The financial industry bolts into a Payments Revolution as consumers begin to request transparency and alternative payment methods. An excellent opportunity arose for the iCG CEO, Jason Estes, to speak in a Panel Discussion for MPC 2021 Conference. He virtually sat alongside some other leaders in the payments industry focused on ACH payments.
This discussion went virtual, educating professionals in the payments industry from leaders within the financial technology sector. The MPC leadership team recorded the meetings for future reference and education on numerous topics. They intended to promote to their audience to stay patient in the long game after the pandemic, develop alternative payment options like mobile processing, and ensure the consumers have secure transactions going through to avoid unexpected hiccoughs. The videos from the Mobile Payments Conference 2021 were published on YouTube. If you missed the session on transitioning from paper checks to electronic payments, here are the highlights:
- Electronic payments are “sticky” because they provide consumers with convenience, visibility, and control.
- By implementing turn-key electronic payments, merchants can benefit from accelerated cashflows, automated reconciliation, and reduced PCI or other regulatory compliance burdens.
- ACH validation strategies, such as account validation or consumer authentication, can significantly reduce the risk of returned items. Dealing with those exceptions quickly through automation is equally essential.
- Most hosted solutions can be deployed with existing business processes to create a smooth transition and incentivize adoption with ACH payments.
- Business to Business #B2B transactions still rely heavily on the paper check. ACH is the perfect replacement as a more cost-effective alternative than card processing while enhancing integration and automation capacities.
- Leading with technology and including ACH payments helps the ISO with numerous advantages. They can save the day for those applying for a merchant account to show competitive differentiation, increased margins, and defense against attrition. For the ISV, a complete payments acceptance ecosystem can be provided seamlessly to the user base while at the same time reducing or eliminating compliance scope.
Watch the full video here: Secure Payments & Why Checks Are a Terrific Transition to e-Payments
Date Originally Published: September 09, 2021
Date Updated: August 1, 2022