What is Electronic Receivable Payment services (ERPS)?
Electronic Receivable Payment services are a fully integrated, end-to-end payment transaction acceptance and management platform that enables companies and organizations to process customer payments electronically for both speed and efficiency. We accept and process electronic draft / ACH, paper check and credit and debit card payments from a wide range of input channels. Management controls and reporting infrastructure address all finance and receivables management needs.
How does the ERPS service work?
Our enterprise-wide payment processing platform is comprised of a high-bandwidth transaction processing engine, an industrial-strength payments database, many integrated payment acceptance and processing applications and a robust and comprehensive payment management and reporting system. The process works as follows:
- Customer payment information may be entered into the BNY Mellon system for processing from a variety of channels.
- After capturing the data, we ensure its integrity, submit payments through the appropriate financial institution(s), and create the appropriate posting and reporting entries.
- Return data from the financial institution is processed to update transaction status and A/R, facilitate collection, and update Notification of Change and account validation data.
- Our rich reporting capabilities support deposits, returns, reconciliation, and cash management functions.
Will my customers accept electronic payment processing over traditional paper check payments?
Yes. Our clients' feedback reflects industry findings over the past few years, which show that customers want the flexibility to pay at any time, from anywhere, via the Internet or telephone. This trend is accelerating, and most customers are already comfortable paying bills electronically. Three primary factors are driving this migration:
- Customers want to save time. They seek out vendors, service providers and marketers offering the flexibility to pay when and how they want, and they gravitate toward payment solutions that are quick and easy to use.
- Younger customers increasingly prefer transacting business online and over the telephone.
- The largest risk of payment information exposure is from individuals with easy daily access to the data. Electronic transactions are inherently more secure than paper transactions because fewer people actually "touch" the payment. With electronic payments, customers enter their own payment information directly or provide it to a single call center representative for entry. Thereafter, the information is protected in a secure database. Contrast that to paper payment transactions, which are typically handled by as many as 10 to 15 people, and the secure choice is obvious.
How can our company evaluate the Electronic Receivable Payment services solution?
Contact us today to learn how we can suit your company's specific needs.