MURRIETA, Calif. (1/26/12)--Financial technology services provider and consultant CUTEK Inc. has introduced a custom interface for skip-a-pay transactions.
CUTEK's interface displays all eligible member loans and warnings on their account to show if the member qualifies for skip-a-pay. Members who qualify can click on the loan(s) they would like to skip for a particular month and hit "process." Skip-a-Pay looks at each loan "skipped" and recalculates the date when the next payment is due.
CUTEK's Skip-a-Pay also allows credit unions to track member skips throughout the year, whether they were once a year or every six months. The credit union can create a "skip report" for its records and the member.
"Obviously, this service is really popular for the holidays and summer vacations," says CUTEK President Ron Murray. "But we have found that it has been used more and more since the economy has had its challenges, allowing members who may be in a bind to free up cash once or twice a year to use for extra spending money."