Finding the right payment solution can be tough. Making payment by check is costly (up to $8 per transaction1) and time-consuming. Furthermore, paper checks are vulnerable to fraud, and if a payment is late or never received, payers can receive a lot of angry phone calls or negative social media attention from upset recipients. This makes the cost of check writing skyrocket in both real dollars, by having to reissue the payment, and in potential earnings from people who will turn away from the company due to the negative reviews.
Electronic Fund Transfers (EFT) aren’t a much better option as they are also susceptible to fraud, payment delays, high administrative costs and hidden fees, and duplication of payments.
The reality of our modern, 21st century world demands quick payments and comprehensive information security, and failing to meet those expectations can lead to a business’ reputation being tarnished with just a few clicks. DataPath embraces this reality by creating Payment Solutions that are modernizing, securing, and streamlining service provider and indemnity payment processes.
DataPath Provider Payments is a virtual payment solution that can be used for remittance to any service provider, from physicians to auto mechanics. The payment mechanism is simple: once a payment is ready, a single-use 16-digit card number (like a credit or debit card) is issued to the provider. After the provider receives payment notification, he or she enters the card number and amount into the merchant terminal and the funds are delivered directly to his or her bank account. In addition, the required EOB is accessible through a secure web portal, alleviating concerns about the document getting lost or separated from the payment.
The process is quick – payments are processed as early as the next business day – and the chance for fraud is minimized as no sensitive banking account information is exchanged between the payer and the recipient.
RenewCard is a reloadable, bank-neutral debit card that can be used for paying indemnity and workers’ compensation claims. The card is mailed directly to the claimant and must be registered through a secure web portal, minimizing the chance for fraud and escheatment.
In addition, RenewCard’s bank neutrality helps ensure that claimants can access their funds anywhere, anytime, and it can be used wherever MasterCard is accepted. This is especially important as today’s workforce is becoming increasingly mobile and many workers do not have access to their home bank, whether it be due to location or injury. Plus, payees can setup a schedule that automatically reloads the card, leaving no worries about check delivery or having to reissue payments that have been lost or stolen.
End-to-End Card and Payment Processing
DataPath is committed to faster payments, enhanced security, and better customer service, which is evident through our end-to-end card and payment processing. Every payment related function stays in-house, from issuance and payment processing to customer service and technical support. Since sensitive information changes hands fewer times, the risk of data breach is greatly reduced, and if a problem arises, there is only one party to call to get issue resolution.
Discover how DataPath’s Payment Solutions can help you carve a path to a quick, modern, and secure payment process.