Revolving Credit Software
IvyTekRC, combines all of the easy to use software features our customers have come to know and expect from our products with the latest in “on-line” technology including a Windows-based statements module to create a powerful new business tool for tracking and billing revolving credit transactions.
With IvyTek’s new software, the user simply sets up an open account (line of credit) with a customer, establishes a credit limit, adds purchases or cash advances and collects interest on the unpaid average daily balance, in much the same way as a credit card company operates.
The benefit of this type of loan transaction is the ability to add on either a “cash advance” or “product purchase” to an existing account eliminating the need to refinance the loan and sign a new contract. The amount of each new transaction during the billing period is simply added to the previous balance and included on the next monthly statement. The automated monthly statements have been professionally designed in the “Windows” environment and show the borrowers account information including new purchases, accrued finance charges, the borrower’s new balance and the minimum amount due.
The statements can be issued from either a store front location or from a central office location via internet FTP/IIS*automated technology with seamless PDF* document transfer and storage. IvyTekRC, is currently being used in Kansas for motor vehicle equity lines of credit (auto title loans) pursuant to K.S.A. §16a-1-101 et. seq. and beta-tested in Louisiana for “line of credit” retail purchases pursuant to Louisiana Consumer Credit Law (la. R.S. §§9:3510, et. seq.)
The types of businesses which can use this software are as varied as the products or services they provide. For example, grocery, furniture, and hardware stores, repair, ATV and parts shops or gardening and pool services.
In short, if you extend credit and want to collect interest on open accounts this software is for you. Contact IvyTek for more information on how this product can be used to increase your bottom line. Contact us today.