Payments firm Deluxe is working with bill payment platform BillGO to provide digitized check delivery of payments via the Deluxe Payment Exchange Network (DPX).
As the company said in a news release Tuesday (May 3), the DPX is a digital payment platform that gives payers options on how payments are made — digitally through a direct feed to a lockbox, through an eCheck, or printed and mailed, while giving the recipient options for how they want their payments received.
“The BillGO platform will be able to process millions of payments per year through DPX, measurably growing the number of payments throughout the Deluxe network,” Michael Reed, president of payments for Deluxe, said in the release. “This enables additional digital payment options while lowering costs and increasing efficiency for new and existing Deluxe and BillGO customers.”
Deluxe and BillGO said that with this multi-layered “payment waterfall model,” they will send payments to more customers with greater speed and efficiency.
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For example, if payment can’t be processed through BillGO’s payment network, instead of mailing a check to a lockbox, BillGO can send it to be digitized and processed via DPX, giving BillGO’s customers more payment options, added efficiency and substantial cost savings.
“Sixty-five percent of small and mid-size businesses in the U.S. still use paper checks to manage their day-to-day payments,” said Cindy O’Neill, president and general manager of BillGO’s Biller Solutions. “In some cases, due to the time it takes checks to clear, this is less than efficient.
“By working with Deluxe to create a network-of-networks solution, we are enabling business owners to make payments faster, more efficiently, and more securely than ever before.”
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Deluxe said the DPX network is the result of its work with lockbox providers to enable digital check transmission, thus eliminating the need to mail payments. This capability assigns disbursement methods according to insights gleaned from the directories and issues payments via preferred methods.
“For BillGO, this means sending millions of payments a month more efficiently for its clients,” the release said.
