AcceptEmail, the e-payments company that fosters bill payments via email, said Wednesday (Aug. 12) that it is linking up with PayWithMyBank to streamline bill payments and associated costs.
In a press release, the companies said consumers who now use AcceptEmail have payment options embedded in their electronic communications, with PayWithMyBank’s VerifiedACH among the choices. That new feature allows for online banking, according to the release, as consumers simply sign in to their online accounts.
AcceptEmail said that there are no additional accounts (or passwords) that need to be set up, and there are no additional convenience fee charges.
The email service generates payment requests from billers, sends those requests to consumers and displays the payment options. There is also a color coding system, in which blue indicates payments due and green indicates payments received.
The company has said that billers utilizing the service show 70 percent reductions in their collection costs. In addition, noted AcceptEmail, its customers typically pay their bills in a more timely manner than people who remit via paper checks.
AcceptEmail also said that roughly 30 percent of its emails sent in the past year have been opened on a mobile device. And, noted the company, the service has dovetailed with the millennial generation, which, as the company said, has grown up “in a networked, online world."
AcceptEmail CEO Peter Kwakernaak stated that his company’s partnership with the ACH feature “is the best of both worlds.”
“Billers who take advantage of the combination of AcceptEmail and PayWithMyBank need not make adjustments to their systems, website or apps in order to get VerifiedACH with real-time confirmations,” he said. “They will reap substantial savings too. ACH is far less expensive to transact than credit card payments, which often take a percentage of the invoice amount. ‘Synergy’ is a frequently overused word, but it is entirely appropriate here.”