New PreCash Platform Aims to Fix ‘Broken’ Online Bill Pay Experience (Aug. 8, 2013)
Aug. 8, 2013
Payments processor PreCash has unveiled a new virtual payments platform the Houston company says will help fix the “broken” consumer online and mobile bill payment experience. Dubbed PreCash PayConnect, the new platform is built on PreCash’s cloud-based processing system and offers mobile and online payment for more than 10,000 service providers, including utilities, cable companies, insurance and telecom providers. Payment processing time is accelerated to enable same-day delivery for 80 percent of the transactions made over the system, according to PreCash.
For PreCash, expedited bill payment is a market ripe with opportunity, with consumers spending billions each year to speed up payments and avoid late fees. And traditional banks are failing to capitalize on this demand, the company says. “[F]ew banks offer expedited payments, so there is immense opportunity for innovative companies to unseat banks and incumbent providers by offering faster payments and a better user experience,” said PreCash CEO Steve Taylor. More than half of consumers have tried bill payments outside of their bank over the past two years, according to an Aite Group report.
The PayConnect service can be integrated into a mobile or Web browser and is available as an API that can be added to an existing service, or as a white-label app customizable with a partner’s branding.
