If you’re considering jumping into expedited payments vs CenPOS Electronic Bill Presentment & Payment (EBPP), also known as Electronic Invoice Presentment & Payment (EIPP) read on. I received an email blast today that included link to download a study about expedited payments. The goal of both systems is to enable immediate payment for a bill. In the case of utilities, this can be critical to enable turning on or preventing the turning off of a service.
Bookmark or favorites this page, download the expedited payments article, read and then jump back here.
OK, you’ve read the study right? How much do you think it will cost to use an expedited payments solution? Installation and set up? I’ve paid my bills online probably since the first time it was offered. I consider myself an early adopter of technology. In business and personal I have exactly ZERO customers or vendors using ANY expedited payment solution remotely like this. I do have one vendor using Freshbooks and another using BillTrust. This type of service will grow.
Let’s compare any other solution to our CenPOS EBPP solution.
|ITEM||Expedited payment, PreCash Billocity, BillTrust||CenPOS EBPP , virtual terminal, and POS|
|accept credit and debit cards||yes||yes|
|pay in store & pay in cash||varies||yes|
|requires payor to login to pay||yes||no|
|push invoice to customer||varies||yes|
|dashboard reporting with key metrics by any merchant group set up||no||yes|
|automated interchange optimization to lower payment processing fees||no||yes|
|automated email if bill not paid||if available, fixed 30 day||yes, flexible interval|
|automated credit card expiration notification and management module||?||yes, automated card updater also supported|
|installation||$3000 and up; $20,000 + common||$199 average|
|monthly fee||? It’s a lot||Minimal|
|Mobile set up fee||extra||free|
|Mobile use fee||extra||all fees same regardless of source|
|Create invoice fee||?||No|
|Deliver your invoices electronically||?||Transaction fees, not for invoice delivery|
Each of the solutions has something that the other does not. I’ve only touched on a fraction of the features for any of the options reviewed. CenPOS is the most robust and most likely to reduce merchant processing costs. Many new features are in development based on customer requests.