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B2C payments being calculated by a business woman in her office at her computer

A faster and easier way to make B2C payments.

Business to consumer (B2C) payments can be an inconvenience for both sides. The process of issuing checks and managing unclaimed funds is slow, antiquated and expensive – and keeping customers satisfied is more important than ever in today’s competitive environment.

Commerce Bank understands that. That’s why we’ve reinvented the B2C payment experience with our PreferPay® solution.

PreferPay® offers fast and secure B2C payments and is adaptable within a wide range of industries, giving customers faster access to payments, reimbursements or other funds.

“PreferPay® is a mature platform that’s been around for a few years and is ready for more volume. We’ve discovered there’s so much more application value out there with different industries doing B2C payments."

Andrew Fogt
Division Manager of PreferPay®
and CommercePayments®

B2C Payment top use cases include:

  • Healthcare: patient refunds, earned wages, clinical trials
  • Title companies: disbursements, realtor commissions, escrow transactions
  • Government/utility: jury payments, utility refunds, unclaimed property
  • Automotive: extended warranty claims
  • Property management: owner payments
  • Legal services: settlements
  • Human resources: incentive programs, recruitment and interview expenses
  • Retail: customer refunds, rebates, daily payroll disbursements, invoice payments
  • Construction: contractor payment processing, vendor invoicing payments

This digitized tool offers significant time and cost savings for businesses, particularly those relying heavily on check payments, as it simplifies back office functions and removes the need to capture, store or manage customer payment information. It’s also highly customizable, with configurable options for payments, branding, messaging, authentication fields to match your organization’s look and feel. Businesses can also enable multi-factor authentication to enhance security. For added adaptability, PreferPay® is mobile-friendly and offers businesses the functionality to send text messages to their consumers.

How B2C Payments with PreferPay® benefits consumers:

PreferPay® is advantageous for consumers as well, allowing them to select how they want to receive their payments. This includes options such as Direct Deposit or Direct to Debit Card, where the money is in their bank and available to access much more quickly than with traditional checks. Direct to Debit is available 24/7/365 – even when banks are closed. Electronic payment options put money in their hands in minutes, reducing downtime waiting on the mail and making trips to the bank.

Additionally, consumers don’t need to create or manage an account or keep track of yet another username or password – there’s a quick and simple validation process to ensure the accuracy of the payment recipient.

Is PreferPay® right for your business?

  • What payments are the most challenging to make in the organization?
    If they’re B2C payments, PreferPay® might be an excellent tool.
  • Approximately how many B2C payments are issued each month or year?
    PreferPay® is best suited for businesses doing B2C payments in large volumes, at least 1,000/month or 12,000/year.
  • How are non-payroll consumer payments handled today?
    If the business is currently issuing checks, PreferPay® can streamline the process and offer significant time and cost savings.

If paying individuals is part of your business, PreferPay® may be the perfect solution to enhance your customers’ experience. And, it’s the only solution of its kind backed by Commerce Bank’s stability and service. If you’re interested in improving your customers’ experience while issuing payments at a fraction of the cost of traditional checks, we’d love to visit with you.

CommercePayments® solutions are provided by Commerce Bank.

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