National Auto Care Corp Improves Its Processing With JPMorgan's Single-Use Accounts Technology

National Auto Care Corp., an Ohio based vehicle service agreement provider, has significantly improved its claims processing operations in less than a month by using JPMorgan's Single Use Accounts technology to help manage one time electronic payments for automotive repair

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National Auto Care Corp., an Ohio-based vehicle service agreement provider, has significantly improved its claims processing operations in less than a month by using JPMorgan’s Single-Use Accounts technology to help manage one-time electronic payments for automotive repair orders.

Already known in the industry for providing fast payments to car dealers and repair facilities, National Auto Care has leveraged JPMorgan’s automated credit card payments system to help reduce the number of paper checks issued, cut warranty claim processing time in half, improve risk mitigation, and increase its electronic payments base from approximately 60% to 80% of all claims processed.

Single-Use Accounts are an electronic accounts payable tool that provides customers with the flexibility of a purchase card while delivering powerful security, antifraud and reconciliation features.

National Auto Care is using JPMorgan’s Single-Use Accounts technology to help process more than 4,000 monthly claims valued at approximately $2 million. The technology automatically assigns a unique credit card number when a car dealer or repair facility requests approval for repairs covered under NAC’s vehicle service agreements. Usage parameters are assigned automatically to each credit card number based on the service order, such as the name of payment recipient, the exact dollar amount available and the type of repair that is approved. Once repairs are completed and the credit card number is used, the claim is automatically paid if the service center name, dollar amount and repair type match. NAC is alerted and the payment is held should these parameters not be met.

“National Auto Care has been providing superior customer service for nearly 25 years. Our success hinges on our ability to quickly and accurately pay our customers’ claims,” says William Speaks, CEO, National Auto Care Corp. “With J.P. Morgan’s Single-Use Accounts technology, National has further increased the speed at which we pay our customers, while helping to reduce the number of paper checks being issued. Customers can be paid today for work that was completed this morning. Not many businesses in any industry can achieve those results.”

D.C.

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