Have confidence in electronic payment transactions
Visa has partnered with financial institutions to develop Visa ePay, a reliable, consistent method of electronic payment delivery that provides advantages for billers and consumers alike. Some of ePay’s features include:
- Linking consumer bill payment providers, billers, and financial institutions.
- Makes an exchange of funds an electronic process.
- Automates bill payment delivery and error corrections.
- Provides a fast, reliable, cost effective payment method.
Visa ePay benefits
- Guaranteed payment: For every Visa ePay payment, your customers' financial institutions secure funds from their accounts before sending payment orders to your financial institution. This authorization and settlement of transactions in good funds means payment assurance and one-time processing.
- More timely and accurate payment: Visa ePay replaces "check and list" items, exception items, and labor-intensive procedures with electronic transactions so your funds are available immediately.
- Significant cost savings: By eliminating check-and-list items, exception items, and check processing fees, Visa ePay makes remittance processing more cost-effective, especially if you manage a large volume of payments. Visa ePay also helps avoid customer service issues and costs related to exception items. And, if a transaction does require research, Visa ePay reduces your research costs by putting easy-to-track, data-rich transactions at your fingertips.
- Paper-free adjustments and corrections: Visa ePay delivers a fully standardized, two-way system plus high-quality transaction data. These features let you send returns and corrections back to your customers electronically, eliminating the need for paper-based labor-intensive procedures and ensuring that exception items can be repaired in one billing cycle.
- A single sign-up process: When you, the biller, sign up for Visa ePay, your financial institution enters your data into a Universal Biller File (UBF), which is distributed to all Visa ePay payment originators to give them a reliable way to identify you and the account number formats you prefer. The UBF also lets you tailor Visa ePay to your needs by alerting participants to the services and processing options you support.
