more products, services and transactions
migrate to the Internet, the demand for
alternative electronic payment options becomes
apparent. Increasing credit card fraud and
processing costs suggest a need for a convenient
and secure way for individuals and small
businesses to make electronic payments.
With such limited personal time and demanding
schedules, today's consumers require the
ability to make payments at the last minute,
up to and including the due date.
response to that need, BankServ is pleased
to announce SameDayPay, a payments web
site, which utilizes the Automated Clearing
House (ACH) system to transfer funds directly
from customers' bank accounts to pay bills
for taxes, services, utilities, products,
loans, credit cards statements or even
is designed for use by government agencies,
utility companies, product and service
providers, financial services companies
and non-profit organizations.
is fast because:
is designed for payments being made
at the last minute on or near the due
traditional bill payment systems SameDayPay
does not rely on a 5 to 10 day period
to complete processing.
is 100% automated.
notifies you on the Same Day that the
payment has been sent. Notification
can be by e-mail for low volume Receivers
or by batch file transmission for high
does not use paper checks. Money is
moved through the ACH with available
funds in your bank account within 48
is "bank-neutral" and all
money is automatically credited to the
Receivers bank account without the
need to open any new accounts or change
is easy because:
can be installed within days and requires
no systems development. Your customers
can be easily told to just go to http://www.samedaypay.com
to make their payments.
can also simply provide a link from
their web page to the SameDayPay site.
encourages a Sender to use the system
every month, since the Sender only needs
to input the new dollar amount and not
their account number or bank account
allows the Receiver to specify their account
number algorithms to insure accuracy.
Service Representatives can operate
SameDayPay while on the phone with customers
providing excellent customer service.
due account collectors can use SameDayPay
to create a payment on the spot.
is inexpensive because:
eliminates the costly check and list payment
methods used by bill payment vendors.
eliminates the extra handling and cost
with Senders who have used an overnight
delivery service to send a paper check.
eliminates the time and cost of manually
handling payments from Senders who used
a traditional money transfer service.
provides positive e-mail confirmation
back to the Sender when the payment has
been sent. Therefore, it reduces the number
of customer service phone calls asking
if a payment has been received.
doesnt require any costly systems
is secure because:
can only be sent to BankServ authorized
Receivers. All Internet sessions are secured
so that your data is not exposed.
data is ID and password protected.
bank account information is not visible
to the Sender.
does it work
requires no systems development
and can be activated within days.
Your company submits an application
to become an authorized Receiver on
SameDayPay, and BankServ establishes
a profile for your company detailing
types of payments to be received
and banking information on where
your funds should be sent.
improve accuracy, your company's
customer account algorithms can
be incorporated into the system,
so account numbers are validated
online and reconciliation is simplified.
Your company also specifies whether
you want to receive payment data
via either email or batch file transmissions.
customers are directed to BankServ's
www.samedaypay.com by your statements,
remittance advices, call center
staff, and a link from your own
web site. The first time your
customers visit www.samedaypay.com,
they will need to select a user
ID and password and register their
account(s). Payments can be sent
to your company immediately upon
completion of this one-time registration
process. For the next billing cycle,
your customers need only enter the
new payment amount, since their
account numbers and banking information
your customers who may not have
Internet access, your company's
Customer Service Representatives
can accept payments by phone using
sends the transaction on the same
day it is created. Your company
is notified that same day that payment
has been sent. You can then update
your accounts receivable system.
Your company can be notified
either by email for low volumes
or file transmission for higher
volumes. All monies are automatically
credited to your company's designated
charges a $3.00 convenience fee
to your customers for this service.
Should you elect to not charge your
customers, BankServ will charge
your company according to our Receiver