There is a percentage of the population that has never experienced the pain and frustration of paying bills with antiquated banking tools. Before the rise of digital banking – which, according to a survey conducted by the nonprofit agency BAI in 2020, has increased by 50% since the start of the COVID-19 pandemic – the process went something like this: get a bill in the mail, write a check for the balance due, mail the check, and wait 10 business days for the payment to reflect in your account.
For business owners, the chore of paying consultants, gig workers, and sometimes even employees, became error-prone and mired in paperwork with traditional banking solutions.
The old, outdated mode of doing business was already on the way out when the pandemic caused a surge in closures of brick-and-mortar banking facilities. In fact, at its height in 2020, the New York City-based Citigroup temporarily shuttered 100 branches and JP Morgan Chase, the largest bank in the United States, announced plans to close nearly 1,000 branches. These closures expanded dependence on online and mobile applications.
Now, more than ever, digital banking is revolutionizing the way consumers and businesses handle their payments with solutions such as Paysign® Premier, a digital bank account that features a Visa® debit card. Premier is a modern solution that was designed to help businesses like yours speed up processes and eliminate costs by delivering funds to your payees through a convenient and flexible digital account. Premier also benefits payees with numerous money management tools, access to funds up to two days sooner1, and no credit check2.
From every rising industry emerges a standard set of practices and offerings. Paysign has exceeded the standards in digital banking and improved the overall user experience – for both businesses and their payees. Here are the top five ways the Paysign difference stands out:
Intuitive, Seamless User Experience
Amazon has become king of the online retail jungle for a reason: their shopping experience is seamless, easy to understand, and has minimal friction through every step of the customer journey. Now, compare that experience with attempting to open a traditional bank account or manage that account offline.
Paysign has determined the most critical points within the user’s journey and tailored that experience to be seamless. With Paysign Premier, for example, business owners are able to implement the solution through a simple referral code given to payees, and payees can apply online, receive approval, and have near-instant access to their new digital account. The entire streamlined process frees staff for more valuable tasks, reduces the cost of issuing paper checks, and builds payee loyalty.
“Our clients are at the center of everything we do,” said Paysign president and COO Matt Lanford. “Paysign Premier, like all of our solutions, has a value proposition unlike anything else on the market, not just because of the account features that benefit both payer and payee, but because of the full suite of customization options we offer. We are really proud of these solutions, and we know we are presenting something the market needs.”
Client and Accountholder-Driven Product Development
Building a loyal base of customers is futile unless you listen to them. Paysign has created a continuous feedback loop that includes market research, conversations with our clients and accountholders, and feedback that details how users interact with the solutions.
Paysign Premier, for example, is in continuous contact with our accountholders through our 24/7/365 Customer Care, bilingual call center, an innovative mobile app, and web portal. These are powerful tools that differentiate our digital banking solution from others in the market. Such data is used to determine product upgrades, inform new service offerings, and shape account support policies.
Paysign created the Premier digital bank account when the market presented us with a genuine need, and the data we have gathered so far has been invaluable in tweaking and mastering the product. Continuous innovation and evolution of our digital banking offering has been key to our success.
Rewards That Drive Adoption
Nothing motivates the adoption of a new payments solution better than cash back rewards. Credit card companies are well known for their rewards programs, but getting cash back from a digital bank account is a fairly new concept.
That’s why our Premier digital bank account comes with Paysign Pays Cashback rewards available to every accountholder. They can earn cash back by shopping in-store and online offers from more than 60,000 merchant locations and get cash rewards deposited monthly back into their account3.
Fast and Reliable Payments Framework
Speed matters nowhere so much as it does online. Nothing will stop a smooth user experience in its proverbial tracks so quickly as back-end issues. We’ve invested time, money, and development resources into the secure backend framework of our proprietary solutions and platforms. Paysign’s internal IT and operations teams are dedicated to ensuring that the back-end workings of the Premier portal, and for all of our solutions, are top notch and surpass industry standards with 99.999% uptime.
Nimble, Versatile Programs
As in all things, the only constant is change. We’ve learned to anticipate industry trends, not just within digital banking, but within the industries of our clients. This has allowed us to continue to present solutions that fulfill emerging needs by having the flexibility to offer versatile, tailored digital banking programs on a timeline that far outpaces other providers.
Digital banking is a flagship industry for innovation, and Paysign continues to be at its forefront. As an industry leader we will continue to shape the landscape of the payments industry and to provide superior solutions like Paysign Premier.
To learn more about what Paysign Premier can do for your business, click here.
1 Faster funding claim is based on a comparison of our policy of making funds available upon receipt of a payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor’s support of direct deposit and is subject to the timing of payor’s payment instruction.
3 Participating merchants are subject to change and may not provide offers at all times. Terms and conditions apply.
This Card is issued by Patriot Bank N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.