HICOR Limited, a leading provider of e-Commerce (EC) business solutions, today announced the addition of Electronic Bill Presentment and Payment (EBPP) to its suite of EC products and services, through its newly established PayBills transaction switching services division.
According to the CEO of Hicor, Danny Pringle, this is the first product and service of its kind to be launched in South Africa and will bolster Hicor`s recurring annuity-based revenue considerably, as Hicor will charge a fee per transaction. Paybills Services will be provided through the newly established PayBills Limited, a subsidiary of JSE-listed Hicor Limited.
The PayBills EBPP process offers a mutually beneficial relationship between the supplier (Biller), the consumer and the consumer`s Bank. With the Hicor PayBills Services Network, the Biller is able to deliver and present their statements and invoices (Bills) on-line and offers interactive communication between themselves and the consumer.
The consumer, on the other hand, is able to view their statements and invoices, which is an exact replica of the current paper-based documents, in detail using a standard Internet browser and industry standard security. Payment of these invoices can then be done securely at the convenience of the consumer who will receive immediate electronic confirmation upon the completion of the transaction. Unlike bill payment processes currently offered through Internet banking systems, the payment of invoices are linked to the actual Invoice transaction rather than only an account payment.
Furthermore, the payment transactions linked to the individual invoice transactions are sent to the Biller electronically, who in turn will be able to reflect the payment on the consumer`s account immediately. This entire process not only reduces costs of generating and delivering invoices and statements, it also removes the frustration and costs associated with inconsistencies between the payment submitted by the consumer and the accounting records of the Biller.
Hicor PayBills offers technology that supports two kinds of services - eReturns and eBills. Through the eReturns service, users of the system can complete forms such as tax and other statutory returns, with the system checking the validity of the data entered and automatically performing all calculations associated with the form being completed, thereby ensuring correctness.
The eBills service on the other hand, relies on the company`s accounting system, through the use of Hicor supplied technology, to populate the invoice and/or statement. In both cases the system will then allow the user to select the required payment options such as the account from which to pay, payment date and amount. PayBills will process the payment on-line or warehouse the payment until action date, if it is a future dated payment. Once the payment is authorised by the consumer`s bank, an electronic receipt is forwarded to the consumer and the payment confirmation is sent electronically to the Biller to acknowledge successful completion of the transaction.
Hicor`s PayBills also offers an optional reminder service through the use of e-mail or SMS messages over the GSM Cellular Phone network to the consumer if payments or statutory returns are due and have not yet been completed. Another optional feature of the PayBills Services Network is that it is able to store eReturns and eBills processed for user selected periods, which may be viewed on-line.
Pringle said that recent market surveys conducted by the Gartner Group internationally proved that not only would the electronic delivery and presentment of Invoices and Statements save companies anything between 67% and 75% on current paper based bill deliveries, but that 56% of high volume Billers were actively pursuing EBPP initiatives in the USA.
"PayBills offers a revolutionary way to change the way businesses interact with their customers. Considering the high acceptance levels of new technologies by South African companies and consumers, we believe that this service will become very popular in the local marketplace.
"For many companies, monthly statements and invoices are the only regular communication they have with their customers. An electronic format offers more extensive and interactive experiences, than those afforded by paper billing. Imagine the advertising and cross-selling possibilities that can be tailored to specific customer segments and presented in a multimedia format rather than a Statement insert that may get thrown out before it is read.
Similarly, the customer service and problem resolution process can be enhanced to the satisfaction of both the company and the customer. Routine questions can be handled on-line, while personal interaction can be reserved for more important issues. "
"Given the opportunities offered by EBPP, it is time to consider the impact that it could have on business. Some of the early adopters of this technology are likely to be organisations that send large volumes of bills on a regular basis.
"Organisations such as telephone companies, banks with their credit card statements, municipalities, government tax returns - due to changes in regulations - are all seeking ways to improve communications with their customer base. PayBills offers the opportunity to do so effectively in an innovative manner."
Hicor is in the process of forming strategic alliances with Service Providers of the PayBills service offering, which will be available through banking institutions, large auditing companies and other billing institutions, under their individual brand names.
Hicor, through this new PayBills service, delivers network-centric Internet commerce business solutions that improve customer processes through the exchange of secure transactions. Combining Internet commerce services, network infrastructure, security services, and payment solutions through industry vertical applications, Hicor offers a full suite of core technologies that are the essential building blocks for electronic commerce. Hicor is among the top electronic commerce solution providers in South Africa.
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