The nation’s fifth largest bank has reportedly chosen an electronic payments and billing service provider to extend these services to its business customers.
U.S. Bank said Wednesday (July 8) that it has chosen Biller Advantage to offer electronic payment and billing tools for its corporate clients in an effort to reduce the reliance on paper checks and invoices. The collaboration will allow U.S. Bank business customers to accept e-payments through an array of channels, including mobile.
The solution, the firms said, means smaller businesses can now offer their customers more advanced e-billing and payment options normally reserved for the largest corporations.
Biller Advantage, a unit of Fiserv, offers electronic billing, presentment and payment (EBPP) services to businesses that send at least 2,000 bills every month. According to the firms, many of the EBPP services were previously unavailable to companies of this smaller size.
“Consumers are looking for ways to simplify their finances and streamline their bill payment process,” said U.S. Bank Senior Vice President Sam Robb in a statement. “Our business customers want to meet this demand and offer customers the best and most user-friendly billing and payment options.”
He added that connecting business customers to Biller Advantage provides companies with a multichannel electronic billing service so they can more efficiently and quickly send bills and receive payments. “It is a complimentary extension to our existing e-payment suite of biller services,” said Robb.
Biller Advantage works for e-billing on the businesses’ own websites or through the more than 4,000 financial institutions under the Fiserv eBill Distribution network. E-payments can be accepted through mobile, automated phone system and online channels, among others. By offering these services to customers, businesses can maintain positive relations with their clients and boost customer satisfaction.
The choice of Fiserv’s Biller Advantage is not surprising. U.S. Bank renewed its partnership with Fiserv last month for another five years, providing U.S. Bank clients with access to Fiserv e-payment solutions.