Fort Collins, CO, October 20, 2021 – Fintech trailblazer BillGO, the leading provider of innovative bill management and payments, is introducing BillGO Exchange, the latest service offered to billers, as part of the growing BillGO platform. Although billers of all sizes can benefit from the service, for small and mid-size billers, BillGO Exchange is a game-changer enabling them to get paid faster and more efficiently.
According to one recent study, more than 80 percent of businesses rely on paper checks to get paid, making checks the “most common B2B payment method, even amid companies’ pandemic-driven digitization efforts.” The same study also noted approximately 70 percent of businesses not using instant payments platforms “frequently experience cash shortfalls.”
Helping speed payments to billers – who often must wait five days or more for checks to clear – is a major benefit of BillGO Exchange, which facilitates payments directly to billers within minutes instead of days. But faster payments are only the beginning. BillGO Exchange streamlines the entire payment process that has plagued business owners for decades. Yes, BillGO Exchange speeds payments, it also reduces risk, facilitates easier reconciliation, and eliminates trips to the bank.
“Trips to the bank’ sounds archaic in this day and age – and it is,” says Cindy O’Neill, President and General Manager, BillGO Biller Solutions. “But, because so many smaller businesses use checks, it means business owners must frequently run to their banks, which is inefficient. Because we leverage BillGO’s extensive biller network, BillGO Exchange eliminates paper checks and most of the hassles that go with them. This is just one reason BillGO Exchange is a gamechanger.”
Other game-changing capabilities include:
- Ease of Use. Modern CX enables a biller’s customers to pay quickly and securely
- Reduced Risk. Fraud and risk issues associated are minimized
- Simple Reconciliation. Payments are easily tracked via a customized self-service portal
- Speed of Payment. Paper checks are transformed into reliable digital payments and payments settle, on average, in minutes rather than days.
- Disruption-free Experience. Billers can continue to leverage existing payment processors using their AR workflow
- Easy Onboarding. Quick sign up and immediate payments
As O’Neill – who has been a leader in the payments industry for more than two decades – explains, up until now billers, vendors, suppliers and financial institutions have all been hampered by highly-manual, outdated payment systems that inadvertently slow payments.
With BillGO Exchange, those outdated inefficiencies are eliminated, she says. “This begins by enabling smaller billers to join BillGO’s extensive biller network. Once in the network, billers can begin using BillGO Exchange immediately meaning customer bill payments can be received and processed that same day. As BillGO Exchange evolves and scales, it will deliver additional services, tools and touchless integrations billers can rely on to manage their full spectrum of payment needs.”
BillGO leaders – including Cindy O’Neill – will be on hand at Money20/20 in Las Vegas, Nevada from Sunday, October 24, 2021, through Wednesday, October 27, 2021.
About BillGO
Driven by the core belief that everyone deserves access to a healthy financial future, BillGO’s award-winning real-time bill management and payments platform transforms the dreaded necessity of managing and paying bills into an opportunity for financial well-being. BillGO empowers over 32 million consumers, thousands of financial institutions & fintechs to seamlessly make payments to over 170,000 supplier endpoints – transforming the way people make and receive payments. By combining speed, choice and intelligence with simple integration, BillGO is accelerating and delivering a new way to bill pay.
Visit BillGO.com and find out why it’s GO time.