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 Text cheque™ for Merchants Text cheque™ for Merchants

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Fast fact:
'HiPAAS is the only on demand mobile payment service on the market'


Any organisation that sends bills to customers regularly is challenged with collecting payments on time and processing them efficiently. For bills that must be paid in full, some consumers opt for automatic bank payments triggered by the merchant. But for partial payments or should the customer want to retain control over the payment’s timing, the usual alternative is ‘cheque in the mail’ - slower to collect the cash and more expensive to process than payments in the electronic domain. Using Text cheque™, merchants can offer SMS-based authorisation of payments of a specified amount directly from the customer’s bank or card account for fast and efficient settlement of bills.

Consumers have many choices for paying bills: Automatic bank payments and on-line bill payment are highly efficient, Although automated, and a relatively inexpensive process for the merchant, an automatic debit is suitable only for those wishing to settle the entire balance and not for consumers who typically make partial payment on a balance due, such as in the case of a credit or store card bill or for customers that seek to control cash flow and the timing of their payments.

Despite an increase in usage of automated payments, many consumers prefer simply to mail a cheque. But the cost of processing cheques can be substantial and payments often arrive late for reasons beyond both the consumer's and merchant's control. This can often lead to expensive disputes with the customer about charges applied to a balance for late payments.

To pay a bill using Text cheque™, a customer waits for a payment request by SMS and replies with a password and amount to be paid. The payment is then automated but the customer retains control over the timing of the reply and the payment amount. Text cheque™ enables consumers to control personal cash flow but avoid the hassle of a late payment. Merchants can offer incentives to send a Text cheque™ the same day the payment reminder is received. The entire payment experience is focussed on making life easier for the customer which in turn increases loyalty to the supplier.

Text cheque™ compares in efficiency to automatic debits but with the flexibility that enables collecting partial payments. For merchants offering the service, this means reduced mail sacks and manual cheque processing, fewer expensive late payment disputes, accelerated cash collection and satisfied, loyal customers.
 



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