Bill Payment Module (BPM) gives customers an efficient alternative to checks and postage by automatically generating verbally or electronically authorized payments. Verbal payments can be made using the telephone and entered manually through the BPM, Premier and Connect3 addenda maintenance. Electronic payments can be made by using a touch-tone telephone through the TeleBanc Module. Payments can also be authorized by customers using a personal computer through Premierecom or Premierecorp.
Features
- Bill Payment Control
- Automatic Service Charges
- Multiple Payment Methods
- Check Register
- Integration with other Premier® Products
- Tax Agency Service Interface
- Vendor Authorization and Payment Control
- Account Updating During Normal Processing
- Loan Escrow Payments
Encourage Deposits
The BPM system can be used to increase funds held on deposit at a financial institution. Customers are encouraged to use the service, centralizing their funds for payment and control. Merchants and tax agencies maintain accounts that benefit them with same day transfers and improved cash flow.
Reduce Costs, Increase Revenue
When all institution and customer costs are considered, payments made electronically can cost as little as one-third the amount of payments made by check. BPM processing costs are significantly reduced by consolidating payments to vendors on a single check or using Automated Clearing House (ACH) payments. BPM is a new source of revenue with automatic payment charges.
Convenience
Customers appreciate the convenience BPM offers – no more check writing, addressing envelopes or buying stamps to pay bills. Payments can be initiated when and where convenient – day or night, from a personal computer at home or the office, or anywhere there’s a telephone. Then each month, instead of canceled checks, customers receive statements listing all merchants paid, with payment amounts and dates. Item handling is greatly reduced for both customers and the financial institution. Customers with more control become more active and loyal, while branch office visits become less necessary. For vendors, BPM significantly reduces their collection effort because the funds have already been determined to be available and collectible.
Multiple Payment Methods
Vendor payments are made as individual payments per customer to a vendor, or consolidated as a single payment to a vendor from multiple customers. In either case, transmittal detail is provided for the vendor to apply payments to its accounts receivable. The transmittal can be printed in a statement format or generated in file format for electronic transmission. Vendors opening new accounts with the financial institution will have the advantage of immediate availability of funds because they can be transferred internally. Vendors can be paid using internal transfers, checks or ACH.
