Kathleen Romano, executive director responsible for payments and bill printing at Verizon, discusses the benefits of Same Day ACH for billing.
In today’s billing world, businesses need a comprehensive strategy to ensure timely, efficient payments, which enables them to manage costs versus cash flow, while also delivering stellar customer service. That effort becomes the playbook that guides the corporate team. Points are earned for keeping payments moving seamlessly and without any pain points.
At Verizon, ACH has always been a reliable, strong play for collecting payments from our customers because of its cost-effectiveness and ubiquity. But sometimes this go-to option isn’t chosen by the customer, and payment becomes less consistent and certain.
This is when speed becomes critical. When customers miss payment due dates, they need to pay us within the same day to avoid late fees, or in some cases, disruption of service. Historically, ACH has lacked the necessary speed to make this happen.
But that is about to change. The second phase of NACHA’s same-day ACH, which enables debits, will give us one more option. We will be able to manage our costs versus cash flow, and at the same time, deliver good customer service...