Virtual RemitPay from Fiserv enables consumers to electronically create and send checks from their computers or mobile devices, with invoice documentation, while improving access to the funds for the payees through expedited payments.

 

Overview

Eliminate paper processes by moving to fully integrated solutions. This creates value for paper check writers, including small businesses who want to do away with the costs of paper check processing and need to better manage cash flow.

Virtual RemitPay allows check recipients, including small businesses, to issue invoices to expedite deposits without bank delays. These "digital checks" also create value for financial institutions that need alternative payment methods for bank customers who currently write checks and to compete with other electronic payment types, such as PayPal and Square.

 

Benefits

Small business customer benefits:

  • Reduce paper check issuance costs
  • Improve supplier satisfaction with faster payments
  • Outsource supplier digital payments registration
  • Benefit from easy integration
  • Take advantage of no escheatment on Virtual RemitPay payments

 Financial institution benefits:

  • New fee-based digital payment service
  • Meet customer needs for faster digital payments
  • Reduce paper check support costs
  • Enjoy flexible integration options
  • Support from Fiserv

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Virtual RemitPay

Virtual RemitPay provides customers with the ability to electronically create and send a digital image of a traditional paper check from their office computer or mobile device, with invoice documentation, while improving access to the funds for the payee through expedited payments.

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