One of the biggest gripes about mobile and online bill payment is that it takes “forever” to post (read 2-3 days), and if you want to (or have to) speed up the process, it’s just too expensive.
To solve this problem, PayConnect from PreCash leverages the company’s existing, cloud-based processing system to provide same day payment delivery for more than 80% of the transactions it processes.
PayConnect allows customers to make payments at more than 10,000 utility, cable, and insurance companies, as well as other service providers. Customers can use both cash and cards for payment.
The company offers a pair of integration options: deploying into existing services by way of an API, or adding PayConnect as a white-label application with an online interface that can be branded.
PreCash CEO Steve Taylor cited a report from Aite Group that says more than half of consumers have made bill payments outside their bank, suggesting that “there is immense opportunity for innovative companies to unseat banks and incumbent providers by offering faster payments and a better user experience.”
PreCash serves more than 3 million consumers, processes more than $3 billion in payments, and has its products in more than 100,000 locations throughout the U.S. Headquartered in Houston, the company demoed Flip, their mobile check deposit solution for the underbanked, as part of the FinovateFall 2012 show in New York. See the company’s technology in action here.