By integrating our merchant API with an invoice issuer and enabling scanning of paper invoices, users can simply convert from the old way of paying to the new. Users will be able to receive all future invoices in the app and then set these as auto-paid if they wish, with a chosen funding source.
By charging bill issuing fees and payment fees, coupled with the potential recurring credit for split or deferred credit when consumers pay, banks can make significant revenue from digital invoice payments.
Paper invoices can be scanned, or equipped with QR codes which can be scanned in the consumer app, lifting the invoice into the app as a digital payment request with an option to receive future invoices in the app. This is a fantastic mechanism for converting users from the old regime to the new digital regime.
Users are also given the option to set an invoice to be automatically paid from a chosen funding source and to a set maximum charge limit.
In My Payments users will be able to manage all paid and pending invoices from one consolidated view, including notifications for new invoices received and upcoming due dates.
All payments performed with the consumer app, automatically generate an electronic receipt. Depending on the merchant and integration type, the actual purchase receipt with line item details can be made readily available in the consumer app.
Funding source management
The consumer app supports any funding source, including accounts, cards, lines of credit and prepaid. Users can add, remove, rename, edit and charge all funding sources at their disposal from one consolidated view.
Data sharing and permissions management
The system collects and manages a wide variety of user data, ranging from customer identity to transaction history. Before, during or after a transaction, data points such as loyalty ID, name, address, balance and purchase history can be shared. This data can be used by the merchant to create personalised shopping experiences and automate future interactions. Users are, however, free to turn on/off sharing permissions for individual merchants (and for specific data points) inside the consumer app.