PreCash, a leading provider of payment solutions, today announced Billocity, a unique expedited bill routing and delivery service.
Billocity offers bill payment processors easier, faster and more profitable payment delivery. The service uses virtual card accounts to help processors add revenue and deliver a better value to consumers and billers.
The bold new solution presents bill payment processors an additional way to route expedited payments through a biller's existing, automated Internet and telephone channels using virtual Visa and MasterCard card accounts. Consequently, it dramatically accelerates average payment-delivery time, delivering consumers' payments faster, helping them avoid late fees and service disruption. Additionally, there are practically no development costs for bill payment processors, making the service quick, easy and extremely inexpensive to implement.
According to Randy Templeton, PreCash executive vice president of strategic planning, "PreCash Billocity is truly unique because it provides companies routing bill payments a fast option that adds revenue but doesn't punish the consumer with conventional expedited payment fees. Not only is it consumer friendly, it's a better value for billers because it can lower their overall cost to process the payment when compared to other expedited delivery models."
The patent-pending process behind Billocity offers payment for billers in the insurance, utilities, cable/satellite, wireless and local phone industries. Billocity integrates quickly and easily into virtually any processor's bill payment system or model, including walk-in payments, online payments, kiosks and more. Through Billocity, expedited bill payments are typically delivered to billers on the same business day, and, often, in as little as two hours. PreCash has processed walk-in and direct bill payments using technology similar to Billocity for years and processes about $1.6 billion dollars in payments annually across all product lines.
Templeton adds, "Whether creating solutions for processors, merchants or consumers, PreCash constantly finds new and better ways to deliver payments. Adapting proven technology to meet the needs of bill payment processors was a logical step and provides a tremendous growth opportunity for PreCash."