An innovative pay-per-use software package is helping businesses of all sizes to process Direct Debit and Bacs payments in an easy and affordable way.
Unified Software's new payment gateway product, BankPay-IP, combines the security, convenience and speed of conventional software with a pay-per-use model for the first time.
Specially developed secure software is required for a business to collect payment from customers by Direct Debit, or directly credit the bank accounts of suppliers and staff. This 'payment gateway' software must pass stringent testing by Bacs, the organisation which operates the UK bank clearing network. Unified Software achieved the Bacs Approved Software Suppliers status for the BankPay-IP product, allowing it to connect to the bank network.
BankPay-IP's unique pay-per-use model appeals to companies that are growing and those with payment volumes that fluctuate during the year, for example in higher education, where a number of payments are processed during student admission at the beginning of term but relatively few during the rest of the year.
Most other payment gateway software suppliers charge a fixed license fee plus an annual or monthly fixed maintenance fee.
Christine Forsyth, Finance Director of Unified Software said:
BankPay-IP's unique pay-per-use model provides customers with a flexibility and value unmatched by our competitors. This makes Direct Debit and Bacs payment processing easy and affordable for businesses of all sizes, without the need to rely on a service bureau.
"The software is able to handle customer data in any format and also includes our BankVal validation service, which allows the customer to validate payment data as they enter it into their systems, preventing rejections when the data is later submitted to Bacs.
"Customers will see benefits in the form of improved cost effectiveness when compared to traditional payment gateway software. The technologies used and our pricing model bring to the market an unprecedented combination of functionality and value for money.
Unified Software, the leading UK and International financial web services specialist, has added building society payment reference validation to its award winning BankVal UK web service suite.
The requirement for accurate payment data extends to building society accounts, which commonly employ their own non-standard account reference numbers, sometimes referred to as
Roll Numbers. It is important that these reference numbers are valid when processing building society payments.
The latest release of BankVal UK now includes payment reference validation for almost 50 building societies. This helps to ensure that payments are processed accurately and efficiently.
BankVal UK’s flexible web services interface makes it easy to plug the new building society reference validation capabilities into customers’ systems exactly where required
Christine Forsyth, Finance Director at Unified Software said:
We have had a number of requests from our customers to provide building society reference validation. This feature has previously only been available via one or two conventional validation software packages which can prove to be prohibitively expensive for many businesses.
So we are delighted to now be able to be able to offer this facility as a web service, available on a pay-per-use or subscription basis. Businesses of all sizes can now access this powerful feature and improve the efficiency and accuracy of their payment processing