Deliver more efficient business-to-consumer payments

The business-to-consumer (B2C) payment experience is a critical part of many businesses’ operations. In today’s fast-paced world, customers expect faster, more convenient ways to receive their payments. Waiting for a check to arrive in the mail or manually collecting and managing payment information can be frustrating and time-consuming for both the customer and the business.

To address this, CommercePayments^® has introduced PreferPay^®. This solution was designed to simplify the payment process by automating the life cycle management of payments from the initiation of the payment request to the delivery of the payment to the recipient. The solution offers a choice of payment methods to consumers, allowing recipients to choose the preferred payment type that works best for them.

Let’s take a closer look at why a more flexible option was needed:

•  Manual processes for issuing checks are time-consuming and prone to errors, leading to delays that frustrate customers and increase business        expenses.
• Payment recipients often have little to no flexibility in payment options presented to them, making it difficult for businesses to cater to the needs
    and preferences of their customers.
• Businesses need to ensure that customer payment information is kept secure and protected from fraud or theft.
• Escheatment exposure consumes staff time managing the many small dollar payments that are never cashed.
• Plastic cards for refunds or rebates can be expensive and vulnerable to mail theft or misplacement by the customer.
• Some industries seeking to attract talent are searching for flexible solutions that allow them to pay employees on a daily basis rather than 
    adhering to traditional bi-weekly pay periods.

As you can see, it’s imperative for businesses to seek a flexible robust digital payment solution that is user friendly, cost-effective and scalable. By doing so, they can streamline their payment processes, reduce operational costs and enhance customer satisfaction, which is of the utmost importance in today’s competitive environment.

Wide Range of Industry Uses

PreferPay^® provides a convenient and adaptable way for making business-to-consumer payments within a wide range of industries, including:

• Healthcare: Insurance claims payment processing, provider reimbursements, patient co-payment handling, clinical trial payments, earned wages
    Learn more about simplifying the healthcare refund process here.
• Property, Casualty & Title Insurance: Disbursements of insurance claims payments, real estate agent payment processing
• Talent Management and Human Resources: Employee incentive and recognition programs, recruitment and interview expenses
• Local & State Government: Subsidies disbursements, vendor invoice payments, contractor payments, unclaimed property
• Law: Legal settlement payments, attorney-to-client reimbursements, jury duty compensation
• Utilities: Customer rebates, deposit returns
• Land Leasing: Recurring or one-time land use payments
• Retail: Customer refunds, rebates, daily payroll disbursements, invoice payments
• Freight & Logistics: Invoice payments, deliverer settlement payments, daily payroll disbursements
• Construction: Contractor payment processing, vendor invoice payments

Through the Visa^® Direct network, PreferPay^® offers recipients a choice in how they want to receive their payment. Options like Direct to Debit card and Direct Deposit mimic the speed and familiarity of mainstream consumer-to-consumer payment systems. Disbursement by electronic check or paper check are also available for recipients who prefer more traditional payment options.

No matter the payment method used, PreferPay^® is designed to cater to the preferences and needs of different types of consumers.

• Direct to Debit Card: Enables payment recipients to receive funds within 30 minutes or less if their Visa^® or Mastercard^® debit card is linked to their
   checking account. This is a fast and convenient option for those who need access to their funds immediately. Payments can be made 24/7/365.
• Direct Deposit: Allows payment recipients to receive their funds in their bank account within 2–4 business days. This option is convenient for those
    who prefer to have their payments deposited directly into their account and don’t require immediate access to their funds.
• Electronic Check: Enables payment recipients to receive their payments through an electronic check, which can be deposited into their account just
    like a traditional check. This option provides consumers with a fast and convenient alternative to paper checks, while still preserving the familiarity
    and simplicity of traditional check payments.
• Paper Check: Enables payment recipients to receive their payments through a traditional paper check, mailed to their address on file. This option is
    perfect for those who prefer a more traditional payment method and don’t have access to an electronic banking system.

Feature Highlights

Here are some of the leading features that could make PreferPay^® the right choice for your business.

• Seamless Integration: Offers integration support with flexible options like API or file transfer to connect with your financial systems. This means that
    your team can easily manage and track all payment-related activities in one place.
• Easy Online Access: Payment recipients can access the portal through a full range of devices — providing a hassle-free payment experience.
• No Account Setup Required: Payment recipients are not required to create accounts with usernames and passwords to use PreferPay^®. This
    eliminates unnecessary steps and makes the payment process quicker and more convenient.
• Multi-layered Security: Multifactor authentication by phone and text message provides a layer of comfort for businesses looking to protect customer
    or employee payment details.
• Industry Standards: Handling the payments on your behalf, the solution complies with the Payment Card Industry Data Security Standards (PCI DSS).
• Email Validation: Includes a feature that provides email documentation to assist payment recipients in verifying the authenticity of the
    communications they receive.
• Payment Reconciliation and Reporting: Offers your business a way to track payments from start to finish, including outstanding payments,
    reconciliation data and audit logs. This enables you to stay on top of payment-related activities and ensure accuracy.
• Complete Payment Life Cycle Management: Simplifies the payment process and reduces the need for staff to follow-up on issued payments. From
    payment request initiation to delivery, all payment-related activities are managed seamlessly in one platform.

Customization and White-Labeling Capabilities

PreferPay^® offers a robust white labeling feature that allows businesses to fully brand the payment portal with their company colors and logos, providing a seamless payment experience for payment recipients. Payment recipients will see the business’s branding during all stages of the payment disbursement process — reinforcing the identity of the business and promoting brand awareness. This feature is especially beneficial for businesses that prioritize maintaining a consistent brand image across all their customer touchpoints.

Trusted Solution Provider

CommercePayments^® PreferPay^® is a solution offered by Commerce Bank, one of the top 50 banks in the U.S. by asset size. Our team of experienced payment professionals use data and disciplined operational reviews to serve as trusted advisors to their clients. Our commitment to excellence ensures a seamless payment experience for businesses and consumers alike.

Realize the powerful combination of automated systems and electronic payments in refund management by visiting our website and requesting a demonstration.