 |
  |
|
  |
|
|
Editorial Viewpoint Quick Response, Thoughtful Support |
 |
 |
|
 |
|
|
Spotlight On Peregrin Services Corporation |
|
|
|
|
|
|
|
Spotlight On HSBC Bank USA, N.A. |
|
|
|
|
|
|
|
 |
COVER STORY Expanding Menu of Network Services Adds Exciting Options for Our... |
|
|
|
|||
|
|
|
NEWS REPORT Bankruptcy Reform Legislation Spurs DMP File Changes... |
|
|
|
|||
|
|
|
NEWS REPORT HSBC Dramatically Expands Electronic Volume in Retail Lockbox |
|
|
|
|||
|
|
|
NEWS REPORT Advertorial Aims to Raise Biller Awareness about Electronic Payments |
|
|
|
|||
|
|
|
NEWS REPORT New Program Takes Educational Approach to Selling the MasterCard RPPS... |
|
|
|
|||
|
|
|
INDUSTRY INSIGHTS Q&A with Gwenn Bézard |
|
|
|
|||
|
|
NEWS REPORT 
HSBC Dramatically Expands Electronic Volume in Retail Lockbox |
|
||
| Bank Creates Solution to Benefit its Small and Medium-Size Customers | ||||
|
The increase in consumer online bill payment activity in recent years has led HSBC, a global bank that conducts business in 77 countries and territories (See Related Spotlight), to develop a new way of meeting the needs of its middle market portfolio, composed of small and medium-size billers. By providing these customers with a better understanding of the bank's retail lockbox services, HSBC has been able to significantly increase the volume of electronic payments to these billers, while lowering costs and improving productivity for both the bank and its clients. An electronic paradox While more consumers are going online to pay more bills electronically, the number of small and medium-size billers that accept payments electronically has not kept pace. As a result, payments that are being initiated online for these billers are converted to paper, undermining consumer expectations. "The consumer expects that online payments are posted quickly and electronically," says Cheryl Gurz, collections product manager, Global Payments and Cash Management, HSBC, "but that's not necessarily the case. The smaller billers, not yet accepting electronic payments, and their retail lockbox processors are actually seeing more paper as a result of increased online consumer payments." An obvious solution HSBC realized that it already had the means to inexpensively consolidate e-payments for its small and mediumsize billers through a single channel—MasterCard RPPS. "We had been using MasterCard RPPS for our internal clients and large billers for a long time," says Gurz, "and we saw that our smaller clients could also benefit and take advantage of these benefits in a costeffective way. They pay just pennies per transaction." An educational approach To provide a better understanding of this service for its middle market clients, HSBC revised its sales approach to better articulate what the benefits are and to explain how to take advantage of the service. "This has been an educational process that has paid off," says Gurz. In August 2005, for example, HSBC registered a 111% increase year-over-year in the volume of bills being delivered electronically via MasterCard RPPS. "Billers have been cutting off the direct feeds because now they've got a streamlined delivery channel, reduced costs, a single point of contact for customer service—and fewer customer service issues," Gurz says. Getting billers of all sizes to understand the opportunity that HSBC can offer via the MasterCard RPPS network has enhanced profit and productivity for HSBC clients. 
|
||||
| Printer Friendly Version | Back to Top | |||
|
|
||||