Registration Renewal Payment Plan Services

The Vendor is required to provide to procure and implement a third-party financial services to offer installment loan and payment plan options for vehicle registrations. 
- Requirement:
1. Payment plans:
•    Offer installment loans or payment plans to department customers
•    Perform real time decisioning and underwriting
•    Clearly disclose all loan terms, including:
o    APR and interest rates
o    Fees
o    Payment schedule and duration
•    Assume all financial risk associated with loan repayment.
•    Disburse full payment amount to the department at the time of the transaction 
2. User-friendly interface:
•    Integrate into department digital channel
•    Provide seamless customer experience with minimal additional steps
•    Offer customer account management tools (payment tracking, autopay, notifications)
3. Integration:
•    Integrate with department systems via secure APIs or approved middleware
•    Support real-time transaction processing and status updates
•    Ensure compatibility with existing department payment gateways and architecture
4. Security:
•    Meet or exceed state cybersecurity standards
•    Ensure:
o    Encryption in transit and at rest
o    Secure authentication and identity verification
o    PCI DSS compliance 
•    Participate in security reviews, audits, and penetration testing as required
5. Financial settlement
•    Remit full transaction amounts to the department within agreed settlement timelines
•    Provide detailed remittance and reconciliation reports
•    Clearly define fee structure, including:
o    Merchant and service fees charged to department (if any)
o    Fees charged to customers
6. Reporting and analytics
•    Transaction level reporting
•    Approval and decline rates
•    Loan performance metrics (delinquency, default rates)
•    Customer usage trends 
•    Compliance and audit reporting
7. Customer service
•    Provide customer support for all financing-related inquiries
•    Handle:
o    Billing questions
o    Payment disputes
o    Delinquency and collections
8. Service levels (SLAs)
•    System uptime (e.g., 99.9%)
•    Transaction processing time
•    Customer support response times
•    Issue resolution timelines
9. Risk and liability
•    assume responsibility for loan underwriting and repayment risk
•    The department shall not be liable for customer default
•    Maintain appropriate insurance coverage.