Pandemic-induced changes in consumer behavior created dramatic shifts in the banking sector. According to Novartis and Fidelity National Information Services, April 2020 marked a pivotal point for U.S. banks, which saw a 50 percent decline in branch traffic and a 200 percent increase in mobile banking registrations, respectively. The need for online banking bill pay options experienced tremendous, unexpected growth in 2020.
The 55-75 year old demographic, which impacted sales for stay-at-home orders, became a catalyst for implementing digital banking strategies offering intuitive online features and the support necessary to educate new constituencies. Nearly all bank customers expressed interest in online bill-pay features during the pandemic with speed, ease of use, and compatibility with Apple and Android devices.
With less foot traffic at branch locations, customers quickly demanded online banking bill-pay, deposit, and peer-to-peer options. To accommodate user preferences, bank leaders increasingly rely on Independent Software Vendors (ISVs) expertise to navigate secure pathways for customers to make bill payments, check account transactions and balances, and process payments via mobile, SMS, and email channels. To thrive in the future, ISVs must embrace advancing digital trends in 2021 and beyond.
Top Payment Technologies to Consider
As digital banking solutions continue to emerge, ISVs have more options to leverage integrations to expand current product and service offerings for online banking bill pay solutions. For example, ISVs partner with iCheckGateway.com (iCG) to leverage the following hosted payment gateway features as part of a complete package:
- IVR (interactive voice recognition – for phone payments)
- Hosted Payment Portals
- Custom iFrame Integration
- Mobile Processing
- SMS Invoicing and Payments
- Email Invoicing and Payments
- Recurring Bill Pay
- QuickBooks Online and QuickBooks Desktop
With the rise in ACH WEB Debit authorizations, iCG provides check verification services, a boon to banks that process payments for utilities and municipalities. The iCG-Verify check verification solution validates accounts and provides check account status in real-time. iCG’s check verification service prevents payment issues before transactions are complete. At the point of sale, given the advance notice of insufficient funds availability, for example, payors may conveniently choose another payment option.
Other online banking bill payment solutions are available for ISVs. Partnering with iCG gives access to ACH processing tools, including accepting Remote Deposit Capture (RDC) and Check21 transactions.
Benefits of Going Online with iCG Payments
Partnering with iCG helps partners focus on online bank industry-driven priorities to ensure that you can deliver optimum data security, reliable platform performance and interoperability, and superior customer satisfaction with each integration.
As a Level 1 PCI-DSS certified service provider, iCG offers BIN filtering, tokenization, end-to-end encryption, iFrame implementation, antibot measures, velocity filters, transparent redirecting, and payment methods restrictions throughout its platform.
iCG remains compliant with many security measures, meeting and exceeding the standards Nacha recommends for any online payment gateway. Evaluating the iCG-Verify tools to validate the bank accounts and added protection services offered, like providing bank authentication tools and real-time account balance status information, merchants complete more transactions more securely.
The cohesiveness of operating within a single platform enables ISV bank clients to generate revenue through online bill pay merchant account services. They offer all-in-one payment processing capable of handling multiple payment methods across all channels. Access to user-friendly developer tools, plugins, links, and APIs simplifies the integration process.
iCG encourages partner feedback to fuel the growth and efficiency of its platform. It offers the development and deployment of contactless payments and on-the-go service payment options by phone, computer, and mobile-connected devices.
Why Banks Connect ISVs To Work With iCG Bill Pay?
The 2020 significant shifts in banking and commerce resulting from the pandemic seem to bring about positive changes for the economy, benefitting merchants and consumers alike. For ISVs, the opportunity to help banks implement secure, cost-effective digital payment technologies remains strong.
Review strategic ISV partner benefits when servicing the banking industry with online bill pay options:
- Creates value-added innovative payment solutions to bolster client retention and improve customer satisfaction beyond the original product’s offering capabilities
- Generates new revenue outside the scope of the original software product by splitting merchant transaction fees with the ICG gateway
- Delivers easy-to-use technologies and features for all parties involved
- Provides certified top-level data security protection required by Nacha and the PCI compliance organizations, continuously monitored and updated by iCG
- Makes accessible, convenient payment tools customers demand, without the need for ISVs to assume the support or risk related to the technology
- Builds a more robust software integration model for ISVs and their clients
- Integrates multiple payment options with a variety of solutions, each utilizing ACH and credit card payment functions
- Provides front-end transaction verification to reduce fraud and fee exposure
- Pre-validates transactions, eliminating time-consuming NSF attempts or non-payment
- Generates fewer customer service calls with systems integrated into one platform
- Produces less mail to sort through for billing purposes due to automated processes
- Digitizes and automates commerce processes, reducing client expenditures
The positive feedback, additional service offerings, and competitive rates enable most ISVs to sustain deeper relationships with their customers. Online banking bill payment benefits the merchant, with efficiency in their time and fees managing their business all in one platform, and the ISV, with the additional long-term revenue.
Backed by the strength and experience of iCG, ISV partners enjoy secure transactions and several software integration platforms in the marketplace. Developed to meet the stringent banking industry clients’ strict standards, bundling iCG’s technology with existing product and service offerings enhances current revenue stream profit potential. Partner with iCG to build technology bandwidth without sacrificing additional resources to service customers typically results in more loyal, long-term bank client relationships. Get in touch with our partnership team today.
Date Originally Published: February 9, 2021
Date Updated: August 1, 2022