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Case Study

Perpay increases direct deposit conversion rate for eligible users by 2.19x with Pinwheel PreMatch

Perpay increases direct deposit conversion rate for eligible users by 2.19x with Pinwheel PreMatch
Case Study

Perpay increases direct deposit conversion rate for eligible users by 2.19x with Pinwheel PreMatch

Challenge

Perpay wanted to ensure that paying off installment plans was as easy as possible for their customers. They recognized the need to invest in a frictionless digital experience that would connect directly to their customers’ payroll providers, allowing users to easily set up automated repayment schedules.

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Solution

In 2023, Pinwheel began beta testing PreMatch, our next generation Deposit Switch experience which allows eligible users to bypass the search and login steps. Recognizing how this new switch functionality solved for user drop off points in the pre-existing flow, Perpay agreed to participate in the beta and began routing eligible users through PreMatch. The Pinwheel Prime Deposit Switch experience drove immediate results.

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Setting the stage

In 2020, Perpay implemented Pinwheel Deposit Switch, powered by the industry’s leading conversion optimized platform, Pinwheel Prime. Pinwheel Prime dynamically routes each user to the most optimized conversion experience based on an immediate analysis of hundreds of user-specific variables.

When PerPay first implemented Pinwheel Deposit Switch, the Pinwheel Prime platform was comprised of three dynamic user experiences: SelfLink, NativeLink, and Forms. Perpay saw immediate success with Pinwheel’s flagship Deposit Switch, which you can read more about here.
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At the end of 2023, Pinwheel invented a new way to identify and authorize users’ payroll records without requiring any user entered credentials: PreMatch. This innovation proactively recognizes a user’s payroll records based on pre-existing customer profile data, enabling eligible users to bypass payroll search and login steps to execute a fully credential-less direct deposit switch in just two clicks.

As a result of their long-standing partnership, Perpay was selected to be a beta partner for deployment of this next generation solution.
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Implementation of the Pinwheel Prematch feature took Perpay only 3 weeks, after which they saw an immediate performance uplift. For Perpay customers eligible for PreMatch, they saw a  2.19x increase to switch success rate, and an 11% overall switch conversion improvement.