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Prelude's Insights on Outbound Payments Blog

Issuing outbound payments via cards help reduce processing costs!

Issuing outbound payments 

Let Your Checks Bounce?

Guest Blogger for
Prelude Software:
Larry J. Kane

So, you make a lot of payments every month, right?  And, if you are like most companies, a good majority of those outbound payments are in the form of a check or an ACH transaction. You spend a lot of money and effort to issue those outbound payments, and you don’t get any “bounce” from your efforts. In fact, what you do get is the expense of cutting the check, which some statistics claim can be as high as $20.00 each, or creating the ACH file, etc. And to reward you even more for your efforts, you get the task of trying to obtain a Routing Number and Account Number from your payee if you want to pay by ACH, or the cost of tracking lost checks, re-issuance, reconciliation, etc, etc. So where is the bounce for you and for your payee?  When you pay by check or ACH the payment is made; the money gets spent and the transaction has no more life, and no reward for either you or your payee. 

“You spend a lot of money and effort to issue those outbound payments, and you don’t get any “bounce” from your efforts.”

There must be a better way! And, there is! 

What if each of your outbound payments could produce rewards for both you and your payee? What if each of your outbound payments created an income stream back to you, and increased the value to your payee? Let me suggest a better way to pay. Let me introduce the iCareCard to you. This card will produce an economic “bounce” for both you and your payee. It can be loaded and reloaded, used and reused. The card is Visa branded and can be used anywhere in the world.

How does the card create a bounce for you?

First of all, it will most likely save you money up front. The card is probably less expensive to issue than a check. But beyond that, when you issue an iCareCard, and the card is subsequently used by your payee, we provide revenue back to you with each transaction. And if your payees use our referral option, you can earn significant referral revenue through each payee. And as you need to make additional payments, your payee already has a card, you just reload it!

Rewards! There’s a lot of bounce!

Your payee wins in a number of ways through savings on gas, cash rebates, merchant discounts, and especially by taking advantage of our referral plan. It’s the card that has a lot of bounce!

So where does the card fit in?

How about these outbound payment examples;

  • Claims settlements

  • Payroll

  • Commissions

  • Dividends

  • Refunds

Need more? I assume that many of the people you pay also have occasion to pay you, i.e. insureds, customers, etc. Our cardholders can pay you online without using their card, using our iCareDirect feature. This eliminates your interchange fees for incoming payments, eliminates charge backs, gives you same-day cash, and costs less than a stamp!

Everything is automatic!

Directing your payments to the iCareCards is now even easier with PayPilot. Through their direct interface to our system you can direct any type of payments to our cards. Everything is automatic, from card order through funds disbursement.

Direct your payments to the iCareCard and put some “bounce” into your system!

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Tags: ACH, disbursement workflow, cost savings, payments by cards, disbursement processes, issue claim payments, issue payments, checks, MICR checks, reconciliation, payee, transaction, claim settlements, insureds, same-day cash, iCareCard, re-issuance, reward, loaded, reloaded, Visa, discounts, payroll, commissions, dividends, refunds, interchange, fees, funds

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