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Banks Need a New Strategy on Bill Pay

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American Banker recently published an article from Terence Roche, a business and technology consultant in the financial industry, about the need for banks and the technology companies serving them to create a better strategy when it comes to bill pay options. Mr. Roche may have had consumer bill pay in mind, but the problems and challenges he outlined were similar to the hurdles banks face in offering business bill pay solutions.

While many banks are stalling as they figure out what to do next, customer loyalty – on both the retail and business fronts – is slowly slipping away as people turn to non-bank products for more modern bill pay technology.

Banks looking to tackle this issue head on first have to understand what their customers are looking for. Based on MineralTree’s research and conversations with companies across the country, here are the top five features customers want from their business bill pay solutions:

  1. Direct integration with the Accounting/ERP application. By integrating directly, customers eliminate manual dual-entry, reduce errors, and provide visibility into their entire AP process.
  2. Automated invoice capture. Your customers do not want to use a bill pay solution that requires them to manually enter invoice information.
  3. Simplified invoice and bill approval. Bill pay solutions need to be web-based so customers stop walking pieces of paper around the office and so that they can reach approvers anytime, anywhere, via any device.
  4. Secure payment authorization and execution. Bill payment solutions are expected to implement everyday cash management features and financial controls. If you are not offering them segregation of duties or dual authorization, customers will not adopt.
  5. Fraud protection. Bill pay systems typically do not offer fraud protection. Growing businesses will not implement a solution that does not offer them a level of comfort or guarantee them against online fraud protection.

Customers want a secure, easy-to-use solution that automates the whole invoice-to-pay process, and can integrate with their existing accounting software

Sign up online today for our webinar, Business BillPay in 30, on February 9 from 1-2pm EST. If you’re interested in extending your bank’s bill pay services beyond what they are today, we promise this will be worth your time!

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