Teaming with MasterCard RPPS, UDP has introduced an accounts receivables service that helps customers electronically post received payments more quickly, accurately and securely. The telecom billing company has aligned with MasterCard RPPS to provide customers with this efficient and cost-effective service called E-POST.
Today, millions of people in the United States pay their bills online through their bank or bill payment service provider, said UDP. However, companies still may receive paper checks from consumers who are using an online bill payment service that is not electronically connected to the telephone company. As a result, when paper checks are received, they become exception items that must be manually posted.
UDP utilizes the MasterCard RPPS electronic payments network to distribute secure payments to a large number of electronic payment receivers. The network serves as a central hub capable of processing tens of millions of electronic payments every month for telephone companies of any size or any transaction volume, said UDP.
Were thrilled to be working with UDP on this exciting initiative to offer a service which facilitates the fast, secure and reliable posting of electronic payments in the telecommunications industry, said Ed McLaughlin, senior vice president of MasterCard RPPS.
The speed and accuracy of E-POST increases back-office efficiencies and eliminates the need to manage multiple payment originator relationships. Companies dont have to dedicate man hours to chasing down generic checks with missing remittance stubs. Payment information is received via a batch/lockbox file and a daily ACH credit is deposited in the telephone companys bank.
E-POST only distributes reliable funds because the bill payment service does not initiate payment if funds are not available.
UDP President Claud Gilmer said offering this service fills a specific need and is a compelling solution to automating the posting of electronic payments. Using this type of service reduces the amount of manual posting for telephone companies and speeds up cash flow by eliminating the time involved for the bill payment service to generate paper checks. Plus, you dont have to be an existing customer to take advantage of E-POST. It works just as effectively as a standalone offering, Gilmer added.