Allied Payment Network, a provider of online and mobile bill payment services to the financial industry, announced at the 2014 BAI Retail Delivery Conference & Expo the availability of BizPay, a small business payments solution that enables organizations to make bill payments, send payroll funds electronically, transfer funds to an external account, and email electronic invoices to their clients from within a single platform.
“Small businesses are one of the most underserved segments of the banking industry, yet they provide the biggest revenue opportunity for financial institutions. Why? Many small businesses are often willing to pay and absorb fees for convenience and value-added services,” said Ralph Marcuccilli, president and CEO of Allied. “Offering a needed solution, such as BizPay, can help transform a small business and solidify a bank or credit union’s small business relationship. Again, a win-win long term relationship, ultimately leading to increased revenue and more satisfied small business customers.”
A centralized, small business payments package like BizPay serves as a value-add for financial institutions to offer their small business banking customers. BizPay can be implemented as a stand-alone small business solution, no matter what bill pay system is used by a financial institution. Not looking for a stand-alone solution? Then simply consider a fully integrated suite, with Allied’s FlexPay Internet bill pay platform and PicturePay mobile photo bill pay solution. All can be accomplished with a simple implementation process for Allied’s existing bank and credit union customers. Additionally, Allied’s BizPay solution leverages a “good funds” model, with no ACH risk exposure to the financial institution – customers can send electronic payments with guaranteed funds, eliminating a lengthy ACH enrollment process.
“Small businesses have several of the same payment needs as retail customers – they pay electric bills, utility bills, phone bills and credit card bills, in addition to business needs extending far beyond the needs of retail customers depending on the size of the business,” said Marcuccilli. “This gap has left the door wide open for non-financial institutions to come in and take advantage of a large revenue opportunity that many financial institutions are missing – BizPay helps banks and credit unions close that door and better protect, serve and grow their customer base.”