Deluxe (NYSE:DLX), a Trusted Payments and Business Technology™ company, has entered into an agreement with BillGO, one of the industry’s largest bill payment platforms and fintech trailblazer, to provide digitized check delivery of payments through the Deluxe Payment Exchange Network.
The Deluxe Payment Exchange (DPX) is a digital payment platform for businesses of all sizes that allows payers options in how payments are made – digitally through a direct feed to a lockbox, through the issuance of an eCheck, or printed and mailed. The DPX platform also provides the recipient options to receive the payment. Deluxe and BillGO have leveraged the power of their respective networks and by linking their innovative technologies to identify payment preferences and electronic delivery addresses, have developed a “network-of-networks,” opening the door to other faster payment methods for customers of both companies.
“The BillGO platform will be able to process millions of payments per year through DPX, measurably growing the number of payments throughout the Deluxe network,” explained Michael Reed, President of Payments for Deluxe. “This enables additional digital payment options while lowering costs and increasing efficiency for new and existing Deluxe and BillGO customers.”
Using this multi-layered payment waterfall model, Deluxe and BillGO will more efficiently and quickly send payments for more customers. For example, if a payment comes into BillGO and it can’t be processed through BillGO’s payment network, rather than resorting to mailing a check to a lockbox, BillGO can send it to Deluxe to be digitized and processed through the DPX Network. DPX provides BillGO’s customers with more payment options, more efficiency, and significant cost savings.
“Sixty-five percent of small and mid-size businesses in the U.S. still use paper checks to manage their day-to-day payments,” said Cindy O’Neill, President, and General Manager of BillGO’s Biller Solutions. “In some cases, due to the time it takes checks to clear, this is less than efficient. By working with Deluxe to create a network-of-networks solution, we are enabling business owners make payments faster, more efficiently and more securely than ever before.”
Checks remain a vital component in the B2B and B2C payment landscape as they are built into current accounts payable and receivable processes/systems. As the Original Payments Company™, Deluxe works with customers from all aspects of the payment space and provides solutions based on existing and future needs.
The DPX Network resulted from Deluxe partnering with leading lockbox providers to enable sending a check and associated remittance information digitally, eliminating the need to mail the payment. This capability assigns disbursement methods based on insights gathered from the directories and issues payments via preferred methods. For BillGO, this means sending millions of payments a month more efficiently for its clients.
https://www.investors.deluxe.com/news/news-details/2022/Deluxe-Expands-Digital-Payments-Network-Capability-by-Adding-BillGO-to-Portfolio/default.aspx