches new accounts from a client consultancy and education standpoint; ensuring that Short Message Service (SMS, or "texting") policies and disclaimers are in compliance, and helping to update them accordingly. For short-term lenders, MRS campaigns are designed to reinforce customer service through the use of scheduled messages to reduce delinquencies, improve collections and re-approach past customers. A unique MRS lead-generation program even allows consumers to use a keyword and zip code search to locate a convenient lender, then double opt-in for further messages from that lender.

"For payday lenders, our programs have decreased delinquencies by up to 12%, and improved collection rates by as high as 14%. We have had some clients achieve double digit percentages in repeat business response by sending scheduled messages to past customers," reports Danny Cantrell, Founder and CEO, MRS.

Cantrell attributes the programs' success to the fact that the medium is highly targeted, consumers have opted in, and the MRS deliverable rate is high due to its relationships with carriers. MRS short code is licensed by all major Tier 1 and Tier 2 wireless carriers nationwide, and MRS is one of the only text facilitators to be licensed by Metro PCS, the largest prepaid carrier.

"Consumers perceive our messages as a customer service. Less than 2% opt out, which we feel is due to our formatting as a courtesy text, as well as our requirement of an opt-out choice in every message," Mike Cantrell adds.

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