- 24 July 2003 15:44
Toyota Financial Services Appoints CommSecure for Direct Debit
SYDNEY, AUSTRALIA – 24th July 2003– Toyota Financial Services customers will soon be able to make payments online following the appointment of electronic commerce specialist CommSecure to provide direct debit payment and establishment services.
Toyota Financial Services (TFS) has approximately 650,000 customers in Australia, which complete around 2 million payment transactions a year. From August, they will be able to make payments directly through the company’s website at www.financialservices.toyota.com.au, instead of using deposit slips with cash or cheques.
“This new facility will be a great convenience for customers who want to make payments over the Internet or set up ongoing direct debits,” said Mr Andrew Herring, General Manager, Business Services at Toyota Financial Services.
The move to use Consumer Initiated Direct Debit, or CIDD, will also deliver substantial cost savings to TFS by reducing transaction costs by more than a dollar per payment.
Migration to electronic payments will also enable TFS to streamline its business processes and deliver more information to both customers and Toyota staff. Moving from paper deposit books to online payments, for example, will immediately reduce the organisation’s printing and mailing expenditures.
With CIDD, customers agree to transfer funds to the nominated organisation, in this case Toyota Financial Services. CIDD is perfect for repayment of car and other vehicle loans because the amounts involved tend to be the same and paid on a regular basis.
CommSecure will provide the e-commerce infrastructure required to display payment requirements (repayments due or invoices) and securely receive payments through Toyota Financial Services’ website. It will also receive mandatory Direct Debit Request forms from customers and store them on Toyota’s behalf. These will be housed by CommSecure in an encrypted form and can be retrieved online by TFS staff when required.
“CommSecure is providing a fully outsourced direct debit solution to Toyota Financial Services that incorporates both direct debit transactions and the paperwork involved in establishing each customer on the system,” said Mr Ray Loyzaga, CommSecure Managing Director.
The new online payment facility will be created quickly and without significant changes to TFS’s existing IT or business systems. Further reduction of the company’s upfront investment requirements will come from CommSecure charging for the system through transaction fees.
This arrangement is an example of CommSecure’s strategy of providing outsourced (‘ASP style’) solutions and developing recurring income streams that grow with customer use.
About Toyota Financial Services
Toyota Financial Services is a division of Toyota Finance Australia Limited. Established in 1982, the company has net receivables of $3.5 billion and works closely with Toyota Motor Corporation Australia and the Toyota Dealership Network to provide their customers with a wide range of finance, insurance and warranty solutions. See www.financialservices.toyota.com.au
CommSecure Limited (ASX:CMS) is a technology and services company providing comprehensive e-business solutions to corporate, government and other clients in Australia, Asia and the US. Established in 1998, it is among Australia’s leading e-commerce specialists with solutions that include: PaySecure (Australia’s most complete e-payments gateway service); BillSecure (electronic bill payment and presentment); MarketSecure (online share trading and financial markets systems); and HostSecure (specialist Internet hosting). It also captures and manages Direct Debit Request forms via its DDRSecure service and provides sophisticated Web Development and Technical Consulting services. See www.commsecure.com
For further information:
Ray Loyzaga Lachie Hill Managing Director CommSecure PR CommSecure Limited Lachie Hill Communications (02) 9497 4400 (02) 9953 5629 firstname.lastname@example.org email@example.com