14 Nov

Driving Faster and Simpler Payments for the Auto Repair Industry

  • Posted by Optal
  • 0 Comments

Tuesday, 14 November 2017, London:

At Optal we’re reinventing how payments work across a number of complex ecosystems and sectors. One of these is insurance: in fact, we’ve recently been tasked by insurance companies to review how they pay suppliers, such as vehicle body repair engineers. We want to know more about your pain points so we can help drive a faster, more secure and efficient way to get you paid. That’s why we’ll be at the Auto Body Professionals Club (ABP) Annual Convention, with a mission to find out the key challenges of repair shop specialists.

The power of VANs

Insurers understand that current methods of processing B2B payments require a major overhaul. They’re slow, inefficient, manual and error-prone. That means it can take longer for payment to reach you; and in some cases, cheques may get lost in the post. That’s bad news all round for business and can result in serious cashflow problems for some providers.

Our approach is to use Virtual Account Numbers (VANs): automatically generated, 16-digit, single-use numbers. If an insurer uses VANs to pay you, reconciliation is automatic and immediate, reducing the admin burden and minimising human error in your back office. VANs ensure funds are transferred straight to your account — no more waiting for days for cheques to arrive. It’s fast, simple, and secure.

Reaching out to the community

We think VANs are a great way for you to get paid, but we want to find out what you think. Drop by our stand to have a chat.  Together we can work towards improving the system, so insurers pay your business the way you want, when you want.

 

Contact details:

Bradley Eccleshare

Director of Marketing

Optal Limited

+44 (0)20 3892 4928

bradley.eccleshare@optal.com

 

About Optal Ltd

Optal is re-inventing how payment processes work across complex industries.  By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.

Optal issues Mastercard branded payment products, driving its focus on developing and bringing to market, game-changing payment solutions.

For more information about Optal, visit www.optal.com

 

 

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Regulatory Information


Optal Limited is registered in England & Wales No. 5531282. 17 Moorgate, London, EC2R 6AR.

Optal Financial Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register Number: 900112) for the issuing of electronic money.

Optal Asia Limited is licensed in Hong Kong as Stored Value Facility Issuer (Licence number SVF0006), regulated by the Hong Kong Monetary Authority.

Invapay Payment Solutions Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (Register Number: 631411) for the provision of payment services.

Optal Financial Limited, Optal Asia Limited and Invapay Payment Solutions Limited are wholly owned subsidiaries of Optal Limited.

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