Invoicing solution seamlessly integrates with end-to-end digital payment options
VALLEY COTTAGE, N.Y., June 26, 2024 /PRNewswire-PRWeb/ -- CheckAlt, a leading provider of payment processing solutions, today announced a partnership with Hiveage, a software company that automates online invoicing for small businesses (SMBs). Leveraging Mastercard's account-to-account Remote Payment and Presentment Service (RPPS) network, this partnership allows Hiveage to add a robust new, streamlined payment method for SMB customer invoices.
Market data indicates that checks are a ubiquitous bill payment method in the U.S., with billions still being sent each year. Yet, incoming checks, especially payments initiated through online bank bill pay which are intended as electronic payments but are often converted to paper, result in delay and friction for SMBs. This strains their cashflow, diverting their valuable time to manual, time-intensive reconciliation, and posing potential risks of fraud and insufficient funds. For Hiveage's 50,000 entrepreneur customers in the U.S., more than half of their invoices are paid offline including with physical checks.
"We're thrilled to collaborate with CheckAlt to enable our SMB customers to get paid faster and avoid the hassle of paper checks," said Prabhath Sirisena, Co-Founder and Chief Product Officer of Hiveage. "A key problem our SMBs face is the significant 'leakage' of their customers' payments into offline checks. Adding online banking's bill pay as a payment option on Hiveage invoices will help our SMBs avoid unwanted checks while gaining the speed available through digital payments."
CheckAlt's Catch! solution, powered by Mastercard RPPS, allows Hiveage SMBs to offer their payors the option to pay through a single, trusted digital interface, either through their bank's bill pay portal or through another provider. This complements other digital forms of payment and streamlines their bill payments through one entity.
"Getting paid quickly and securely continues to be a critical need for SMBs," said Joseph Zeltzer, SVP, Product Management, Mastercard, North America. "Mastercard RPPS enables SMBs to get paid digitally through bank bill pay, reducing paper checks as a means of payments and improving visibility into cashflow. Together with CheckAlt and Hiveage, we're helping bring more SMBs into the digital economy."
"We're honored to integrate CheckAlt's innovative product, Catch!, with Hiveage's platform," said Shai Stern, CEO at CheckAlt. "Catch! addresses a $900 billion industry problem by reducing paper checks. This will make payment acceptance simpler for Hiveage's SMBs, getting them paid 70% faster than paper check."
For more information, visit www.checkalt.com.
About CheckAlt, LLC:
CheckAlt is a provider of payment solutions, addressing all major payment methods across deposit channels. As a seasoned leader in lockbox processing solutions, CheckAlt processes both paper and electronic payments for approximately 1500 clients and partners nationwide. CheckAlt thrives at the convergence of payments, focusing on value-added services specific to aggregation, automation, and the acceleration of payments. For more information, visit www.checkalt.com and follow CheckAlt on LinkedIn https://www.linkedin.com/company/checkalt.
Media Contact
Mia Shernoff, CheckAlt, 1 646-460-4069, [email protected]
Michelle Miklosey, CheckAlt, 1 908-310-8812, [email protected]
SOURCE CheckAlt
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