Splitit Redefining Retail May 2024 Banner

InvoiceCloud Launches Deposit Control Feature for Billers

In a move to empower billers with more refined financial management tools, InvoiceCloud has announced the launch of a new deposit control feature within its Online Bank Direct solution.

This functionality is designed to provide billers with more control over their payment processing by allowing the separation of payments based on invoice type, the company said in a Monday (April 29) press release.

“Financial institution Bill Pay systems remain a dominant force in online bill payments,” Steve Schult, senior vice president, products at InvoiceCloud, said in the release. “Our new enhancement caters to this reality by offering unparalleled deposit control, significantly reducing manual effort and accelerating cash flow.”

The enhancement is aimed at addressing a common challenge faced by billers: the difficulty in managing and reconciling payments that are lumped together, regardless of their designated purpose or origin, according to the release. 

With InvoiceClouds latest update, billers can now streamline their financial operations by directing payments into specific accounts based on the type of invoice being paid, the release said. This granular level of deposit control not only simplifies the reconciliation process but also enhances the overall efficiency of financial management for businesses.

Providing billers with the ability to segregate payments at such a detailed level, this feature is particularly beneficial for organizations that manage multiple types of invoices and financial accounts, per the release. It offers these organizations faster reconciliations, improved cash application, enhanced efficiency and greater insight into customer payment behavior and preferences.

This granular deposit control feature joins InvoiceClouds online billing and payment solutions that are used by more than 3,200 customers in the utility, government and insurance industries, according to the release.

PYMNTS Intelligence has found that 14% of consumers use account-to-account (A2A) payments to pay bills and subscriptions.

High-income consumers are likelier to adopt this payment method, according to “Tracking the Digital Payments Takeover: Consumer Familiarity Controls Account-to-Account Payment Growth,” a PYMNTS Intelligence and AWS collaboration.

The report found that 19% of those who earn more than $100,000 per year use A2A payments to pay bills and subscriptions, compared to 14% of those who earn $50,000 to $100,000 and 8% of those earning less than $50,000.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.