How can a hosted pay page or electronic bill presentment and payment (EBPP), also known as electronic invoice presentment and payment (EIPP) improve your customer experience? Cardholders are increasingly weary about giving out card data over the phone, or worse, via fax, which also has PCI Compliance implications. Reducing friction to collect payments, while putting cardholders in control of their data, is proven to increase sales and cashflow.
With EBPP, the payment request is delivered to the customer via email or text. Instead of asking customers to find the pay page, the customer is given a link to pay a specific bill or invoice, or multiple invoices. Empowering customers to review and pay multiple invoices on demand by logging into a secure portal is also a significant benefit.
Merchants can reduce risk of lost credit card disputes and resulting chargebacks with a multifaceted approach:
- Ecommerce merchant account required
- Verify address & zip code
- Verify CVV / CID security code; if using token billing, prior validation is OK
- 3-D Secure: Verified by Visa (Vbyv) and MasterCard SecureCode – cardholder authentication shifts fraud liability back to issuer. This is especially critical for international sales where address verification is often not possible; there are limitations though so check the rules to see how it fits in your fraud prevention program.
- How can a merchant enable customers to remotely pay an invoice, while maximizing security to prevent chargebacks from disputes? A critical step is managing the transaction representment to the issuer.
- Require all B2B customers to confirm copy of the emailed receipt via a company email address
- Optional custom procedures may be added based on risk tolerance
In summary, either method of online payments increases security and enables customers to pay 24/7 to increase cash flow. EIPP solutions have significant additional benefits and the cost to implement has dropped significantly, with many businesses experiencing an instant ROI.
Christine Speedy, CenPOS global sales and integrated solutions reseller, 954-942-0483. CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships.