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Frequently Asked Questions

Where does Lexop fit in my collections strategy?

Lexop is a valuable enhancement to your collections strategy, seamlessly integrating into your existing toolbox and filling the gaps, especially in early-stage collections. Lexop can complement your current agent outreach and communication tools by sending automated payment reminders with an embedded self-service payment link. Our solution can strengthen your digital communication capabilities, and replace labor-intensive traditional outreach methods like letters, and phone calls, allowing you to adapt to evolving customer preferences.

Call agents can also leverage Lexop in situations when a customer is on the phone and ready to pay by sending a one-time email with the agreed-upon amount.

What are the main benefits that Lexop offers?

- Increase in self-cure rates

- Decrease in loan servicing costs

- Decrease in customer accounts sent to collection agencies

- Increase in retention and loyalty from a better customer experience

- Higher contact rates from efficient digital communication

- Access to valuable insights through analytics and reporting

- Complete end-to-end digital process

I currently have the ability to send out automated emails and SMS for past-due payment reminders. How is Lexop different?

While automated emails and SMS are effective for past-due reminders, Lexop is designed specifically for collections. Our solution provides a secure embedded payment link in all outgoing communication with a white-labeled payment portal that exists as an extension of your brand. Lexop can transform your collections into a revenue-generating and loyalty-building function and deliver a seamless repayment experience for customers.

How does Lexop support past-due consumers?

We built Lexop to empower past-consumers and provide them with the best experience possible without agent intervention. When a reminder is sent to a past-due customer, Lexop streamlines the self-cure process into three simple steps:

1. Decide to pay the bill: Customers have the autonomy to make the decision to settle their outstanding balance.

2. Determine the amount to pay: Customers can choose how much they wish to pay, providing flexibility if payment plans are offered.

3. Select the payment method: Customers have the freedom to choose their preferred payment method, whether it be Credit Card, Debit Card, Bank Transfer (EFT/ACH), Interac, or other available options.

What type of organizations currently use Lexop?

Lexop is used by a diverse range of organizations including financial institutions, credit unions,  telcos, utilities, and auto financing companies.

If you have collections, we can help!

IT and Implementation

What is the implementation timeline?

Implementation typically takes 4-5 weeks, and follows a simple process: : 

- Payment gateway integration and/or implementation

- Sender authentication and domain identification for email and portal white-labeling 

- Template and workflow creation

- End-user testing

Does implementation require heavy IT resources?

Implementing Lexop does not require heavy IT resources, and there is no need for internal deployment or maintenance on your end. 

With limited IT involvement, you can easily get started with Lexop by importing past-due account lists and communication templates. Many of our customers are up and running within a few weeks.

Do I need to install anything to use Lexop’s solution?

No. You don’t need to install anything as Lexop is a cloud-based software (also known as SaaS) and is accessible through a web browser. Corporate users can access the software with their secure login.

What payment gateways do you support?

Lexop currently supports 150+ payment gateways and is able to integrate with your existing provider. If you do not have an existing gateway, we can recommend a vendor that best suits your needs.

Can our current database be imported into Lexop?

Yes, there are 3 methods to import your current database into Lexop. 

1. You can upload a .csv file containing your data 

2. FTP 

3. API integration as a seamless and automated way to integrate your existing database with Lexop.

Vendor Support and Maintenance

What kind of tech support is available with your software?

Lexop offers support and account management, and you can reach out to us through email, phone, and chat channels for assistance. Our Customer Success team conducts monthly meetings to review key performance indicators (KPIs), engagement and payment metrics, and share best practices. Additionally, we conduct quarterly business reviews as part of our proactive support process.

Do you also provide any assistance or templates on messaging to get customers attention and increase repayment success?

Lexop provides 1x1 support with a dedicated Account Manager to ensure that all campaign assets reflect your branding. 

We offer guidance on best practices for message content that drives engagement, campaign cadences, scheduling, and customer service. We ensure that all Lexop clients can hit the ground running with their collection efforts and achieve optimal results.

Is there a dashboard for admins to login to see activity and pull reports?

All admins can go to their account settings and pull platform reports. They can also access an activities menu to see every message that was sent by all account members. We provide pre-built dashboards that highlight industry-standard KPI performance metrics. Our analytics can be drilled all the way down to the specific message template, allowing you to assess the overall effectiveness of each message and adapt campaigns accordingly.

Security and Compliance

What does a customer opt-out process look like?

Customers are given the opportunity to opt out of both email and text messaging communications.

How do you prevent customers from thinking that communications are not part of a phishing scam?

All communications sent from Lexop appear to originate from your own domain. Our payment portal is fully white-labeled, ensuring that your customers see no trace of Lexop in their interactions. Email communications and payment portals would include your logo, brand colors, relevant links and support numbers, ensuring a seamless repayment experience for your customers.

Where is Lexop’s cloud hosted?

Lexop's cloud infrastructure is hosted in Azure's data centers, leveraging the robust capabilities provided by Microsoft. With a focus on reliability and data protection, our storage and operations are backed by Azure's geographical redundancies and stringent measures. This ensures high availability and disaster recovery, aligning with our commitment to maintaining the security and integrity of your data. As part of our dedication to compliance, Lexop is SOC2 Type 2 compliant, providing further assurance regarding the safety and confidentiality of your information.

How is data protected when exchanged within your platform?

Data is encrypted both at-rest (server-side encryption using FIPS 140-2 validated cryptographic module and AES 256-bit cipher) and in-transit (SSL/TLS). Sensitive credentials are encrypted in the database using AES-256-bit cipher.

How do you remain compliant with Regulation F and FDCPA?

Because Lexop is not a collection agency and is used by the original creditor, the strict rules of engagement covered by US federal laws (FDCPA and Reg F) do not apply here. 

Outsourcing the servicing of past-due accounts is not the same as the sale of past-due accounts to a 3rd party (debt collector/collection agency). The email and sms campaigns sent via Lexop do not require the consent of the past-due customer. They are considered transactional communications.