PreCash Billocity Expedited Bill Payments Operational Process Manual

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1 PreCash Billocity Expedited Bill Payments Operational Process Manual Overview This document outlines the operational and biller communication process for the PreCash Billocity Expedited Bill Payment Service. The PreCash Billocity Expedited Bill Payment Service Overview PreCash Billocity is a smarter, better and faster way to process bill payments. The patent-pending Billocity process replaces paper checks, cash, money transfers, money orders and other cumbersome expedited transactions with automatic virtual card payments. Billocity automates the payments through the biller s existing online or telephone system. This gives consumers a faster, lower-cost expedited payment, and it requires no investment or development by billers. Further, it streamlines a biller s back-office operations by eliminating paper and batch payment processing. What Is a Virtual Card? Virtual card payments are Visa, MasterCard or Discover payments similar to credit or debit card transactions, but there is no plastic. A virtual card is a one-time use card account number used for a single payment, and it works everywhere cards are accepted. Virtual cards use the trusted, safe and secure card association payment platforms, eliminating paper and reducing lost and misapplied payments. Proven used for millions of online purchases, B2B transactions and bill payments Reliable same security as Visa, MasterCard or Discover card payments Flexible it is card association approved and seamless for any biller that accepts cards 1

2 Billocity Process PreCash has multiple payment routing options and uses proprietary technology to determine the fastest, most efficient transaction for a consumer. When available, Billocity is the best choice. 1 CONSUMER PAYS Consumer chooses an expedited bill payment at a retail location, bank, mobile device, online or other channel. Consumer provides their account information and presents the payment amount. 2 BILLOCITY VIRTUAL CARD CREATED Payment information is sent to PreCash. PreCash generates and funds single-use virtual card. 3 DELIVERY Card payment is sent to the biller via existing automated online or telephone system. 4 POSTING Payment is automatically posted to the consumers account via a biller s existing card payment cycle. 5 SETTLEMENT Biller submits payment to acquirer for settlement, just like any card payment. 2

3 Billocity Review Process and Biller Inquiries Billocity delivers unmatched 99.9% accuracy, significantly above the industry average. PreCash has staff dedicated to quick resolution of inquiries and exceptions. PreCash Review Reconciliation Real-time validation that payment authorization is reflected Daily reconciliation of payments to authorization and settlement records Biller is contacted if a pattern of authorization without settlement is detected Returns Daily import of credit items from virtual card platform into PreCash Payment Management System Daily communication of payment return details and settlement of funds to originator Originating channel manages consumer communication Originating channel returns funds to consumer Biller Payment Inquiries Our staff is available 7 days a week. All inquiries will receive response within 24 hours. We offer same-day response for inquiries submitted by 3 p.m. CST. To submit a payment inquiry, please include the following information and Payment.Operations@precash.com Biller name Biller contact information Consumer account number Consumer name Payment amount Date of payment 3

4 Why Billers Support Billocity Billocity increases the speed and reduces the total cost of expedited payments for billers and consumers. IMPROVES CONSUMER EXPERIENCE REDUCES COSTS STREAMLINES PAYMENTS Improves Consumer Experience Radically accelerates payment posting time Allows consumers to make last-minute payments and avoid late fees or service interruption Delivers both cash-paying and banked consumers a lower-cost, faster expedited payment Improves consumer loyalty Reduces Costs Reduces cost compared to other expedited payments - paper handling and back-office processing Expands payment footprint with no investment in technology or consumer adoption Leverages biller s investment in online and phone-based payments Eliminates the need for future investments as consumers shift to mobile or other devices Streamlines Payments Requires no implementation or action by a biller Dramatically accelerates payment-delivery time improving cash flow Reduces fragmentation by applying a consistent process to existing and emerging channels Eliminates manual back-office work 4

5 Billocity FAQ Q. Who is PreCash? PreCash is a leader in payments services and transaction processing. We serve more than 3 million consumers and facilitate more than $3 billion in payments annually. Our products are serviced in more than 100,000 retail outlets and 3,500 financial institutions. Founded in 1998, PreCash is headquartered in Houston, Texas with an additional office in Portland, Oregon. Q. What is Billocity? The patent-pending service uses single-use virtual card accounts to deliver expedited payments to a biller on behalf of a consumer or other party. Billocity delivers the speed and accuracy of traditional expedited payments, but without the high consumer cost like options such as overnight check delivery or money transfer services. Q. What is a virtual card? Virtual cards are Visa, MasterCard or Discover payments similar to credit or debit card transactions, but there is no plastic. A virtual card is a one-time use card account number loaded with a specific amount and used for a single payment. Q. Are Billocity and virtual card payments approved by the card associations? Yes. Virtual cards are Visa, MasterCard or Discover payments similar to credit or debit card transactions. They are commonly used for secure online shopping, B2B transactions and more. PreCash has been using Billocity its patentpending virtual card process to deliver consumer bill payments to hundreds of billers for more than five years. Q. Are virtual card payments secure? Yes. Virtual cards use the trusted, safe and secure card association payment platforms. Additionally, the card number is not associated to the consumer and contains no personal information. Further, Billocity delivers unmatched 99.9% payments accuracy, significantly above the industry average. PreCash is SSAE 16 (SAS 70) certified, PCI compliant and our best-in-class risk management and payments operations teams use redundant systems and real-time transaction monitoring to further ensure security and settlement. Q. Does a biller have to invest in technology to accept Billocity payments? No. Billocity delivers payments to the biller s existing online or telephone system. In fact, Billocity payments can actually reduce cost and fragmentation by collecting payments that are otherwise sent to billers as paper or cumbersome batch payments and converting them into electronic transactions. 5

6 Q. How does a biller receive Billocity payments? Billocity payments begin with the consumer choosing their preferred payment channel. The payment can originate as a walk-in payment, at a payment kiosk, through a bank s website, via a mobile device or through another channel. PreCash delivers the payments as card transactions via the biller s existing online or telephone card payment systems. Q. Does PreCash deliver all bill payments using Billocity? No. PreCash uses its proprietary smart routing system to determine the fastest, most efficient payment for the consumer. Q. Do you have the consumer s account number? The consumer provides the account number and other identifying information when making their payment. Q. Is the consumer charged a fee for this service? A retail consumer may pay a small convenience fee at the point of sale, but this is up to the payment originator. In many channels the service is free. PreCash Billocity offers the lowest priced expedited payment available. Q. Are the Biller s IVR/web payment fees passed on to the consumer? No, all IVR payment processing fees are absorbed by PreCash. Q. How do you return a payment to a consumer if it is not accepted? Returns are communicated daily to the payment originator. The originator manages returning refunds to the consumer. Q. What is the risk of chargebacks? PreCash does not submit chargebacks on transactions that are authorized and settled according to association rules. Q. How should I respond to a consumer inquiry about an unrecognized credit card payment? This is a payment that you chose either at your bank s website, a retail location, a payment kiosk, a mobile device or other online or physical location. The transaction you chose posts to your account as a card payment. Q. Does this process require consumer adoption? No, since PreCash partners with payment processors, retailers and financial institutions, our payments require no consumer adoption. PRN /12 6