PAYARGO

The Benefits

• Automated posting: Receive a posting file daily at 10:00 am allowing you to post all payments automatically in less than a minute.
• Improved Funds Availability: By eliminating the checks that take several days to arrive, you’ll receive these funds within 1-2 business days via ACH credit. 
• Increase accuracy: By automating posting, you’ll improve your accuracy by eliminating the need to manually post each check. 
• Online research: 100% of all data from processors is retained online for two years allowing you to research payments made through this channel in seconds. You can search by account number, payment amount, name, or address. 
• Online corrections: Because consumers often provide incorrect account numbers on online bill payment checks, you can make corrections on behalf of your customers to ensure proper posting for all subsequent payments.
• Reduce phone inquiries: Many consumers are unaware that checks are mailed when they pay through their bank.  Adoption of this service significantly reduces the number of inquiries related to payment delays. 

Will It Work For You?

All billers should be recognized as electronic payees throughout the online bill payment networks. Even if you send as few as 500 statements per month to customers, you are receiving 100 online bill payment checks or more monthly that require manual posting and deposit. For organizations that are currently receiving funding electronically, but must post payments from an email or fax, this solution saves significant time and labor. Because the checks are being eliminated, the incremental cost to electronically receive and automatically post these payments is often a few pennies per transaction.

To learn more about how it may work for your business, contact one of our Treasury Management Officers for an evaluation of your requirements.