Fast. Flawless. Electronic every time.
Every moment of every day, someone in the U.S. is clicking "Send" to pay a bill. In recent years, online bill payment has exploded as people realize its advantages. In 2010, 47% of U.S. households, or 42 million, logged on to their bank or credit union to pay bills on a monthly basis.1 It’s more than convenient—it also enables more timely payment posting. For organizations like yours, the speed, efficiency, and simplicity of online bill payment yields substantial savings and happier, more loyal customers.
At the same time, this extraordinary growth sometimes comes at a high price. All electronic payments are not alike. Even when your customers pay their bill to you online through their bank or credit union, it may ultimately reach you as a paper check. Then there are unpostable payments—bill payments that can’t be credited to the correct customer accounts—which can cost you, your customers, and processors over a half a billion dollars each year.2 And the attrition rate for consumers who experience the hassle of unpostable payments is as much as triple that of other customers.2
Knowing what you and your customers stand to gain through online bill payment, the challenge is twofold: how to make it more attractive to people who have yet to adopt it, and how to make it more reliable for those who already use it.
Greet the challenge well equipped
MasterCard RPPS is here to help you benefit fully from the online bill-payment service banks provide to the customers they have in common with you. You can start by tapping into our single-connection network, which delivers access to virtually every online bill-payment service, both financial institutions and third-party providers. From there, we’ll help you maximize your current electronic bill-payment posting capacity. If you don’t already receive payments electronically, we’ll help you transform tedious, costly, paper-based receivables into a model of efficiency.
While some services can deliver bill payments electronically from consumers directly to billers like you, MasterCard RPPS has a uniquely central role in the industry—tens of millions of electronic bill payments are processed every month through the MasterCard RPPS network. We do it cleanly and quickly, minimizing unpostables that can cost billers money. Here’s how.
Quality data ensures a high success rate. Our self-healing network prevents errors whenever possible, with unique services that can repair unpostable data when it occurs. It’s all part of improving the quality of the transaction and its ability to be electronically processed rather than being rejected. That means your customers’ bills get through quickly and reliably—one more reason for them to like doing business with you.
Multiple daily cycles speed payments through the system. We can help you receive data and funds faster, because transactions move quickly through our system—five times every day—dramatically improving days sales outstanding. And with multiple daily processing cycles and guaranteed funds settlement, your customers’ payments are posted the same day they’re received. You can count on MasterCard RPPS to deliver your customers’ online bill payments to you flawlessly.
The speed and accuracy of our automated payment processing can also make your back office more efficient by eliminating the need to manage multiple payment originator relationships—whether directly or through your lockbox service provider. That means fewer customer inquiries and the costs that come with them.
A dependable funds environment protects you from risk. All of the funds are secured from the origination point before a transaction is sent to you. It eliminates the risk of returned items due to insufficient funds. That’s something you don’t get from standard “online” payments.
Ultra connectivity links you to virtually every player. MasterCard RPPS offers a single, reliable connection to virtually every electronic-payments provider in the country—home banking, walk-in payments, credit counseling agencies, bill-payment web portals. In fact, we’re connected to more billers, payment receivers, and lockbox service providers than anyone. We can connect to your payments processor or directly to you, if you manage your own accounts payable system.
MasterCard RPPS understands competing successfully takes more than fast, accurate, reliable payment capability (as important as it is). You also need tools that keep pace with the fast-evolving IT environment, a clear understanding of industry developments, and effective strategies for a competitive marketplace.
From ongoing product enhancements to public advocacy, from consumer awareness programs to business-building marketing initiatives, from sales support to proactive account management, MasterCard RPPS is more than a transaction processor. We add value every step of the way.
MasterCard RPPS continues to bring new innovations to market that help to optimize the electronic bill-payment experience from end to end. Here are just a few examples:
MasterCard RPPS adds value across the electronic payments landscape. Learn more today!
MasterCard RPPS delivers advanced electronic payment services, setting the standard for the industry. We understand and fully support your needs—and we’re ready to manage your online bill payment tasks so you can concentrate on building your business in this expanding environment.
To learn more about all of our payment services, please contact MasterCard RPPS Expert Sales at 1-800-535-2130.
Web site: www.mastercardintl.com/rpps
1. Javelin Strategy & Research: 2010 Online Banking and Bill Payment Forecast
2. TowerGroup, September 2006