Zopa Bank began as the world’s first peer-to-peer lending company and has since evolved into a full-fledged bank that leverages technology to make smart lending decisions and improve financial outcomes for its customers. With a diverse product range including credit cards, loans, savings, car finance, and retail finance, Zopa has consistently sought innovative ways to enhance its services.
In a strategic move to bolster its point of sale (POS) product offerings, Zopa partnered with Acquired. This collaboration has enabled Zopa to provide customers with the flexibility to make purchases from retailers over extended periods, using monthly instalments tailored to their financial situations.
Helping customers get back on track after a missed payment
One of the key features that Zopa has found particularly valuable is leveraging Acquired’s Payment Links solution. This tool has proven instrumental in helping customers maintain control over their finances, especially in cases of missed payments.
We want to make life affordable for our customers. One of the key tools we’ve utilised is Payment Links to ensure customers can keep on top of their finances if they were to miss a payment. We know there can be many different reasons why a customer misses a payment, so we want to make it as easy to get back into as good a position as possible.
Acquired’s Payment Link solution offers customers a variety of payment options including credit & debit cards, Apple Pay, and Google Pay, accessed through text messages, emails, or other embedded links. These communications direct customers to a dedicated page where they can easily make payments using their preferred method, streamlining the process and reducing barriers to financial recovery.
Payment Links in every channel
Payment Links make it simple for customers who have missed a payment to get back in good financial standing.
We wanted to make it as simple as possible for a customer who had missed a payment to get back to a good financial position. We already communicated with our customers about any missed payments with ways to pay, and have a very responsive operations team who work tirelessly to ensure our customers get positive outcomes. With the ‘Payment Links’ solution, it’s now even easier for customers to make an individual payment with the purpose of reducing or clearing any missed payment balance.
Zopa now sends these links automatically through SMS and email, and they can also be generated and sent by the operations team in real time during customer conversations. From an operational point of view, Payment Links have helped streamline processes and reduce time for Zopa’s collections team.
A strategic partnership built on data
Acquired’s partner-based approach, which includes comprehensive reporting, analysis, and account management, has significantly enhanced Zopa’s overall payment strategy.
Data is always the key to good decisions, and working with Acquired gives us insights to determine the best outcome for our customers. It’s also allowed us to identify areas where we can try something new. We consistently use data and the conversations we have with Acquired to help us be better customer champions.
Through its partnership with Acquired and the implementation of innovative solutions including Payment Links, Zopa has demonstrated its commitment to ethical lending practices and customer-centric financial services, improving customer experiences and delivering more effective financial management tools.
Interested to learn more about how Acquired and our partnerships can improve your payment processes?
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