FORT WORTH, Texas — In April, IPPI Distribution Systems (IPPI) submitted its 1st Equity Payment Auto Budget Payment Plan to the Texas Department of Banking, which maintains specific rules and regulations regarding the marketing of financial services to Texas consumers. The result is that IPPI is now able to offer the 1st Equity Payment Auto Budget Payment Plan to Texas consumers without a license due to its carefully orchestrated structure.
The 1st Equity Payment Auto Budget Payment Plan is issued and administered by issued by an FDIC-insured bank. The program is designed to provide customers with third-party bill payment services using a virtual prepaid card account.
To complete the process, a customer fills out the consumer agreement, which IPPI then forwards to the bank. The bank then reviews the agreement — as well as the results of IPPI's CIP / OF AC checks — and upon the bank's acceptance, it becomes effective. The bank is liable for the money services owed to the consumer, and IPPI merely act as the bank's limited agent for purposes of managing and marketing the program, according to Guy Manasse, CEO of First Equity Payment, which now has active customers nationwide.
“We strongly believe this structure is far more beneficial to consumers than the traditional monthly payment,” Manasse said. “We are proud to be working directly with the bank to be able to expand this option to even more consumers, both in the state of Texas and nationwide.”
Originally posted on F&I and Showroom