Why financial institutions should provide digital bill payment solutions

As a leader in the payments industry, Deluxe communicates with businesses of all sizes. From these conversations, one specific topic that inevitably arises for commercial customers is their aspirations and pain points regarding their digital journey. Luckily for them, your financial institution can help by providing a digital payment solution.

A digital payment solution, which can also be referred to as an electronic pamyent, is the transfer of funds through a digital or online means, without the need for physical cash or check. 

Retain and attract your commercial customers with digital payment solutions

As a financial institution, customer loyalty and growth are the top key drivers for your digital transformation. Fom our conversations with businesses that send invoices or statements to customers in order get paid, we’ve identified two big themes:

• They want fewer vendors. They want one single partner who allows them to view, search, and receive daily posting files for all payments for all payment sources. As their trusted banking partner, you are in perfect position to provide this.
• They want their banking partner to help them thrive despite the disruptions in the world. One common request is to have resilient digital payment solutions that make it easy for their customers to pay them quickly, and in a way that reduces the time and cost of posting payments to their accounting/ERP system. These businesses also say they are willing to switch banking partners to get the digital features they need.

The solution: An electronic bill presentment & payment service

The ability to receive digital payments is no longer a luxury for businesses. In fact, approximately 60% of bills are paid electronically and online—which adds up to more than 9 billion bills paid annually (and it is growing as the number of paper checks declines).

Receiving digital payments helps reduce disruptions caused by weather changes, mail delays, and general labor shortages. It streamlines the posting process since the payments always include your customer’s account number. And it protects and improves your cash flow vs. dealing with paper checks.

Deluxe Bill Pay is an electronic bill presentment and payment (EBPP) service that enables your financial institution to give commercial customers a secure, made-to-order payment site where payers use their mobile device or web browser to view invoice(s) and make payments using a bank account or card.

Deluxe hosts and manages the bill pay infrastructure so there is no software for you or your commercials customers to buy, upgrade, or worry about. Deluxe Bill Pay runs in world class data centers and is built to support the security and compliance standards you and your business customers expect (including PCI, HIPAA, SSAE 16, SOC 2, and ADA).

Benefits for Your Financial Institution

Along with retaining and attracting key commercial customers, Deluxe's EBBP solution benefits your financial institution in several ways:

• Helps reduce disruptions caused by weather changes, mail delays and general labor shortages
• Streamlines the posting process since the payments always include your customer's account number
• Provides a source of non-interest fee income
  
• Gives you competitive advantages to attract commercial customers from other financial institutions
• Simplifies life because you have a single partner – Deluxe

Deluxe Bill Pay is available stand-alone or as part of the Deluxe Receivables as a Service (RaaS) platform. This powerful receivables platform includes payment capture services (including Bill Pay, Lockbox, and Remote Deposit Capture), remittance matching services, and integrated receivables services that allow customers to view, research, and download posting files containing payments from all payment sources.