Joining with an electronic bill payment and presentment (EBPP) or digital payment partner is essential to doing business in today’s competitive environment. Channel sellers need the most innovative digital payment solutions on the market if they intend to compete. Most banks, systems of record (SORs), and integrated software vendors (ISVs) have already selected an EBPP partner. The question is whether that original choice is still the most suitable for meeting their client’s needs now and in the future.

If you aren’t satisfied with your current solutions, it may be time to reconsider your relationship with your current digital payment partner. Here are some questions to consider:

1. What is Your Current Digital Payment Partner’s Uptime?

Ideally, a digital payment system would function 24 hours a day, every day of the year. Consistent uptime ensures that all payments, online or otherwise, can be processed whenever the payment is initiated by the payer. Because your digital payment partner hosts those payments, the speed and efficiency with which they are transacted are dependent upon their system uptime.

If you’ve ever experienced significant lengths of downtime with your payment system, you may want to look for a more reliable partner. Many EBPP solution providers cite scheduled maintenance as a primary reason for downtime, but even maintenance shouldn’t interrupt the flow of payments coming from your clients and their customers, the payers. If your partner has given no indication of their current uptime percentage, they may be attempting to gloss over costly system issues.

A good system up time should be higher than 99%. Preferably, it will be close to 100%, at 99.99% or greater. The extra nines in a system uptime percentage actually matter. For example, 99% system uptime would mean that a system is down for 87.6 hour every year, or three and a half days. 99.99% system uptime would mean that the system only goes down for less than an hour each year. A system that has been operating for years at 99.99% uptime is ideal.

2. Does Your Current Partner Reinvest in their Technology?

Many EBPP solution providers offer one-off solutions to their channel partners. A good digital payment partner will invest part of their budget into research and development every year. This guarantees that they can offer new services and improvements to their current solutions.

Ask your current partner what they do in terms of research and development. Ask for specific details about what new solutions they plan to offer you in the future. If they don’t reinvest in their own technology, it may be time to consider a new partner.

3. Do Your Current Partner’s Solutions Give Your Clients More Control?

Many EBPP solution providers offer solutions with rigid functionalities. They are often designed for clients in specific industries and can’t be reconfigured to suit every client in a channel partner’s diverse portfolio. Additionally, some solution providers don’t allow the white-labeling and reselling of their products.

The best payment solutions can be rebranded, reconfigured, and resold to unique clients in various industries. They should also give your clients control of their own solutions, so that they can be customized to suit the needs of their own customers. You should also ask your current digital payment partner if they can provide you with assistance in marketing their white-labeled products.

Add-on features that help you and your clients save on costs should also be available. If your current digital payment partner doesn’t provide add-on features to their signature solutions, you may be missing an opportunity to increase sales and provide your clients with additional value.

4. Are Your Current Partner’s Solutions Scalable for Growth?

In addition to customization, your partner’s solutions should be scalable for your own growth and the growth of your clients. For example, if you or one of your clients finds that they have grown exponentially, the loads of payment data that are being inputted into the system will also increase. You need a digital payment partner that can handle increasing loads of data without straining their system.

New clients and their customers also need to be onboarded seamlessly into your systems. Ask your current partner if they offer Single Sign-On (SSO) for their solutions. SSO removes the need for channel partners, clients, and payers to create new login information to use new and expanding systems. Your partner should be able to offer you a plan for growth.

5. Does Your Current Digital Payment Partner Provide Sticky Services?

‘Sticky’ services are solutions that increase your client retention rate. If your partner provides you with solutions that can’t be found elsewhere on the market, such as incentive-based tender type and payment card steering, they will help you retain existing clients and attract new ones.

Ask your current partner if their solutions are unique or if they are like those offered by other providers. Determine if their solutions are useful only for transacting payments, or if they offer add-on services that provide cost-savings and extra value.

6. How Quickly Can Your Partner’s Solutions be implemented?

Does your current digital payment partner calculate its implementation rate in hours, or months? Fast, customizable implementation and rapid speed to market is essential if you intend to compete in today’s innovative payment environment. If your current partner’s solutions take extensive amounts of time to implement, and if integration of new clients isn’t seamless, you could lose clients to your competitors.

7. Does Your Current Partner Offer a Product Roadmap for the Future?

At least one third of channel managers don’t track their partner’s success, according to Channel Partners Online. Above all else, your digital payment partner should offer you a plan for your future. That plan should include a roadmap that indicates how all your solutions can be scaled for growth and resold to new clients.

The best digital payment partners will be able to offer you actionable solutions that increase your ability to retain clients and attract new ones. They should offer you a referral partnership and be heavily invested in increasing your revenue. If your current EBPP and digital payment partner isn’t invested in your continued growth, it’s time to consider searching for a new partnership.

National Automated Clearing House Association recognizes innovative Same Day ACH to fund merchants faster

BURLINGTON, Mass., May 8, 2019 /PRNewswire/ — Aliaswire, Inc., a leading, payments processing technology innovator, has won the National Automated Clearing House Association’s (NACHA) 2019 ACH Network Challenge Award. The company received the award Tuesday at NACHA’s Payments 2019 event being held in Orlando, FL.

Scott Goldthwaite, president of Massachusetts-based Aliaswire said the company is honored to be presented with the award. “Once again, Aliaswire has been recognized for our innovation in the Payments Industry. The recognition we are receiving aligns with and supports the rapid growth stage that the company is currently experiencing,” he said. Just a week before, Aliaswire won the 2019 Electronics Transaction Association’s (ETA) Technology Innovation Award for its PayVus platform.

NACHA’s ACH Network Challenge is part of the not-for-profit organization’s efforts to move its (Automated Clearing House) electronic funds-transfer network from single, next-day settlement to multiple, same-day and next-day settlement options that would be available for virtually any ACH Network transaction. NACHA is the administrator of the ACH Network and is responsible for setting and enforcing operating rules, by which users of the global ACH Network must abide.

The goal of the challenge was to foster ideas on new ways to enable usage for Same Day ACH capabilities within the payments’ ecosystem. Aliaswire presented a winning solution that is integrated into its own advanced payment system.

Aliaswire was awarded for use of the Same Day ACH credit process to speed payments to merchants. With PayVus, merchants can move funds between their PayVus MasterCard business credit card and their Demand Deposit Account (DDA) using the cost-effectiveness of the Same Day ACH rails. The PayVus platform comes with a traditional, revolving line of credit and is also funded by the merchant’s card processing receivables.

Aliaswire provides a revenue share to the ISO/Acquirer from interchange generated when merchants make purchases with the card. ISOs and Acquirers can use the revenue share to reduce merchant processing fees.

“With same-day ACH, merchants have faster access to their funds, and it provides the bridge between receivables and payables,” Goldthwaite said.

Mobile Marketing and Technology Publisher Marla Ellerman speaks with Scott Goldthwaite, president of Aliaswire, about company developments and Aliaswire’s PayVus Card Issuing Platform for ISOs and Acquirers (winner of the ETA’s 2019 Innovation Award). 

 

Leading payments industry organization recognizes PayVus® – the only settlement-to-card platform enabling ISOs and Acquirers to offer merchants business credit cards

BURLINGTON, Mass., May 1, 2019 /PRNewswire/ — Aliaswire, Inc., a leading, payments processing technology innovator, announced that it has received the 2019 Electronics Transaction Association’s (ETA) Technology Innovation Award. The company was recognized for its PayVus® platform, and the ETA award was presented to Aliaswire Tuesday at the organization’s Transact 2019 event in Las Vegas, NV.

To be nominated for the award, companies had to demonstrate that their product represented forward thinking consideration and execution in the use of technology to provide a creative solution that does one of the following: promotes customer usability, increases profitability, reduces friction, or otherwise enables significant advances for the payments’ ecosystem.

“Aliaswire is elated to receive this award and recognition by the payments industry for being a truly innovative company,” said Aliaswire President Scott Goldthwaite. He added that being recognized as a technology leader also serves as a tribute to the company’s former CEO and founder, Hoss Mohsenzadeh, who passed unexpectedly just five months ago. “This validates Hoss’ vision in the overall creation of our payment technology stack and the development of the PayVus platform.”

PayVus is the only turnkey settlement-to-card platform enabling ISOs and Acquirers to offer merchants a business credit card. For ISOs and Acquirers, interchange is a cost. However, for issuers, interchange is a revenue source. Aliaswire innovative approach enables ISOs and Acquirers to tap into issuer interchange revenue through the issuance of a PayVus MasterCard World Business card.

The PayVus card comes with a traditional revolving line of credit and is also funded by the merchant’s card processing receivables. Unlike merchant targeted debit and prepaid card programs, the transacting on the PayVus card helps merchants build a solid credit history. Additionally, while traditional card reward programs have limits on rewards, PayVus has no limit on savings.

Aliaswire provides a revenue share to the ISO/Acquirer from interchange generated when merchants make purchases with the card. ISOs and Acquirers can use the revenue share to reduce merchant processing fees. This revolutionary approach to merchant acquiring can yield significant savings through the reduction of merchant processing fees.

PayVus is a holistic solution delivering new residual streams and a competitive advantage to all payments industry stakeholders, including ISOs, Acquirers, Merchant Level Sales (MLS) organizations, and merchants. Providing merchants with integrated Accounts Receivable / Accounts Payable (AR/AP) solutions facilitate stronger relationships while reducing churn and increasing ISO and Acquirer revenue.

Goldthwaite said, “PayVus represents the evolution of merchant services. These value-added services and competitive pricing really make it easier for Acquirers, ISOs, and MLSs to build mutually profitable merchant relationships that stand the test of time.”

Approximately 4,000 payments professionals gathered at the Las Vegas Mandalay Bay for Transact 19, the Electronic Transactions Association’s annual convention and expo. Opening comments by Amy Zirkle, interim CEO and Kevin Jones, president of the ETA, reflected the show’s forward-looking focus in an industry marked by disruption, consolidation and building for the future.

“It’s an important time for our industry to come together and plot our future and drive forward digital commerce,” Zirkle stated. “All over the world, the way we interact with money is changing, and our industry must remain one of the most innovative in the world to power the new frontiers of commerce.”

Acknowledging that payments acceptance is no longer a simple proposition, Jones cited smart POS terminals, mobile wallets, contactless payments and next-gen technologies, many of which were reflected in the exhibit hall, keynote speeches, panel discussions and educational meetings.

“For consumers, these technologies provide greater access, protection from fraudsters and ease of use that sets the use of cash and checks steadily declining,” Jones stated.

2019 ETA stars:

At the ETA’s President’s Dinner, Zirkle congratulated ETA Star Award winners, stating they have “dedicated themselves to the success of the industry.” The dinner was sponsored by Visa. Honorees included the following:

Technology Innovation: PayVus by Aliaswire Inc., for its innovative approach to combining merchant acquiring and credit card issuing to offer merchants a revolving line of credit and provide ISOs and acquirers a share in associated interchange revenue.

Read full The Green Sheet article 

HERNDON, Va. (PRWEB) April 15, 2019 NACHA announces the finalists for its 2019 Payments Awards, which celebrate proven accomplishment and leadership in the payments industry and recognize and reward the payments innovations defining the future. The NACHA Payments Awards include the NACHA Excellence in Payments Award and the ACH Network Challenge 2019.

“NACHA appreciates the participation from solution providers, financial institutions, and industry strategic thinkers, all of whom have found innovative ways to further advance electronic payments,” said Jane Larimer, Chief Operating Officer of NACHA. “The NACHA Payments Awards are very competitive, and each Award draws an excellent turnout of candidates every year. It is our honor to recognize the best of the best.”

(The) ACH Network Challenge 2019

The ACH Network Challenge 2019 is a team competition designed to foster new ways to enable usage for Same Day ACH capabilities within the payments ecosystem. This year’s ACH Network Challenge invites teams to submit original ideas on how one would use, or enable others to use, Same Day ACH to pay or be paid faster. Finalists are competing to win up to $25,000 in prize money.

Finalist teams are:

Team Aliaswire
In a two-pronged solution, Aliaswire operates a multi-tenant biller direct platform that allows billers (for rent, homeowners association dues, insurance, and other consumer finance payments) to configure Same Day ACH for bill payments done using a DDA account. Separately, merchants (especially small businesses) would have the ability to move funds between their card and DDA account using Same Day ACH.

Team ExCheQ
ExCheQ has designed an application that allows a secure transaction between the payer’s financial institution and the recipient’s financial institution with no third-party holding accounts or credit cards involved. Depending on the time of the transaction, the transaction can be near real time using Same Day ACH processing. Notification is instant with text and email, and settlement can be minutes later with Same Day.

Team Today Payments
Today Payments proposes targeting real estate-related transactions. While millions of homes and commercial property are sold each year in the U.S., almost no sales occur directly between a buyer and seller. Instead they involve the use of third-party brokers, escrow, lenders, and others. Currently personal checks, corporate checks, wires and cashier’s checks dominate the real estate Industry. However, Same Day ACH would eliminate the involvement of third parties in many of these payments.

ACH Network Challenge finalists will present their proposals on Monday, May 6, at PAYMENTS 2019.