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Take full advantage of the MasterCard RPPS Online Biller Directory Once you’ve realized firsthand the business potential of offering online bill payment to your customers, every payment you can process electronically only adds to your success. Now there’s a service that can help you process as many payments electronically as possible. The MasterCard RPPS Electronic Payments Maximizer compares your check file to the MasterCard RPPS Online Biller Directory—a constantly updated directory of thousands of billers—to determine if any payments earmarked as checks can be converted to electronic payments. It does this automatically through an exhaustive, high-speed search that targets both primary and secondary biller names (“Con Edison” and “Con Ed”, for instance) and a variety of other critical identifiers to maximize the number of electronic payments that are matched with electronic-capable billers. Reduce the cost of delivering online banking bill payment This new proactive network solution can help you maximize electronic payment volume, reduce payments that drop to paper check, and decrease call center support expense required to help consumers with online banking bill-payment exceptions or perceived problems. The Electronic Payments Maximizer replaces the time-consuming manual process of researching payments dropped to paper check and trying to identify opportunities for converting them to electronic payments. Build your image as a trusted provider Consumers expectations are that bill payments made online are electronic. With the Electronic Payments Maximizer, you’ll reduce disenchantment caused by exceptions that undermine consumers’ expectations that online equals electronic. You’ll also support consumer preference to pay bills at a single site and improve your reputation as a reliable, online banking bill-payment service.
An exploding category—and a growing problem The number of U.S. households that pay bills online now stands at 30.5 million. 1. That makes unpostable payments—bill payments that a biller receives but is unable to credit, or post, to the correct customer accounts—a dramatically growing problem for consumers, bill-payment originators, payment receivers, lockbox service providers, and billers. In fact, it costs everyone involved over a half-billion dollars annually. 2. Furthermore, when consumers experience unpostable payments, customer satisfaction plummets. Unpostable payments are particularly costly to high-volume billers in areas where account change events are common, such as the telecommunications, utility, loan processing, and credit card industries. Mergers, acquisitions, and portfolio conversions can all derail the accounts receivable process, and matching old account numbers to new numbers is often slow and resource consuming. A proven solution Account Conversion Technology from MasterCard RPPS helps you dramatically reduce the number of unpostable payments by automatically identifying and converting account numbers when they change. It lets you process more electronic payments accurately, inexpensively, and quickly. Rapid posting and receipt of funds—and higher volume for you MasterCard RPPS Account Conversion Technology lets you and your billers avoid payment-posting and routing issues that stem from incorrect consumer account information. It enables the MasterCard RPPS network to automatically identify incoming payments that require account number conversion, convert them to the new account numbers, and reroute payments to the appropriate recipient. The service can also improve your billers’ cash collection significantly because not only will they receive funds faster, but those funds are guaranteed. Combine that with the elimination of rejected payments, and it spells higher electronic transaction volume—and increased incremental revenue—for you.Help make your customers’ customers happier The service prevents the disenchantment of consumers, who expect that online equals electronic. It also helps eliminate service disruption, late fees, and credit impact to consumers—all of which can lead to improved satisfaction for your billers’ customers. By converting account numbers within the MasterCard RPPS payment-processing cycle, prior to payment delivery, MasterCard RPPS Account Conversion Technology keeps the processing electronic, ensures correct posting, and prevents payment rejection and return to the bill-pay originator. The MasterCard RPPS database maintains the account number conversion information to continually convert recurring bill payments, eliminating any payment defects indefinitely. The mechanism is entirely invisible to consumers—all they see is smooth, seamless online banking bill payment, without disruption.Drastically cut the costs associated with unpostable payments Your biller customers that have changing portfolios suffer significant hard costs managing unpostable payments and associated customer service calls. Those payments also cost time and money in manual research and resolution, and if they aren’t caught quickly, future exception payments require a manual scrub file exchange with bill-pay originators. When exception payments are eliminated, so are the costs involved in resolving those problems. MasterCard RPPS Account Conversion Technology also delivers Automated Notifications of Change—a feature unique to MasterCard RPPS—to inform bill-pay originators of account number changes. The notification allows bill-pay originators to proactively correct future payments and saves you and your billers the time and expense of following up on unpostables. In addition, an integrated stop-payment service spares billers the expense of researching unpostables that ultimately cannot be accepted (e.g., due to special handling, such as collections, bankruptcy filings, or written-off accounts). The service automatically checks payments against a biller’s stop-payment file and prevents designated payments from reaching the biller, and it automatically alerts the bill-pay originator to the stopped payment.
Take advantage of a fast-growing category Online banking is the fastest-growing channel—by transaction volume—for U.S. retail banks today. In fact, by 2011, 63 percent of online households will pay online, or roughly 60 million households, up from only 38 percent who paid bills online in 2005.1 But to help your billers take full advantage of this opportunity, you need a more efficient way to process transactions—particularly exception items-those returned due to incorrectly entered biller information (e.g., account number) or payments that cannot be sent electronically and therefore have to be dropped to paper check. Dramatically reduce the cost of exception payments Manual exception resolution is a slow, laborious, and expensive process. The MasterCard RPPS Electronic Exceptions Service can reduce payment receivers “check only” processing costs and help you receive funds faster. Plus, those funds are guaranteed, as opposed to payments by check. For bill-payment originators, the MasterCard RPPS Electronic Exceptions Service will not only save you hard costs of about $.20 per item, but also reduce your support costs, such as those for lost or misposted items, manual scrub process, and call center support for assisting customers with bill-payment exceptions. Our service offers a simple, automated solution to eliminate the time-consuming, paper-based processing of exceptions.Take customer satisfaction to new heights When payments drop to check, bill-pay originators can experience costly customer service issues, such as disenchantment from a customer who experiences delayed payment posting, and the potential ramifications of that delay. Now you can improve adoption, retention and usage with a faster, more reliable system while you offer value-added services to your customers—in support of their preference to pay bills at a single site. Plus, faster posting and receipt of exception payments improves your customers’ perception of online banking bill payment, because posting problems are resolved faster, often without their ever knowing anything went wrong.
MasterCard RPPS adds value across the entire electronic payments landscape. Learn more today! MasterCard RPPS delivers the most advanced electronic payment services available, 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 customer-service staff offers expert, timely assistance. When you contact MasterCard RPPS Account Support, you’ll reach a trained product analyst who can resolve any issue or problem. E-mail: rpps_sales@mastercard.com
Web site: www.mastercardintl.com/rpps
1. Forrester Research, EBPP Trends: 2006 to 2011, 1/25/07.
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