Steamlining Payments Receivables for Billers

Fast. Flawless. Electronic every time.



 

A sizable opportunity to be more profitable

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.

 

Making electronic payments happen is at the heart of what we do

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.

     
 

The right tools to keep pace with a fast-changing environment

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.

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MasterCard RPPS makes it easier for you to stick to business

If you process your organization’s online bill payments yourself, you’ll be glad to know that we offer a whole range of tools designed to make the job simpler.

 

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Electronic Payments: The Opportunity and the Solution

 

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.

Why Use MasterCard RPPS to Receive Payments?

 

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.

The right tools to keep pace with a fast-changing environment

 

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:

  • Account Conversion Technology—(A patented technology) Matching old account numbers to new account numbers due to mergers, acquisitions, and other events involving account changes can create headaches, especially when consumers and bill-payment service providers continue to send payments with old account numbers. This service helps quickly resolve payment routing and posting issues inherent in account number conversions and helps you accurately process more payments.
  • Stop File Processing—More and more payments are reaching billers electronically, which makes MasterCard RPPS Stop-File Processing an especially valuable tool in removing and preventing payment defects. The service allows payment receivers to stop unwanted electronic payments early in the process and alerts the sender automatically of the stopped payment. And when you work with MasterCard RPPS, services like Stop-File Processing apply to all of your third-party payments—bringing the value of consolidation to your processes.
    Key Features:
    • This service enables payment receivers and their billers to:
    • Control acceptance of payments
    • Manage timing of file updates
    • Reduce costs associated with handling both rejects and customer service issues

Get Started Today and Enjoy Extensive Support

 

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.

  • Our dedicated Account Support staff offers expert, timely assistance. When you contact MasterCard RPPS Account Support, you will reach a trained product specialist to help you with your bill payment processing needs.
  • Public advocacy, consumer awareness programs, marketing initiatives, sales support, and proactive account management are designed to improve your bottom line

To learn more about all of our payment services, please contact MasterCard RPPS Expert Sales at 1-800-535-2130.

 

1. Javelin Strategy & Research: 2010 Online Banking and Bill Payment Forecast

2. TowerGroup, September 2006

 

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