#digital payment gateway

[onbepaymentsolutions]

Onbe sees every payment as an opportunity to make an impression, capture data, and spark dialogue, connecting businesses and their constituents across the globe in meaningful ways.

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Kicking off a new blog is always exciting, and I’m honored to author Onbe’s inaugural post in what promises to be a dynamic forum for thought leadership from experts across our organization. This moment is especially important to me because it’s a chance to take stock after the whirlwind of the past few months: building and launching a powerful new brand positioned to lead within the ever-transforming payments industry.

The convergence of marketing and payments is in my DNA. I got my start in payments in 1999 at Parago, and I still remember the first rebate check I signed by hand. Early in my career, I saw the opportunities open-loop payment cards could deliver, including custom branding, added convenience for the recipient, and insights that help brands learn about their customers. Payments have come a long way since then, with a growing focus on digital to thank for the innovations modern businesses have at their fingertips—like virtual payments that deliver funds into recipients’ hands in seconds.  

When I tell the story of Onbe, the word “serendipitous” comes to mind. Not to downplay all that goes into envisioning and launching a new brand, but there was something special in the air when the opportunity arose to merge two industry leaders, daVinci Payments and North Lane Technologies, and create a unified payments technology company. The right people connected at the right time. The perfect mix of products, expertise, and passion came together to become something bigger than the sum of those parts.

Learn more: https://www.onbe.com/post/meet-onbe-your-payments-provider

#online payment gateway #payment solution #digital payment gateway #fintech

[ezbillpay1]

The Rise of Cashfree Payments: A Paradigm Shift in Financial Transactions

The way we handle financial transactions has undergone a dramatic transformation. Traditional cash payments are gradually being phased out, making way for the era of cashfree payments. With the advent of digital payment methods such as mobile payments, UPI transactions, and international payments, consumers and businesses alike are embracing the convenience and efficiency offered by cashfree solutions. In this blog post, we will explore the various facets of cashfree payments, from their advantages to common misconceptions and their potential impact on the future of finance.

#digital payments #mobile payment #payment gateway #payment solutions #online payments

[echeckplan]

#eCheck #Electronic checks #ACH (Automated Clearing House) #Digital payments #Payment processing #Merchant services #Payment solutions #Secure transactions #Business payments #Online payments #Payment gateway #Payment technology #Financial services #E-commerce #Retail business #Small business #USA businesses #American merchants #Payment methods #Payment processing company #Payment processing solutions #Electronic payment options #Payment security #Card processing #Payment terminals #Mobile payments #Payment software #Point of sale (POS) #Payment integration #Business growth

[nbfc-advisory]

Payment Aggregator Licensing in India

As updated by the RBI in March 2020, its released framework regarding payment aggregators' and further continuation compliance stated the payment gateways now need to obtain a license and certification from PCI DSS to keep their merchant transactions as it is and smooth going.

Learn More: NBFC Advisory

#payment aggregator #online payment #payment gateway #digital payment #rbi #rbi guidelines

[online-payment-tips]

3 Reasons to Allow Your Customers to Change Payment Methods After Purchase

Think again if you think allowing customers to change payment methods after purchase isn't worth it. What is the one thing you never want a customer to feel after completing your checkout process through the best online payment gateway? Dread.

Unfortunately, when they realise they've used the wrong card or account and may face a penalty or fee, that's exactly what hits them in the pit of their stomach. They want to avoid that as soon as possible. To do so, they must change the payment method after making the purchase. What your store should ask is if you want to let them in and be a part of the solution to this problem. Or, if you don't have the option, the customer will be forced to consider cancelling the order. It's not the most common scenario, but it's one with a clear win-win outcome when done correctly. Let's take a look at how to approach the problem and why you might want to take the time to offer a solution. Allow Payment Method Changes Sooner – Rather than Later Payment errors occur for a variety of reasons. Someone may have selected the incorrect card on your smartphone wallet. While they are distracted, their browser auto-fills payment information. Or they've simply spent too much money that day and want to avoid an overdraft. None of these are issues with the store, but you can be the solution. If you want to allow customers to change payment methods after they've made a purchase, start by talking with your payment processors and platforms about their capabilities. See what you can do and collaborate with them to clearly define the process. Then, to your customers, state it as clearly as possible. Make sure to inform customers of any restrictions. One thing to keep in mind is that it is often only possible before the goods enter the shipping process. Make it a point to state clearly what you can and cannot do in the offer, at checkout, and in customer service chat or support. If you can find a way to offer this, here are a few reasons why it might be worth the effort. Reason 1: It’s Great Customer Service When considering payment changes, most businesses ask themselves, "Why does the customer need to make the change?" However, it may be more appropriate to inquire whether this is even relevant. It's a customer service opportunity when someone asks for assistance in changing a payment and protecting their wallets. You can assist them in correcting their errors and earning their loyalty by making the process as simple and stress-free as possible. If you make a mistake, treat others the way you would like to be treated. It helps to ensure that they complete the purchase without requesting a refund, which increases your retention rates. Existing customers are up to 70% more likely to purchase from you than new visitors, and repeat customers spend 67% more than new customers. Why not provide a fantastic service that also increases your revenue? Reason 2: Reduces Your Pain and Risk of Loss Supporting payment method changes is not only good customer service; it can also help to reduce lost sales. This is due to the fact that not supporting payment method changes may cause the customer to cancel the order. This is especially true if they discover that using a specific card or account will result in a problem. According to one survey, 10% of people who cancelled an online order did so because they needed more room on their credit card or were trying to avoid an "insufficient funds" error. Cancellations have a negative impact on your business in a variety of ways. Cancellations can result in a loss of revenue. If you begin internal actions before cancelling, such as picking orders and printing shipping labels, you are obligated to pay those costs. If an order is cancelled after it has been shipped, you will need to begin the costly returns process, which will generally cost your business — useful returns policies are a very different but important customer service tool. There are additional areas where cancellations may be detrimental. Multiple factors are used to evaluate companies selling on online marketplaces. 

 According to consultants, if your cancellation rate is greater than 2% in a 14-day period, you may be at risk as a seller. If the order is cancelled after the payment process, your ecommerce platform or online payment gateway India provider may charge a small fee. Reason 3: Avoids Complications of Reorders If you don't let people change their payment methods after they've made a purchase, your only chance of recouping a related cancellation is if they decide to order from you again. That's a lot to ask of a dissatisfied or concerned customer. Supporting payment changes can help you avoid the entire problem. Instead, a customer must contact you and their payment option (bank, credit card company, or PayPal) to stop payment; they only need to work with your customer service agents to make a minor change. It's easier for both the customer and your operations. Reorders also necessitate a significant amount of work within your inventory and order management tools to ensure that everything is properly cancelled and that no fulfilment is duplicated. This saves your warehouse team time picking and packing an order that is later cancelled. This prevents SKUs from being pulled from inventory and then added back to your count. If you have manual inventory processes, pulling and replacing goods frequently necessitates a stock count. When you work with a 3PL, or third-party logistics company, all of those cancellations and reorders become more complicated. Your service-level agreement will have fulfilment cutoff times, and the cancellation must arrive just in time if you want to avoid the picking process starting. Bring them into your payment discussions, and they may be able to assist you in avoiding complications even if someone shifts payment after an order has been fulfilled. Allowing payment changes after purchase also helps you keep your revenue predictable by reducing cancellations and reorders. Simultaneously, you are reducing complex warehouse work and partner efforts. It adds layers of security while keeping customers satisfied. After Purchase Payment Changes Benefit You and Your Customers The simpler your website's payment process, the better for everyone involved. Allowing payment changes after purchase — and making it easy to do so — is one way to avoid sales losses and extra work for your teams. Offer it, and you'll be able to help make a customer's stressful day a little less stressful while also increasing the security of your revenue. It's a win-win situation that you can achieve with the help of your online payment gateway and processor partners.

#Banking #online payment #digital wallets #payment methods #purchase #merchants #customers #UPI #processor #payment gateway #online business #credit cards #e-commerce

[emoneynetwork]

The Future of Finance: RWA Blockchain and Its Transformative Potential

Blockchain technology has revolutionized numerous sectors, including finance, supply chain, and healthcare. One of the latest innovations in this space is the concept of Real World Assets (RWA) on blockchain. This article explores RWA blockchain, regulated blockchain, layer one blockchain, e-money tokens blockchain, MiCA-compliant blockchain, zk proof blockchain, and RWA launchpad. We will delve into these technologies' benefits, challenges, and future potential.

What is RWA Blockchain?

RWA blockchain refers to tokenising real-world assets such as real estate, commodities, and securities on a blockchain. This process involves creating digital tokens representing ownership of these assets, making them tradable on blockchain platforms. The primary advantage of the RWA blockchain is that it brings liquidity to otherwise illiquid assets, enabling easier and faster transactions.

Advantages of RWA Blockchain

Increased Liquidity: Tokenizing real-world assets allows them to be traded on blockchain platforms, thus enhancing their liquidity.

Fractional Ownership: Investors can purchase fractions of high-value assets, making it easier for retail investors to participate in markets previously dominated by institutional players.

Transparency and Security: Blockchain technology ensures transparency and security in transactions, reducing the risk of fraud and enhancing trust among participants.

Understanding Layer 1 Blockchain

Layer one blockchain refers to the base layer of a blockchain network that handles the primary functions of transaction processing and consensus. Examples of layer-one blockchains include Bitcoin, Ethereum, and Solana. These blockchains are responsible for the security and decentralization of the network.

Key Features of Layer One Blockchain

Decentralization: Layer 1 blockchains operate on a decentralized network of nodes, ensuring no single entity has control over the entire network.

Security: Layer 1 blockchains provide a high level of security through consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS).

Scalability Challenges: One of the main challenges faced by layer one blockchains is scalability. As the number of transactions increases, the network can become congested, leading to slower transaction times and higher fees.

The Role of Regulated Blockchain

Regulated blockchains are blockchain networks that comply with regulatory standards set by governments and financial authorities. These blockchains aim to provide the benefits of blockchain technology while ensuring compliance with laws and regulations.

Benefits of Regulated Blockchain

Compliance: Ensures that the blockchain operates within the legal framework, reducing the risk of regulatory actions.

Trust: Regulated blockchains can enhance trust among users, investors, and regulators.

Integration with Traditional Finance: By adhering to regulatory standards, regulated blockchains can more easily integrate with traditional financial systems.

E-Money Tokens Blockchain

E-money tokens are digital representations of fiat currency issued on a blockchain. These tokens are backed by traditional currency and can be used for transactions and payments in a similar manner to fiat money.

Advantages of E-Money Tokens Blockchain

Stability: E-money tokens are typically pegged to fiat currency, providing stability compared to other cryptocurrencies.

Efficiency: Transactions with e-money tokens can be processed quickly and with lower fees compared to traditional banking systems.

Regulatory Compliance: E-money tokens often comply with regulatory standards, making them a viable option for businesses and consumers.

MiCA Compliant Blockchain

Markets in Crypto-Assets (MiCA) is a regulatory framework proposed by the European Union to provide legal certainty and consumer protection in the cryptocurrency market. MiCA-compliant blockchains adhere to these regulations, ensuring that they operate within the EU's legal framework.

Importance of MiCA Compliance

Legal Certainty: Provides a clear regulatory environment for blockchain projects and investors.

Consumer Protection: Ensures that consumers are protected from fraudulent activities and market manipulation.

Market Stability: Aims to create a stable and well-regulated market for crypto-assets.

Real World Assets (RWA)

Real-world assets (RWA) are physical or tangible assets that have been tokenized and brought onto a blockchain. These can include real estate, art, commodities, and more.

Benefits of Tokenizing Real-World Assets

Accessibility: Makes high-value assets accessible to a broader range of investors.

Liquidity: Enhances liquidity by enabling fractional ownership and easier trading.

Transparency: Provides a transparent and immutable record of ownership and transactions.

ZK Proof Blockchain

Zero-knowledge (ZK) proof is a cryptographic method that allows one party to prove to another that a statement is true without revealing any information beyond the validity of the statement. ZK-proof blockchain utilizes this method to enhance privacy and security.

Applications of ZK Proof Blockchain

Privacy: Enables private transactions without revealing the details of the transaction to the network.

Security: Provides a high level of security by ensuring that transactions are valid without exposing sensitive information.

Scalability: Scalability can be improved by reducing the amount of data that needs to be processed and stored on the blockchain.

The Concept of RWA Launchpad

RWA launchpads facilitate the tokenization and issuance of real-world assets on a blockchain. These platforms provide the necessary tools and infrastructure for asset owners to create and manage digital tokens representing their assets.

Benefits of RWA Launchpads

Ease of Use: Simplifies the tokenising of real-world assets, making it accessible to asset owners.

Funding Opportunities: Provides a new avenue for raising capital by issuing tokens to investors.

Market Access: Opens up new markets and investment opportunities for both asset owners and investors.

Conclusion

The integration of blockchain technology with real-world assets is transforming the financial landscape. RWA blockchain, regulated blockchain, layer one blockchain, e-money tokens blockchain, MiCA compliant blockchain, zk proof blockchain, and RWA launchpads are at the forefront of this transformation. These technologies offer increased liquidity, enhanced security, and regulatory compliance, making them attractive options for businesses and investors.

How Can E Money Network Help You with Blockchain Technology?

E Money Network offers comprehensive solutions to leverage blockchain technology, including developing and managing blockchain payment platforms, e-money tokens, MiCA compliance, and zk-proof security features. By utilizing our expertise, businesses can enhance their financial operations, ensure regulatory compliance, and explore new investment opportunities through RWA launchpads.

FAQs

Q1: What is the RWA blockchain?

RWA blockchain refers to the tokenization of real-world assets on a blockchain, allowing them to be traded more quickly and efficiently.

Q2: What is a layer one blockchain?

A layer one blockchain is the base layer of a blockchain network responsible for transaction processing and consensus. Examples include Bitcoin and Ethereum.

Q3: Why is regulated blockchain important?

Regulated blockchains comply with legal standards, ensuring trust, compliance, and integration with traditional financial systems.

Q4: What are e-money tokens?

E-money tokens are digital representations of fiat currency on a blockchain, providing stability, efficiency, and regulatory compliance.

Q5: How does ZK-proof blockchain work?

ZK-proof blockchain uses cryptographic methods to prove the validity of transactions without revealing sensitive information, enhancing privacy and security.

Q6: What is an RWA launchpad?

An RWA launchpad is a platform that facilitates the tokenization and issuance of real-world assets on a blockchain, simplifying the process for asset owners and providing new investment opportunities.

#blockchain #e- money network #cryptocurrency #real world assets #zk proof blockchain #zk proof #crypto payment gateways #best wallet for crypto #digital wallet crypto #top crypto wallets #e money app #blockchain payment #blockchain payment platform #digital banking solutions #next generation digital banking solutions #digital money transfer #electronic money #electronic money transfer #digital currency #blockchain wallet #blockchain wallet app #crypto wallet #crypto wallet app #best crypto wallet

[paymentsgateway]

Encourage Startups in High-Risk Industries: How PayCly Payments Leads the Way?

In today's dynamic business landscape, startups in high-risk industries face unique challenges when it comes to securing reliable and accessible payment solutions. These industries, which can include legal services, healthcare, and financial technology, often struggle to find payment gateways that are willing to work with them due to the perceived higher risk. However, one payment processing company, PayCly Payments, is leading the charge in supporting these innovative startups and helping them thrive.

Embracing High-Risk Industries

PayCly Payments has made a conscious decision to embrace startups and businesses operating in high-risk industries. Unlike many traditional payment gateways that may shy away from these sectors, PayCly Payments recognizes the immense potential and growth opportunities they present."We believe that high-risk industries are often at the forefront of innovation and disruption," says Sarah Wilkins, the CEO of PayCly Payments. "By providing these startups with the payment processing solutions they need, we're not only supporting their growth but also contributing to the overall advancement of their respective industries."

Tailored Solutions for Unique Needs

One of the key factors that sets PayCly Payments apart is its ability to develop customized payment solutions that cater to the specific needs of high-risk startups. The company's team of payment experts works closely with each client to understand their unique business model, regulatory requirements, and growth aspirations."We don't believe in a one-size-fits-all approach," explains Wilkins. "Each startup we work with has its own set of challenges and requirements, and we're dedicated to designing payment solutions that address those needs head-on."For example, PayCly Payments has developed specialized payment gateways for legal practices, enabling them to securely accept credit card payments from clients while ensuring compliance with industry regulations. Similarly, the company has tailored its solutions for healthcare startups, providing them with the tools to manage recurring payments and streamline the patient billing process.

Navigating Regulatory Complexities

One of the biggest hurdles that high-risk startups often face is navigating the complex regulatory landscape. PayCly Payments has made it a priority to stay ahead of the curve, ensuring that its payment solutions are compliant with the latest industry standards and regulations."We understand that regulatory compliance is a critical concern for our clients, especially those operating in highly regulated industries," says Wilkins. "That's why we have a dedicated team of compliance experts who work tirelessly to keep our platform up-to-date and our clients informed of any changes or requirements."This proactive approach to compliance has been a game-changer for many high-risk startups, allowing them to focus on their core business operations without the added burden of managing complex payment-related regulations.

Fostering Innovation and Growth

By providing reliable and accessible payment solutions to high-risk startups, PayCly Payments is not only supporting their immediate needs but also contributing to the long-term growth and success of these innovative businesses."We believe that by empowering high-risk startups with the right payment tools and resources, we're helping to foster a more diverse and vibrant business ecosystem," says Wilkins. "These startups are the ones driving change and disruption in their respective industries, and we're proud to be a part of that journey."The company's commitment to supporting high-risk startups has not gone unnoticed. Many of PayCly Payments' clients have praised the company's dedication, flexibility, and responsiveness, highlighting how the payment solutions have helped them scale their businesses and reach new heights.

Conclusion

In a world where traditional online payment gateways often overlook the needs of high-risk startups, PayCly Payments stands out as a beacon of support and innovation. By embracing these industries, developing tailored payment solutions, and navigating the complexities of regulatory compliance, the company is paving the way for a more inclusive and dynamic business landscape.As the payment processing industry continues to evolve, it's clear that companies like PayCly Payments will play a crucial role in empowering the next generation of high-risk startups, driving innovation, and shaping the future of commerce.

Contact us today to learn more about how we can help your startup succeed.

Read blog: How Can PayCly Revolutionize Your Payment Experience with Payment Advanced Analytics, Contactless, and Mobile Payment Solutions?

#digital payment solution #payments #high risk merchant account #high risk payment gateway #transactions #business #merchant services

[sanjana-s]

Understanding NPCI's Role in Shaping India's Digital Payments Future

By the end of this year, the National Payments Corporation of India (NPCI) might change its decision about limiting the market share of companies offering Unified Payments Interface (UPI) services to 30%. The deadline for this limit to take effect is December 2024.

A source in the industry told Business Standard that the 30% cap on transaction volume for UPI services will be reviewed by the end of the year.

In November 2022, a 30% cap on transaction volume for third-party app providers was proposed. UPI players were asked to limit their market share to 30% within two years.

In March, the NPCI discussed UPI growth with new players and strategies to empower them in the UPI ecosystem. This included encouraging third-party payment apps to attract users through investments and incentives.

Brands like Cred, Slice, Fampay, Zomato, Groww, and Flipkart are trying to attract users and promote their UPI services.

Last year, NPCI introduced an interchange fee on prepaid payment instrument (PPI)-based merchant transactions through UPI. The interchange fee for PPI issuers on transactions over Rs 2,000 is up to 1.1%, but it applies only to PPI-based merchant UPI transactions. UPI transactions in India increased by 56% in volume and 44% in value in FY24 compared to the previous year.

Google Pay, PhonePe, and Paytm were not invited to a recent meeting. This was because these three companies control more than 90% of both the number and value of UPI transactions.

NPCI wants to hear from different people about how they can make things fairer for smaller companies in the payment system.

Earlier this week, NPCI said One 97 Communications (OCL), Paytm's parent company, can move its users to new banks for UPI payments. This means Paytm can now offer UPI services through other banks.

In March, NPCI also let OCL work as a Third-Party Application Provider (TPAP) using many banks.

"After NPCI said yes on March 14, 2024, to let OCL work as a Third-Party Application Provider (TPAP) using many banks, Paytm has made it easier to move user accounts to Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. All four banks are now ready to help Paytm with this," the company said in a stock exchange filing.

#digital payments #upi payment gateway #indian government #finance #investment #npci

[indicpays]

India's Finest QR Code Services: Streamline Your Transactions

Within the rapidly developing Indian digital economy, QR codes have become an indispensable instrument for streamlining transactions. These tiny black-and-white patterns are revolutionizing the way that consumers and businesses communicate by providing a quick and easy way to transmit information and make payments. Numerous QR code services have sprung up in India as the use of this technology continues to grow, each with special features and functionalities designed to meet the various demands of both individuals and companies.

Paytm QR: Pioneering the QR code revolution, Paytm is the top digital payments platform in India. Paytm QR codes are so widely used in restaurants, retail stores, and even by street vendors that they have come to represent dependability and convenience. Using the Paytm app, users may quickly make payments for groceries, energy bills, or online shopping by just scanning the QR code. Millions of Indians looking for an easy way to make payments have come to favor Paytm QR because of its features, which include rewards and cashback offers.

Google Pay QR: Driven by the tech behemoth Google, Google Pay has quickly taken off in the Indian market thanks to its user-friendly design and smooth operation. Users may send and receive money with ease using Google Pay QR codes, share bills with pals, and make payments for goods and services at nearby businesses. Google Pay QR gives users who are worried about the security of their transactions peace of mind with its strong security measures and bank account connection. Additionally, companies can easily generate personalized QR codes for receiving payments with Google Pay's cutting-edge features like "Spot," which improves their online exposure.

PhonePe QR: With its wide merchant network and user-friendly interface, PhonePe, a Flipkart subsidiary, has become a significant player in India's digital payments market. Whether it's a little kirana shop or a big retail chain, PhonePe QR codes enable companies of all sizes to take payments easily. With the PhonePe app, users can use QR codes to make quick payments and take advantage of amazing discounts and cashback incentives. PhonePe QR provides an all-inclusive payment solution with features including peer-to-peer transfers, bill payments, and recharges.

Bharat QR: The National Payments Corporation of India (NPCI) created Bharat QR, an interoperable QR code standard, with the goal of standardizing QR code payments amongst different banks and payment networks. Bharat QR improves interoperability and ease by allowing retailers to accept payments from any UPI-enabled app or card network, in contrast to proprietary QR code solutions provided by individual payment providers. Bharat QR is a universal QR code solution that has been widely adopted by banks and payment processors, promoting financial inclusion and digitization throughout the nation.

MobiKwik QR: Designed to meet the demands of both customers and merchants, MobiKwik is a prominent digital wallet and payment gateway in India. Businesses may securely and effectively accept payments using MobiKwik QR codes, whether they're made through the MobiKwik app or other UPI-enabled platforms. With capabilities like transaction analytics, loyalty programs, and rapid settlement, MobiKwik QR gives businesses the ability to optimize their payment processes and increase consumer interaction. To further improve the user experience, MobiKwik's emphasis on innovation has resulted in the adoption of cutting-edge technology like NFC-based QR codes.

Amazon Pay QR: With the integration of QR code payments onto its platform, Amazon Pay, the payment division of the massive online retailer Amazon, allows consumers to make safe and swift payments both online and off. Amazon Pay QR codes enable customers to pay for their purchases using their associated bank account or Amazon Pay balance at partner merchants, such as nearby shops, eateries, and service providers. Amazon Pay QR provides a frictionless payment experience with features like auto-reload and quick refunds, demonstrating Amazon's dedication to ease of use and customer happiness.

WhatsApp Pay QR: WhatsApp Pay, a feature that lets users send and receive money inside the app, is a recent addition to the well-known messaging service owned by Facebook. Users can start a transaction using WhatsApp Pay QR codes by sharing their own QR code or by scanning the recipient's QR code. WhatsApp Pay QR, which leverages the enormous user base of WhatsApp for mass adoption, has the potential to completely transform peer-to-peer payments in India with its user-friendly design and smooth interaction with contacts.

To sum up, QR code services in India have completely changed the way that business is done by providing unmatched interoperability, security, and simplicity. For millions of Indians, QR codes are now a necessary component of daily life, whether they are used for sending money to relatives, splitting bills with pals, or making payments at nearby businesses. Customers and organizations alike have an abundance of options thanks to the wide range of QR code services that are offered, each tailored to unique requirements and preferences. QR codes are expected to have a bigger impact on how payments and transactions are made in the future as India's digital economy develops.

#payment gateway #gateway #b2b payments #b2b services #b2bmarketing #qr code services #qr code #technology #digital media

[onbepaymentsolutions]

How Healthcare Organizations Can Evolve Their Payment Strategy And Improve Recipient Satisfaction

Patient refunds are on the rise, and healthcare payers and providers should do their part to ensure the experience goes smoothly. Offering digital payment options alongside checks is not only more expedient and cost-effective but provides a better customer experience and helps to reduce the instances of unclaimed funds.

By: Tony McGee, Senior Director, Market Management

Going to the doctor (and paying for it) can be a stressful experience. So, when patients are owed a payment—whether it’s a medical refund, Medical Loss Ratio (MLR) rebate, or wellness incentive—healthcare payers and providers should do their part to ensure the experience goes smoothly.

For most consumers, smooth means digital. According to McKinsey & Company, 89 percent of Americans use digital payments, and they seek new ways that modern payment options can make their lives easier. By adopting digital-first solutions for making payments at scale, healthcare organizations can streamline their back-of-house payment processes while delivering faster, more convenient and secure recipient experiences.  

Improving the Healthcare Refund Experience

Patient refunds are on the rise, totaling $3.1 billion in 2022. The biggest reason is that healthcare billing is fraught with complexity, making errors commonplace. If healthcare organizations incorrectly estimate the patient’s responsibility, they must provide a refund following the insurer’s adjustment.  

But for many healthcare organizations, the medical refund process creates even more room for error. 74 percent of patient refunds are sent by check, according to advisory group Aite-Novarica. Checks can cause friction for recipients if the payment is delivered to the wrong address, lost or stolen, or if the recipient is unbanked. For organizations, checks are an especially costly way to issue a high volume of payments, with each costing anywhere from $3 to 12 dollars when all expenses—from administrative labor to postage—are factored in. And if recipients don’t cash their refunds, the healthcare organization is responsible for escheatment, the process of turning over unclaimed property to the state.  

Offering digital payment options alongside checks is not only more expedient and cost-effective but provides a better customer experience and helps to reduce the instances of unclaimed funds. Going digital is also a chance to curtail check fraud, which leads to billions in losses every year. 63 percent of consumers believe digital payments are more secure, according to Onbe’s 2023 Future of Payments survey. Providing choices such as virtual or physical prepaid cards, push to debit—and, yes, traditional checks or ACH for those who want them—lets patients choose the refund method that works best for them.  

Encouraging New Behaviors with Wellness Incentives

With healthcare costs on the rise, driving healthier behavior—whether it’s scheduling an annual wellness checkup, getting vaccinated, or exercising more—has become a priority for everyone from healthcare payers to public health organizations. In 2022, less than half of large firms offering health and wellness programs said their programs were effective at improving the health and well-being of enrollees, according to the Kaiser Family Foundation. But just 40 percent of large firms paid workers an incentive to encourage healthy behaviors, suggesting that more could be done to help program participants prioritize their health.  

Findings on the role of incentives in health plans suggest that not only are rewards crucial to improving healthcare outcomes, but they work best when they offer value beyond the dollar value of the incentive. That includes letting recipients “shop” for their preferred incentive choice. When organizations ranging from employers to healthcare payers want to encourage healthy behaviors, creating incentive experiences that offer payment choice, instant gratification, and a seamless, digital-first experience could help improve participant engagement and retention. Especially now that many consumers prefer to use payment apps and mobile wallets, adding more options for participants to access and spend their incentives could help drive program success.

Overcoming Barriers to Payment Choice

When handling billing and collections, most healthcare organizations are equipped to accept digital payments. But when paying patients and customers, these same organizations typically lack the technology and infrastructure they need to meet diverse payment preferences. That’s where partnering with a fintech can help with the heavy lifting. By partnering with a payments expert, healthcare organizations can offer a better experience for recipients while removing the burden from back-office staff. They can save money on check processing, hand off the risk and responsibility of managing unclaimed property, and reduce the risk of payment fraud by taking advantage of the latest intelligent monitoring solutions in the industry. And they can deliver innovative payment experiences that increase recipient satisfaction, drive healthy behaviors, and give recipients the power to choose their preferred payment method.  

The healthcare landscape is unlikely to become less complex anytime soon. But partnering with a fintech that specializes in handling payouts can help to simplify one piece of the puzzle: delivering positive payment experiences for both your recipients and your team.

To learn more, view our fact sheet, 5 Things to Know About Patient Refunds.

Original Source: https://www.onbe.com/post/how-healthcare-orgs-can-evolve-their-payment-strategy-and-improve-recipient-satisfaction

Source: onbe.com

#fintech #digital payments #digital payment gateway #b2b payment gateway #payment solution

[ezbillpay1]

#digital payments #mobile payment #online payments #payment gateway #payment solutions

[epsilonpayments]

Empowering Startups in High-Risk Sectors: How Epsilon Payments Leads the Way

Startups in high-risk sectors often face a myriad of challenges, from regulatory hurdles to complex payment processing needs. In such a competitive environment, having the right partner can make all the difference. Enter Epsilon Payments – a leading payment solutions provider that specializes in empowering startups in high-risk sectors. In this blog post, we'll explore the key ways in which Epsilon Payments is revolutionizing the payment landscape for startups, enabling them to thrive in even the most challenging industries.

Navigating Regulatory Complexity: One of the biggest challenges for startups in high-risk sectors is navigating the complex regulatory landscape. From data privacy regulations like GDPR to industry-specific compliance requirements, startups must ensure they are operating within the bounds of the law. Epsilon Payments takes the guesswork out of regulatory compliance by staying abreast of the latest regulations and offering tailored solutions that ensure startups remain compliant at all times.

Streamlined Payment Processes: Efficiency is paramount for startups looking to gain a competitive edge. Epsilon Payments understands this need and offers streamlined payment processes that minimize friction and maximize efficiency. Whether it's accepting payments online, in-store, or via mobile devices, our solutions are designed to make the payment experience seamless for both startups and their customers. By automating manual processes and integrating with existing systems, we help startups save time and resources while enhancing their overall operations.

Scalability and Flexibility: As startups grow and evolve, their payment processing needs often change. Epsilon Payments provides scalable and flexible solutions that can grow with startups, ensuring they can easily adapt to changing demands. Whether it's processing a few transactions a day or handling high volumes of payments, our solutions are built to scale effortlessly. Additionally, our flexible pricing models allow startups to pay only for the services they need, making it easy to adjust as their business expands.

Fraud Prevention and Security: Fraud is a constant threat for startups operating in high-risk sectors. Epsilon Payments offers advanced fraud prevention tools and robust security measures to protect startups and their customers from fraudulent activities. Our machine learning algorithms analyze transaction data in real-time to detect and prevent fraudulent transactions, while our encryption protocols ensure sensitive information remains secure at all times. With Epsilon Payments, startups can rest assured that their payment processes are fortified against cyber threats.

Dedicated Support: At Epsilon Payments, we understand that startups need more than just a payment provider – they need a partner they can rely on. That's why we offer dedicated support to help startups every step of the way. Our team of experts is available 24/7 to provide assistance and guidance, whether it's setting up a new account, troubleshooting technical issues, or optimizing payment processes. With Epsilon Payments, startups can rest assured that they have a trusted partner by their side, ready to support their growth and success.

Startups in high-risk sectors face unique challenges, but with the right partner, these challenges can be overcome. Epsilon Payments is committed to empowering startups to succeed, providing them with the tools, support, and expertise they need to thrive in today's competitive landscape. From navigating regulatory complexity to streamlining payment processes and enhancing security, Epsilon Payments is leading the way in revolutionizing the payment landscape for startups.

Contact us today to learn more about how we can help your startup succeed.

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Empower Your Transactions with Quintus Tech: Leading Automated Payment Solution Provider in India. Discover seamless payment solutions in India with Quintus Tech – your trusted automated payment solution provider. Streamline transactions effortlessly Quintus Tech offers cutting-edge and seamless payment solutions in India, serving as your trusted automated payment solution provider. Our goal is to simplify and streamline transactions, making the payment process effortless for businesses and individuals alike. Automation, Security, User-Friendly Interface, Versatility, Integration, Customer Support, Innovation etc. Visit Our Website :- https://quintustech.in/

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Understanding the Evolution of Payment Security

In the rapidly advancing digital age, the convenience of online transactions comes hand in hand with the escalating risks of cyber threats. As technology evolves, so do the methods employed by malicious actors to exploit vulnerabilities in payment systems. To combat these risks, businesses are turning to payment orchestration as a robust solution to enhance payment security.

Payment orchestration is a strategic approach that involves optimizing and managing multiple payment methods through a unified platform. This not only streamlines the payment process but also plays a pivotal role in fortifying the security of digital transactions.

One of the primary advantages of payment orchestration is its ability to diversify payment gateways. Instead of relying on a single gateway, which poses a single point of failure, businesses can integrate multiple gateways seamlessly. In the event of a security breach in one gateway, the others remain unaffected, ensuring continuity in payment processing.

Moreover, payment orchestration allows for dynamic routing, enabling transactions to be routed through the most secure and reliable channels in real-time. This adaptability ensures that payments are processed through the safest channels available, reducing the likelihood of fraudulent activities.

Another critical aspect of payment orchestration is its role in compliance management. With the ever-evolving landscape of regulatory requirements, businesses need to stay compliant with data protection and payment industry standards. Payment orchestration platforms often come equipped with features that help businesses adhere to these regulations, ensuring that sensitive customer data is handled with the utmost care.

Furthermore, payment orchestration enhances fraud detection and prevention mechanisms. By leveraging advanced analytics and machine learning algorithms, businesses can identify unusual patterns or behaviors in real-time, flagging potential fraudulent activities before they escalate. This proactive approach is essential in today's digital environment where cyber threats are becoming increasingly sophisticated.

In conclusion, payment orchestration serves as a formidable ally in the battle against cyber threats in the digital age. By diversifying payment gateways, enabling dynamic routing, ensuring compliance, and enhancing fraud detection, businesses can significantly mitigate the risks associated with online transactions. Embracing payment orchestration is not merely an investment in efficiency but a crucial step towards bolstering payment security.

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Quintus Tech provides a wide range of services including automated payment solutions in India and digital payment systems, mobile payment solutions, and UPI payment gateways. They enable businesses to easily and securely accept customer payments, settle transactions, and improve customer experience.

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