According to an emailed press release, the new program will be called CommercePayments PreferPay. It will focus on providing customers, claimants and service providers with numerous options on how to pay, including ACH, check, or direct-to-debit card via Visa Direct.
Commerce Bank states that, with Visa Direct functionality, customers can receive payments back in real time for insurance claim payouts, which will go right to their debit cards. This is in contrast to some current modes of payment, which can take up to 10 days to receive even for things like auto accidents or natural disasters.
Cory Freier, business systems manager at Progressive, was excited to introduce the system for a variety of needs including medical payments, repairs or anything else in-between. The press release states that partnering with financial institutions will make sure that the payments are handled in an efficient and timely manner.
Commerce Bank is not new to partnering with other entities for innovative solutions. Last year, they announced a partnership with procurements and accounts payable solution provider Corcentric to implement a new reseller agreement.
Under that agreement, the bank will manage the sales, accounts and operations for Cor360, and for it to be used as a white-label platform for Commerce users. The program is intended to meet the needs of burgeoning businesses as they continue to grow.