Text messaging open rates are 98% vs.15% for email. Texts are usually opened immediately. It takes an average of 90 minutes for an email to be read. It takes an average of 90 seconds for a person to read a text message.
Is everywhere. 91% of all U.S. citizens have their mobile device within reach 24/7.
Does not require an internet connection. Can't pick up a Wi-Fi signal? No problem. Text messaging doesn't require Internet access, so even if you're out of range, you can still receive a text.
Is downloaded for free. Text messaging doesn't require a smart phone and there is no need to download anything. Meaning if one of your customers still has a flip phone, they can still receive the text.
Is state-of-the-art. Impress your clients by implementing the latest leading edge communication technology.
Is cool. A large demographic of consumers has abandoned the email and turned to text messages.
Show your clients that you are keeping up with technology, and give your company a head start over the competition.
Text messaging is a subscription web service offered by ABS – the prices start from about $26 and goes up depending on how many texts are sent out monthly. Most customers do not text on every one of the options as you will see in this document so most customers are in the $26 - $40 dollar range, but again it will come down to usage, in the agreement there is a table that gives approximate charge data you can look at.
To sign up for Text messaging, open TMO:
Go to Tools/Options, then select "Enable Text Messages Notifications":
Important Note: Click on the "Read and accept terms of service", and please read the entire agreement so you understand the contract you are signing with ABS regarding text messaging. At the bottom of the agreement you can then sign and "Accept" the document and your texting service will begin immediately and you will be billed monthly by ABS for the service:
"Queue All Text Messages" – you can queue the messages instead of immediately sending the text message out, this is not recommended as you may forget to send out the queued messages out from the "Text Module". If you don't send out the "queued messages" they will never get delivered.
Or, under in the settings wheel for TMO PRO:
Then under Tools/Options/Loan Servicing/Text Messages, you can edit the text for the various Alert Types (from the drop-down menu).
TMO Pro:
Just make sure you've got text messaging enabled for your borrowers/investors, and a valid mobile number.
In TMO Pro:
That is it on getting Text messaging setup on TMO.
These are the Alerts that can be sent from TMO to Borrowers and Lenders:
Note: You cannot create and send individual custom text messages, these are all system generated texts, you can choose who gets texts by checking or unchecking their text box in the borrower or lender setups.
To get TMO to send the text messages here is where you will send the text messages from:
"Borrower Payment Statements" Loan Payment Reminders when printing:
Automated Borrower Payment function : Your loan is scheduled to be debited from your bank account.
Regular Payment Made from TMO : This sends a text to both the borrower and the lender:
Click "Send Text Message" box to send a text message to the borrower that their payment was just entered into TMO.
ACH Deposit – Detailed (Lender Notification is sent to the lender)
ACH Deposit – Summarized (Lender Notification is sent to the lender)
When depositing funds via ACH to a lender, TMO will text the lender either a "Detailed" or a "Summarized" text notification of the deposit.
In the pull-down, you can choose either Detailed or Summarized notification in the list and check "Active" for the type of notification you want to send.
Here is where you can choose which notice to send:
Tools > Options > + next to loan servicing > Text Messages >
Using the Text Messages Grid
The text messages grid enables you to quickly and easily perform many functions including purging, deleting, viewing and exporting text messages:
When on this screen , press <F1> to get help information on what other options you have in this screen.
In TMO Pro:
This screen is mostly for tracking when texts were sent out and you also have an option to queue up your texts to send at a specific time and this is the screen where you can send out queued up messages. Queuing your messages is not the most optimal way to send your text messages as if you forget to send the queued messages they will never go out.
OPT-Out of Texting Option for Customer
TMO only has one-way text message usage in terms that it can only send out text messages, it doesn't have the ability to receive text messages.
If somebody replies back to a text message it is supposed to text that the "number is in-valid to receive texts".
If a customer wants to opt-out of texting, you will need to let them know (maybe in the text message) that if they want to opt-out they have to email or call you:
