|By Business Wire||
|August 6, 2013 09:07 AM EDT||
Working to improve the “broken” consumer online and mobile bill pay experience, PreCash today announced its solution – PreCash PayConnect. PreCash PayConnect is a mobile and online bill pay platform that gives companies vying for a share of the emerging digital and mobile wallet market an easy way to offer fast, convenient, low cost payments.
“Most online and mobile bill payments take two to three days or more to post,” says Steve Taylor, CEO, PreCash. “The few services that offer expedited options charge excessive fees of up to $25. We created a platform to fix these flaws. PayConnect gives everyone - even people who pay with cash - one easy place to pay thousands of bills while realizing significant savings.”
Built on PreCash’s cloud-based processing system, PreCash PayConnect offers mobile and online payment for more than 10,000 service providers, including utilities, cable, insurance, Internet and more. The platform uses proprietary and patented technology to accelerate the time it takes to process payments allowing for more than 80 percent of the transactions to be delivered on the same day they are paid. The platform allows consumers to pay bills with both cards and cash. In fact, PreCash PayConnect is the first online and mobile payment platform to offer a comprehensive bill pay service for cash-paying consumers.
“Any company serious about capitalizing on the growing mobile and online payments market is remiss to ignore bill pay,” adds Taylor. “More than half of what people spend each month goes toward paying bills, but the services they are using are broken and antiquated. Further, few banks offer expedited payments, so there is immense opportunity for innovative companies to unseat banks and incumbent providers by offering faster payments and a better user experience. That is exactly what PreCash PayConnect makes possible.”
The market opportunity to facilitate fast and affordable bill payments is significant. According to research firm Aite Group, more than 14 billion bills worth $4 trillion are paid every year. Consumers spend billions of dollars expediting payments to avoid late fees. Aite estimates that 30 percent of consumers have changed the way they pay bills in the last two years, and more than half of consumers have tried bill payments outside of their bank.
Due to PreCash’s efficient processing, it can integrate mobile and online payments at no cost to a business partner. The platform is flexible and can manifest as a mobile app, mobile browser service or a web site. There are two integration options:
- an application programming interface (API) to easily integrate into existing services, or
- a white-label app and online interface that partners can customize with their own branding
“There are many companies with services already plugged into the millions of smartphones that people have in their hands right now,” says Taylor. “These companies could benefit from offering bill pay as a value-added service. Businesses are putting tremendous time and effort into fighting for small slices of the mobile payment market, while bill pay could instantly deliver more than half of a person’s monthly spend. Not to mention it is a service that can simplify their customers’ lives and give them a reason to come back month-after-month. Yet until PreCash PayConnect, there wasn’t a model that could make it work from a cost or integration perspective.”
About PreCash, Inc.
PreCash improves lives and business through payments. PreCash offers comprehensive, fast, easy and low-cost payments services for retailers, financial institutions, businesses and consumers. With its robust bill payment platform, extensive licensing and stored value resources, PreCash offers a breadth of solutions anywhere people and businesses access financial services. Whether walk-in bill payments; processing services for money transmission and prepaid access; mobile and online bill payments; expedited bill payment processing; or Visa®, MasterCard® and Discover® prepaid services, PreCash helps businesses generate revenue and build stronger bonds with consumers. To learn more visit www.precash.com or follow us on Twitter or LinkedIn.