‘Tis the Season for Secure Payments: Protecting Your Business from Holiday Fraud

The holiday season is here, bringing with it the hustle and bustle of surging online transactions. Consumer spend is expected to rebound above pre-pandemic levels for the first time, even as 72% of shoppers anticipate higher prices.

Inflation dread isn’t enough to deter cash-strapped consumers. Credit options, such as Buy Now Pay Later short-term financing, will cover an estimated 13% of holiday purchases this year.

With the uptick of consumers embracing the holiday splurge, it’s essential to ensure that your store is safeguarded from the Grinches of the online world—fraudsters. Here are three tips to keep your e-commerce business merry and bright:

 

1. Hosted Payment Pages: A Trusted Haven for Transactions

Picture a secure fortress for your customers’ payment data—one that’s not on your servers. This is where securely hosted payment pages with a reliable payments provider come into play. By directing your online payments through these secure pages, you’re ensuring that sensitive payment data doesn’t linger in your system like a misplaced ornament.

The beauty of securely hosted payment pages lies in their ability to provide a seamless and secure transaction experience. Customers enter their payment details on a page hosted by the payments provider, keeping the crucial data away from your servers and reducing your PCI (Payment Card Industry) Data Security Standard scope. This ensures a worry-free experience for both you and your customers that leaves fraudsters out in the cold.

 

2. Digital Wallets: Security Wrapped in Convenience

‘Tis the season for giving, and what better gift to offer your customers than secure and convenient digital payment methods? Enter digital wallets. With enhanced security features, they provide a hassle-free and speedy checkout experience.

By offering popular digital wallets at your checkout, you’re not just embracing the holiday spirit—you’re also aligning with what consumers trust. Digital wallets safely store payment credentials and employ advanced encryption techniques to keep them protected. It’s a win-win—customers get a seamless payment experience, and you get the peace of mind that their data is protected.

 

3. Tokenization: Turning the Tables on Fraudsters

If you want to take your holiday defenses up a notch, consider the power of tokenization.

Tokenization involves replacing actual card and ACH payment data with generated tokens. These tokens have no intrinsic value and provide no value to fraudsters. It’s the equivalent of leaving fake presents under the tree for anyone attempting to snatch them. A reputable payments provider can assist you in implementing this robust layer of security, ensuring that even if a Grinch manages to sneak into your system, they leave empty-handed.

In the midst of the holiday season excitement, don’t let the fear of fraud steal your joy. By following these three tips—utilizing hosted payment pages, offering secure digital payment methods, and embracing tokenization—you can ensure your online business stays secure while shoppers stuff their carts.

 

CSG Forte is here to protect your payments this holiday season. Contact us to get started today.

Beat The Numbers Game: Guard Against Card Testing Fraud

Card not present (CNP) fraud has been on the rise: it’s projected to account for nearly 75% of all payments fraud by 2024, which is up from 57% in 2019. As merchants shift their focus to protect against this growing share of CNP fraud, they find themselves tackling a specific type: card testing attacks.

Payment solutions can play a major role in protecting businesses from card testing-related losses. But does yours have the right capabilities? Read on as we explain card testing and some fundamental ways to reduce its impact on your customers and your bottom line.

What Is Card Testing?

Card testing is a payment fraud technique where cybercriminals use automation or bots to guess valid credit card numbers. It’s literally a numbers game. Fraudsters submit a barrage of small transactions of just a few cents each, testing to see if a card number is valid. Once they’ve identified a set of card information that works, they then use it either to make larger unauthorized purchases or sell the card info on the dark web.

For merchants, falling victim to card testing can disrupt operations and generate costly chargebacks. But it means more than revenue loss: there’s also reputational damage to consider. According to a PYMNTS survey, 21% of consumers said that losing money due to fraud would be the most important factor that would erode their trust in a merchant.

4 Layers of Protection Against Card Testing Attacks

In the battle against card testing fraud, your strongest line of defense is a modern payment solution. It can safeguard your transactions and customer data in multiple ways. Here’s how:

1. ADVANCED FRAUD DETECTION

As we all know, the earlier fraud is spotted, the better. Payment solutions may employ machine learning algorithms that identify suspicious transaction patterns in real time. These fraud detection features can flag and report suspicious activity before bad actors “crack the code” and make a successful unauthorized charge, or before they can go on to do significant damage with the stolen card information.

2. TOKENIZATION TECHNOLOGY

Modern payment solutions typically replace sensitive card data with unique tokens—randomly generated values that are unrelated to the original card data. This adds an extra layer of security. Even if bad actors intercept the merchant’s card data, the tokens render that data useless for making unauthorized transactions.

3. 3D SECURE AUTHENTICATION

Modern payments solutions often integrate 3D Secure protocols, or “3DS,” which stands for 3 Domain Secure. This is an authentication method for online transactions that relies on three domains:

  • Issuer Domain — The bank or financial institution that issued the card
  • Acquirer Domain — The bank or financial institution processing the payment on the merchant’s behalf
  • Interoperability Domain (Card Scheme) — The payment card network (e.g., Visa, MasterCard) that connects the issuer and acquirer domains

If you’re using 3DS, a cardholder making an online purchase undergoes an additional authentication step. This typically involves redirecting them to a page hosted by their card issuer or having them provide a one-time authentication code that is sent to their phone. And it’s this extra step that adds another strong barrier against card testing attempts.

4. REGULAR UPDATES & MONITORING

Payment fraud techniques evolve, and so should your payments solution. Your SaaS provider should provide regular updates and enable round-the-clock monitoring, making sure your payment system is always equipped with the latest security features.

Take Action Today

Safeguarding your organization against card testing is a must. Do you know if your payment system has all these protections in place for you and your customers? Talk to us at CSG Forte, and we can help you ensure your payments security is up to task—even as fraudsters put it to the test.

Not Ready for Rising Card Fees? Try These 4 Payment Alternatives

Credit cards emerged from the pandemic stronger than ever. After bearing the brunt of decreased recreational spending in 2020, the industry is riding the wave of ecommerce growth to top an unprecedented $500 billion in online credit card usage. Resurgent travel spending, higher wages and generous rewards programs all bode well for credit card payments.

But as card spending stabilizes among consumers, their issuers must contend with the broader impact of economic downturn.

Credit Card Payments Under Pressure

The country is seeing record numbers of credit card debt and growing delinquency rates. Economists at the Federal Reserve Bank of New York report that credit cards are the most prevalent form of household debt and expect this trend to continue—particularly with student loan payments resuming.

Talk of congressional action to lower swipe fees and rumors swirling around rising interchange fees also loom large for merchants that rely on credit card payments. With so much uncertainty, how can businesses protect their bottom line?

Bolster Your Business Growth With More Ways to Pay

Prepare for volatility in the credit card space by diversifying your payment methods. Consider these alternatives to safeguard your cash flow and generate revenue in any economic conditions.

4 Alternative Payment Methods

1. ACH

Automated clearing house (ACH) payments are a strong solution for businesses seeking reliability. This payment method allows merchants to draw funds directly from the customer’s bank account, limiting risk and excess costs.

ACH processing expenses are generally low compared to other forms of payment. Unlike credit cards, which are subject to fluctuating fees, ACH doesn’t require merchants to make authorization requests to credit card networks or issuing banks. This means that not only does using ACH save businesses money—it also insulates them from rising interchange fees if Visa or Mastercard choose to schedule increases.

ACH is also a more secure payment option. Credit card fraud is on the rise, with global losses projected to surpass $43 billion in the next five years. What does that mean for merchants? More chargebacks, less revenue and greater overall risk.

ACH payments also come equipped with security features that protect businesses from fraud. With end-to-end encryption and tokenization, sensitive payment data is disguised during transmission. It’s one of the safest payment methods available to businesses today.

2. Same-day ACH

Businesses can further optimize their electronic payments by implementing same-day ACH transfers. This method carries the same benefits as standard ACH payments, but with the added promise of receiving funds within a single day.

Payment processors traditionally could expect to see direct transfers reach their accounts in around four business days. But those that partner with a same-day ACH provider are guaranteed usable funds much sooner, provided they initiate the transaction by the designated cutoff time.

By bypassing processing delays, businesses enjoy the following advantages:

  • Faster payments, with lower fees. The speed of same-day ACH processing is comparable to credit cards. But with lower costs involved, the former provides merchants the best elements of both.
  • Streamlined cash flow. Automated transfers and reduced cycling times simplify delivery and allow for better control of cash flow.
  • Optimized customer experience. When you enable customers to pay their bills closer to the due date, both sides benefit. Same-day ACH processing helps last-minute payers avoid penalties, while faster crediting is applied to late payments.
  • Expedited payroll disbursement. Same-day ACH can also be used to pay employees via direct deposit. Faster issuance reduces administrative burdens by providing quick resolution of late payments or emergency distribution.

3. RTP

Real-time payments (RTP) can also quickly provide your business with cash flow. Much like ACH, this method supports quick electronic transfers between banks. But the similarities stop there.

RTP transactions are instantaneous—faster even than same-day ACH. These payments are initiated, cleared and settled with virtually zero perceptible delay. The unrivaled speed of RTP is a contributing factor to its international appeal: one 2020 survey found that consumers across six different markets consider real-time payments at least as important as internet access.

Speed isn’t RTP’s only convenient feature. Year-round availability is another unique benefit. Unlike ACH, real-time payments are also available on weekends, holidays and after business hours. Because it’s processed by The Clearing House rather than banks, RTP isn’t subject to the same limitations and enables 24/7/365 payments.

However, he RTP system isn’t always the answer. Transactions are capped at $1 million, and only credit payments are supported. Its network is also smaller than that of ACH—not every bank covers RTP.

But RTP is gaining popularity, and as it does, these drawbacks are expected to shrink. The U.S. Federal Reserve recently rolled out an instant payments service of its own in FedNow. As banks push for faster fund processing, the government’s network will offer them additional high-speed coverage options, making RTP more broadly available.

By stimulating competition with this move, expect to see increased adoption of real-time payments in the U.S.

4. Alternative Methods of Payment

Non-traditional payments are also available to businesses seeking credit card alternatives. To capitalize on these options, connect your bank account to an e-wallet that is compatible with popular payment methods. These might include:

  • PayPal
  • Physical or digital gift cards
  • Loyalty points
  • Apple Pay
  • Google Pay
  • Direct carrier billing

Offering customers the capability to use their preferred method encourages on-time payments, increased revenue and a seamless CX.

Get A Consult: Find Your Payments Fit

Payment methods should be built for your business—not the other way around. Connect with CSG Forte to get expert advice on which payment processing options will work best for you. Get started.

Tips to Reduce Late Payments by Engaging Payers

Suman Chaudhuri

Suman Chaudhuri, VP, Sales & Revenue, CSG Forte

 

Late payments are on the rise, and they can weigh down your organization’s growth if they go unaddressed.

Auto loan and credit card delinquencies have bounced back to their pre-COVID rates, and late payments on consumer loans aren’t far behind. With these indicators, merchants in other industries might be right to wonder if they’ll see more missed or late payments—assuming they haven’t already.

Organizations are well aware how late payments can disrupt cash flow. As they add up, they can limit the ability to make the investments needed for growth, from purchasing new equipment, to hiring talent, to ordering inventory. Then there’s the cost of collecting late payments: sending out notices, attempting to call customers, engaging collection agencies, and so on.

Consumers often miss payments due to a lack of funds, but a large chunk of late payments are highly preventable. Among consumers who missed a payment in the previous six months, nearly half said either forgetting about the bill or mixing up the due date were factors, according to a recent survey.

So what can organizations do to help customers pay on time? By keeping them engaged with these approaches.

Make the payment experience as easy as possible

Many late payments result from transaction abandonment, which is a usually fixable problem in the customer’s payment journey. Sometimes the abandonment is accidental: think of how easy it is to get distracted in the process of paying a bill online or over the phone if it requires multiple steps. Other transaction abandonment is deliberate: perhaps the customer became frustrated to learn that they can’t make their payment online, and they put off the task for later.

To reduce transaction abandonment—accidental or otherwise—it’s important to make the payment experience as simple as possible.

Accept multiple payment methods.

You want to ensure most of your customers can use the payment method they most prefer, whether that’s credit/debit card, ACH, digital wallets, and yes, paper checks (55% of U.S. consumers wrote checks in 2022).

Offer auto-pay.

Automating regular payments is a win-win for you and your customers. Customers get to put the recurring payment out of mind, and your organization sees fewer late or declined payments. Offering and encouraging auto-pay makes a huge difference. Between April and July 2020, renters failed to make timely rent payments approximately 22% of the time. However, renters who used Rentec’s recurring payment system, powered by CSG Forte, only made late payments 1% of the time.

Allow payments in installments.

Making the payment experience easier can also involve offering a payment plan if your organization can provide that flexibility. Accepting partial or installment payments can be preferable to delinquent payments, and offering installments keeps the customer engaged. The key here is to use a payment solution that enables customers to set up their own alternative payment arrangements easily, without having to call into your call center. The payment terms, installment amounts and due dates also need to be clearly communicated to the customer through the user interface.

Send payment reminders on the customer’s preferred communication channels

The modern consumer has plenty of notifications and due dates competing for their attention. It’s easy for even your most organized customers to forget a payment unless they receive regular reminders. But reminders only matter if customers receive them on communication channels they use. Make sure you can send these automated messages by multiple methods, including email, text and outbound interactive voice response (IVR).

Also consider payment reminders that can integrate with customers’ calendar applications, increasing their visibility as part of your customer’s recurring to-dos. If you can enable seamless payments through your reminder communications, such as offering text to pay, then you’ve not only made it easier for customers to remember their bill, but also pay it in seconds.

CSG Forte Engage, a payer engagement platform, can help simplify your customers’ payment journey in these ways and more, enabling you to minimize late payments and protect your bottom line. Learn more about CSG Forte Engage and start increasing on-time payments today.

7 Essential Features for a Better IVR Payment System

While no one likes paying bills, reducing consumer friction points during the bill-paying process can get your invoices paid faster. Millennials are more likely to prioritize paying bills that are easy to pay before tackling (or ignoring) bills that are more inconvenient. More than half (52%) of consumers report experiencing at least one pain point when paying bills, and 29% encountered multiple issues. Top bill-paying complaints include log-in frustration, authentication issues and a lack of autopay options. Creating convenient payment options improves the customer experience and can lead to more on-time payments.

Thoughtfully designed interactive voice response (IVR) payment systems are convenient, efficient and secure, which benefits both customers and merchants. IVR payment systems use Voice over Internet Protocol (VoIP) technology to guide customers through the payment process over the phone. However, poorly designed IVR payment solutions increase customer frustrations instead of reducing them. The best IVR systems include seven key features that improve the payment experience for customers.

Benefits of Offering IVR for Payments

Customers expect the payment experience to be quick, convenient and secure. Quality IVR services meet all three of these expectations. Customers may also expect merchants to offer an IVR payment option; according to a 2022 survey of more than 2,100 online bill payers, 26% had paid a bill via an automated phone system within the past year.

The IVR payment process is:

  • Fast. By using an automated IVR payment system, customers don’t have to wait to speak with a live agent. The average IVR payment call takes about three minutes. This can be significantly faster than other payment processing options, such as finding the merchant’s payment portal, logging in and resetting a password after multiple failed login attempts or waiting on hold to speak to an agent to complete a payment.
  • Convenient. IVR payment solutions allow customers to pay their bills 24/7—without an internet connection. Customers are also able to enter their payment reference number (e.g., invoice/account/policy number) so they don’t have to remember a password.
  • Secure. IVR payment platforms securely process transactions and reduce the risk that sensitive payment data is exposed either via unauthorized access to internal systems or through call center agents manually accepting payment details over the phone.
    • When using an IVR system, customers can enter credit card information via their phone keypad instead of reading out the information to a contact center agent. This prevents someone from overhearing the conversation and jotting down the information.
    • Merchants should select an IVR system that complies with the Payment Card Industry Data Security Standard (PCI DSS).
  • Affordable. IVR payment systems benefit merchants by increasing efficiency and decreasing labor costs by reducing payment-related calls to contact center agents, whichcost around $5 or more per call. While a few dollars per call may not sound like much, it adds up quickly. In contrast, IVR payment calls cost merchants about 50 cents each.

7 Must-Have IVR Payment System Features

IVR payment systems should provide:

  1. Multiple payment options (credit card and ACH) for full or partial payments
  2. Automated voice services offered in multiple languages
  3. Several ways for customers to connect to the IVR system
    • Call a direct number (printed on statements or included in an email or text notification)
    • Access via the IVR menu (e.g., press 1 to pay your bill)
    • Agent transfers callers to the payment IVR
  4. A variety menu options after the customer completes payment
    • Make another payment
    • Receive an email/text receipt
    • Speak with an agent
    • Store (or update) payment method(s) for future transactions
  5. An outbound IVR system that
    • Delivers payment reminders
    • Allows customers to schedule a convenient time to receive an automated call to make their payment
  6. The ability to easily make changes to your IVR system based on your business’ needs
  7. Integration with billing and accounting systems, allowing payments to be posted directly to your business in real time

CSG Forte offers an IVR payment system with inbound and outbound options for fast, convenient and secure payment processing. With CSG Forte Engage’s IVR solution, live agent calls have been reduced by up to 70% for payments, on average.

Contact us to learn how CSG Forte Engage’s IVR solution can streamline your payment processes and reduce inbound calls to your call center. Get started today.

What Are Electronic Payments and How Can They Help Your Business?

Imagine. You want to purchase a doughnut at the local bakery, but instead of handing over your credit card, you reach into your pocket and pull out a few grains you picked on your farm earlier that day. After all, the baker can use the grains to make more dough. Seems crazy, right? However, the barter system was a cornerstone of transactions in our early history. Lucky for us, advances in payment acceptance mean you no longer are tied to your farm (in fact, you don’t even need to have a farm nowadays). But the biggest advance in payment acceptance isn’t particularly tangible. Why? Electronic payments. The invention of electronic payments makes receiving and making payments online, via mobile and at the point of sale a whole lot simpler.

 

What Are Electronic Payment Systems?

Electronic payments are any payment completed through an electronic medium. These methods include credit and debit cards, ACH payments and virtual cards. These electronic methods replace physical checks or cash, and they can occur at the point of sale or online. For example, consumers can use their virtual rewards card to pay for their coffee at the drive-through.

 

The Benefits of E-Payments

With e-payments, users can enjoy:

  • Payment ease: Many forms of e-payment allow users to pay with as little as a tap. With an easier payment process, you improve the user experience for payers and payees.
  • Reduced processing costs: Processing checks involves printing, signing and mailing, requiring manual labor and material expenses. Electronic payments eliminate these processes, saving you money on payment processing.
  • Greater visibility: With electronic payments, you can track transaction status, access financial metrics and follow audit trails for compliance needs. These tracking capabilities are often integrated into e-payment platforms, so following the status of your financials is much easier than when manually processing physical payments.
  • Improved security: Handling cash or checks can easily lead to theft or fraud. With electronic payments, you eliminate passing physical money between hands, and you can enjoy built-in encryption that protects user data during transactions.

 

Types of Electronic Payments Systems and Their Advantages

There are various types of e-payments, and they all offer unique advantages.

ACH Debit Pull

The Automated Clearing House (ACH) processes electronic transactions between bank accounts. In the case of an ACH debit pull, a payee initiates a pull of funds from a payer’s account. One of the most common examples of a debit pull is direct deposit for employees.

These debit pulls are typically low-cost, and sometimes they’re completely free. The most significant advantage of this electronic payment is it eliminates the need to collect and process checks or deposit cash.

ACH Credit Push

An ACH credit push is the opposite of a debit pull. Rather than the payee pulling the funds from the payer’s account, the payer pushes the amount out of their account and to the payee. Credit pushes are common for a range of online payments where the vendor is an established company. ACH payments often come with lower processing fees than credit cards, making them a practical option for some businesses.

Credit Cards

With a credit card, a user borrows money from their card issuer up to a certain predetermined limit. The cardholder is then responsible for paying this borrowed money back and can be charged interest for outstanding balances.

In the case of e-payments, credit cards are fast and accessible. This secure payment method is easy to use at the point of sale. With the growing use of chip payments with credit cards, every transaction has a unique code that makes it challenging to steal sensitive information.

Mobile Pay

Mobile pay relies on a mobile device, such as a smartphone, smartwatch or tablet, to complete a transaction. Many of these devices are compatible with mobile wallets that allow users to upload their card information for use at point-of-sale terminals. These terminals must have near-field communication (NFC) to receive payment information from the mobile device and accept payment.

Mobile payments can also include mobile payment platforms that use ACH payments to complete transactions. This payment type offers convenience since most people carry some kind of mobile device. Additionally, these mobile payment methods typically require authentication before completing a transaction, making them a secure electronic payment option.

 

The History of Electronic Payment Systems

Electronic payments have their roots in the 1870s, when Western Union debuted the electronic fund transfer (EFT) in 1871. Since then, people have been enamored with the idea of sending money to pay for goods and services without necessarily having to be physically present at the point of sale. Technology has been a driving factor in the development of electronic payments. Today, making a purchase is as easy as tapping a button on your smartphone. Work with streamlining payment methods has been hard-won.

From the 1870s until the late 1960s, payments underwent a slow but gradual transformation. In the 1910s, the Federal Reserve of America began using the telegraph to transfer money. In the 1950s, Diner’s Club International established itself as the first independent credit card company, soon followed by American Express. In 1959, American Express introduced the world to the first plastic card for electronic payments.

Entering the 1970s, people became more reliant on computers as part of the buying process. In 1972, the Automated Clearing House was developed to batch process large volumes of transactions. NACHA established operating rules for ACH payments just two years later.

 

The (Wide, Wide) World Wide Web

Then along came the Internet. In the 1960s, ARPANET, a precursor to the modern Web, was built as a military network to improve communication. In the 1990s, online internet banking services were offered to bank customers. Those first online payment systems were anything but user-friendly—users had to have specific encryption knowledge and use data transfer protocols.

Soon, development across the Web, and the eventual invention of Web 2.0, set the stage for online sites to participate in what’s now known as e-commerce. In 1994, Amazon, one of the pioneers of eCommerce, was founded, along with a slew of other websites that we know and love to purchase on.

Payment acceptance and securing payments have been specific challenges for e-merchants and payment processors. In the early days of electronic payment processing, you needed special equipment and software to send a payment for goods. Now, payment acceptance can be integrated into websites, mobile platforms, and at the point of sale for scalability amongst merchants big and small.

 

Keeping Your Private Data Safe

As technology changes at an increasingly rapid pace, however, keeping your data safe has been at the forefront of most merchants’ minds. It’s easy to see why. Data breaches can have long-reaching financial and systematic impacts on businesses and can damage the reputation of long-standing organizations. What’s more, breaches can also spell financial ruin for companies without the financial, legal and logistical bandwidth to weather the storms of a hack.

Regulations by both NACHA and PCI standardize how payment data is received, stored, transmitted and processed for each transaction and help reduce the likelihood of an attack. However, it’s important that payment processors who offer PCI compliance programs stay ahead of those who wish to do harm to hardworking business owners by hacking their systems.

For point-of-sale transactions, EMV-enabled (also known as “chip card”) transactions add another level of encryption to your sales when performing card-present sales. End-to-end encryption, like what CSG Forte offers, provides a level of security to your entire payment processing system from terminal to payment acceptance and beyond. When accepting payments online, SSL webpages and other methods of data encryption help ease the worry of consumers and take some of the burden off merchants to remain PCI-compliant.

 

What’s Next For Electronic Payment Systems?

According to a McKinsey study from 2020, 78% of Americans currently use at least one form of digital payment. Offering consumers more ways to efficiently pay bills and purchase the things they want should be a key objective for all modern business owners.

Hot-button technologies like cryptocurrency and blockchain could be another way payment processing gets another technological push into a new era. After all, some cryptocurrency contenders aim to revolutionize the processing time for electronic payments, and if successful, can completely change the game for the payments industry. But in the interim, new trends like PIN on Glass acceptance to allow customers to use their PIN for mobile point-of-sale transactions, as well as contactless payments, same-day ACH and advancements in payment APIs all are geared towards making payment processing simpler, faster and more efficient.

For the last century and a half, the world of electronic payments has seen several notable technological shifts. As we speed through the industrial advances that the payment industry currently faces, we will only see a payment processing scheme that is safer, faster and operates how consumers and merchants need.

 

The Benefits of E-Payments for Your Business

Your business can benefit from e-payments with the help of:

  • Improved supplier relationships: When your vendors can enjoy the ease of e-payments, they know that you value their time, security and ease of payment processing. These e-payments also include remittance data for ease of reconciliation. Many modern suppliers may come to expect e-payment options and may even turn down relationships without this convenience factor.
  • Increased customer satisfaction: Your customers will enjoy the convenience and security of e-payments as much as your vendors. When paying for products or services is easy, consumers are more likely to follow through with a purchase.
  • Reduced costs: Processing cash and checks can require hours of physical labor and expenses dedicated to stamps and mailing. Enjoy the reduced administrative overhead of e-payments.
  • Enhanced security: With encryption and unique transaction codes, e-payments are far more secure than physical cash or checks. Plus, electronic payments eliminate the risk of losing cash or checks before they get deposited.
  • Greater flexibility: If you offer various types of e-payments, consumers can pay in a way that works for them. For example, a buyer who forgot their wallet can use their mobile wallet to cover costs. This flexibility encourages more sales.

 

How Can CSG Forte Help Optimize Your Electronic Payment Systems

CSG Forte offers a comprehensive electronic payment solution that supports online, in-person and phone payments. Our payments platform supports secure, flexible payments with reliable reporting and a user-friendly interface. With recurring payment capabilities, intuitive bill presentation, point-of-sale support and trusted security practices, CSG Forte supports the success of modern businesses.

See what electronic payments can do for you, and get started with our platform today.

ACH Myths Busted: Clearing Up the Confusion on Clearing Houses

What’s the most valuable non-cash payment channel in the United States?

Most people would say credit cards—and most people would be wrong.

Continue reading “ACH Myths Busted: Clearing Up the Confusion on Clearing Houses”

Million Dollar Payments: Nacha Boosting Same-Day ACH Maximum

Think of your favorite news outlet, any news outlet. Chances are, if you visit their site right now, the leading topic will be the economy. From inflation to new job numbers, several metrics and topics are commonly discussed when analyzing the economy. However, the Automated Clearing House (ACH) network often goes overlooked in economic discussions. And it definitely shouldn’t—with over 7.5 billion payments valued at $18.9 trillion in the fourth quarter of 2021 alone.  

With payment volumes and values continuing to grow, new rules are needed to foster the growth of the ACH network. The National Automated Clearing House Association (Nacha), an organization that governs and facilitates the ACH Network, develops standards and rules to ensure the ACH Network operates smoothly, and that payment information transfers securely and quickly.

In response to substantial increases in ACH payments, Nacha announced a rule that will increase the same-day ACH spending limit. Beginning March 18, 2022, businesses will be able to transfer same-day credit and debit payments up to $1 million, up from the current $100,000 cap.

And with more verticals likely to adopt this because of the increasing amount of payments they can accept, there’s never been a better time to start offering this payment option. Get paid faster, lower payment processing costs and easily manage recurring payments.

 

Choose CSG Forte for Same-Day ACH Payments

CSG Forte is the leading payments provider of same-day ACH, supporting over 73,000 merchants. With a best-in-class solution and decades of experience, we deliver a scalable and seamless solution to companies operating in a wide variety of verticals, including integrated software vendors (ISVs), healthcare, property management, government, insurance, enterprises and utility organizations.

Our payments platform can turn what was once an operational expense into a revenue generator through our revenue optimization solutions. Our platform optimizes ACH payments by validating payments in real-time, automatically re-presenting failed payments and keeping recurring payments on track.

Want to learn how you can optimize your ACH payments and take advantage of the rule change? Click here to learn more.