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Optimizing Resources: 12 Essential Tools for SaaS Companies

How to Find the Right Financial Expert for Your Business

Anchor: Accounting tests 

How to Securely Manage Online Payments: A Business Owner’s Guide

Ways SaaS Can Streamline Your Business Planning Process

Top 5 Things to look for in your Payment Facilitation as a Service Provider Search

How Payment Facilitation as as Service can power revenue growth for SaaS platforms

An insurance company looking to streamline payments by phone had the following issues:

• The insurance company was looking to provide excellent customer service, but the volume of calls received made doing this a difficult challenge. The Insurance company’s most frequent calls were from clients making payments. Agents spent significant time processing payments manually, resulting in expanded average call handling and hold times. The Insurance company was looking to automate this process.
• Automating payments meant that the Insurance company had to have a PCI compliant solution that did not expose sensitive card data.
• The Insurance company sought to drive down operating costs while balancing superior customer service.

The Solution

• The Insurance company integrated the AgilePayments IVR platform to build a user-friendly workflow to handle its payment processing needs. The AgilePayments solution offered a modular, intuitive solution build, customized to the Insurance company needs.
• The Insurance company’s application was built and deployed in AgilePayments secure, PCI-compliant network. This allowed the Insurance company to utilize the AgilePayments platform to both operate and maintain a secure environment to process critical customer financial data.
• Data analysis and tracking allowed the Insurance company to measure automation rates and to monitor how customers used the IVR payment application.

Results

• Following deployment of the Insurance company payment IVR application, close to 90% of payment-related calls were handled by the automated IVR payment system. This reduced average cost per call from over $4 to about 30 cents, or over 90% reduction in costs.

Utilizing AgilePayments IVR platforms enable Insurance companies to significantly improve their customer service offerings while at the same time dramatically reducing costs. With an automated payment application in place, live agents spend more time providing high-touch service for customer inquiries.

What is Canada EFT?

MarketPlace Payments and the Merchant of Record: What does it mean?

Recurring ACH API For SAAS Platforms

Why a SAAS platform can become a Payment Facilitator but WILL NOT be the next Stripe

Unlike credit cards, which can be authorized in real time, the ACH world lacks a real-time authorization component. Credit cards allow merchants to authorize a sale at the time of the payment, so the merchant will know that they are definitely getting paid. A business knows that their customer has the requisite funds on their card to make their payment in real time, and the funds are reserved.

So, we can see how credit cards are validated, but how can we Verify Funds for a checking account?

Understanding How to Verify Funds online is a merchant’s best bet to reduce check acceptance risks, and verification tools reduce payment acceptance risk by validating the customer’s bank account in real-time.

The validation process helps merchants lower their risks when accepting checks through the use of real-time verification tools. Most third party entities that offer Bank Account Validation services include negative databases, routing account number validation, and ATM networks.

The ACH or electronic check world lacks the authorization component present with credit cards.

The ACH or electronic check world lacks the authorization component present with credit cards.

Instant Checking Account Verification Tools allow businesses the ability to significantly reduce check acceptance at the point of sale.

For businesses that onboard or enroll a new customer in a recurring or subscription based billing environment the ability to instantly confirm checking account data is valid and that the customer has an active bank account eliminates considerable admin burdens that arise from enrolling bad checking account data.

The ACH or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that an Instant Bank Account Verification system is needed to mitigate payment acceptance risk.

Checking Account Verification Companies offer tools that enable businesses to verify a checking account is open and in good standing. This service can typically be run in real-time or batch mode.

Businesses that enroll or onboard a new customer in a recurring or subscription based billing environment need to be able to confirm checking account data is accurate and that the customer has a bank account that is both open and in good standing. Checking Account Verification eliminates considerable admin burdens that arise onboarding a new client with non billable data.

Service levels differ with some Checking Account Verification Companies offering basic routing # validation ( bank routing number) to negative database checks. These provide some level of risk mitigation but more insight is available including the ability in real-time to validate the account is open and in good standing. It is important to note a balance inquiry is only possible when the consumer provides credentials that allow access to their specific online banking system.

The ECheck or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

The payments landscape in 2021 requires SaaS applications to utilize sophisticated check acceptance risk mitigation tools.

ECheck Verification Systems and Tools allow a business the ability to significantly reduce check acceptance risk especially in a non face to face environment.

Businesses that enroll or onboard a new customer in a recurring or subscription based billing environment need to be able to confirm checking account data is accurate. and that the customer has a active bank account eliminates considerable admin burdens that arise onboarding a new client with non billable data. Validating WEB Entries may also need to be considered. 

The ECheck or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that a a ECheck Verification system is needed to mitigate payment acceptance risk.

Real-time Checking Account Verification Tools allow a business the ability to significantly reduce check acceptance at the point of sale.

For businesses that enroll or onboard a new customer in a recurring or subscription based billing environment being able to confirm checking account data is good and that the customer has a active bank account eliminates considerable admin burdens that arise onboarding a new client with non billable data.

The ACH or electronic check world does not have the authorization component present with credit cards. When processing a credit card you are able to ascertain at the time of payment that the customer has the requisite funds on their card and in turn reserve those funds for capture and settlement. In essence-You know you are getting paid.

For many businesses no authorization component means that a Real-time Checking Account Verification system is needed to mitigate payment acceptance risk.

Checking Account Verification Tools: Reduce payment risk from check acceptance

Checking Account Verification Tools offer businesses the ability to reduce check acceptance risk at the point of sale, in person or in an online environment. Checking account verification tools range from an automated routing number check to negative database inquiries options to near real-time insight into current checking account status. Checking account balance validation is possible but this requires either the customer to log-in or provide credentials to their online banking system.

Checking Account Verification Systems

The ACH or echeck world does not have an authorization component as with credit cards. When processing credit cards you are able to authorize at the time of payment that the customer has the funds available on their cards. Most importantly you are able to reserve those funds for capture and settlement. So you know you are getting paid at the point of sale.

For some businesses this lack of an authorization means that a Checking Account Verification system to mitigate payment acceptance risk and Validate a Checking Account must be put in place.

Jeremey Boudinet likely touches on a subject that not every business professional is aware of: gaming software. Gaming software turns the tough job of inside sales into a game that tracks and rewards their performance on a dashboard that displays real-time metrics. These metrics include calls made, leads generated and emails opened. The industry is always looking for something to motivate inside sales people. Gaming software looks to be a winner.

Karol Zielinski puts it on the line and reminds business owners and managers
that it’s okay to hire someone smarter than yourself. I’m willing to bet
what he really means is that it’s important to hire capable people. You
have to give someone credit for having the smarts, drive or experience to
start a company. Having said that, smart people can help you solve business
problems.