MoneyGram Delivers Technology Allowing Billers to Review Payments Online Prior To Acceptance

MoneyGram announced the availability of a new transaction management tool which allows billers to review a payment prior to accepting or rejecting the payment. This technology is particularly useful within industries, such as mortgage, auto loan, and insurance, which may have time-sensitive financial or legal implications, like repossessions or foreclosures. ADVERTISEMENT Available in conjunction with the company’s walk-in bill payment service, MoneyGram ExpressPayment, the ability to accept or reject a pending payment is a new patent-pending feature of the company’s Payment Tracker reporting and transaction management site.

“It’s an easy set up for the biller, said Gordon Smith, director of product management at MoneyGram. “An electronic interface and a validation file or real-time feed is all that’s required. The biller simply indicates in the file which accounts should be placed in a ‘pending’ status. These pending payments are marked for review and placed in a queue. An authorized user can then make the determination to either accept or reject a payment, depending on the circumstances surrounding the customer’s account.”

One of the major benefits this new technology offers is the cost-savings associated with a reduction in exception processing and paper checks. When a payment is rejected, it’s subsequently not settled and therefore the biller avoids the hassles of check printing and refunds. The customer simply returns to the MoneyGram location to pick up their cash. If the payment is accepted, it automatically continues down the biller’s accounts receivable path.

“This technology really provides the biller with more control and flexibility when it comes to critical accounts. It allows them to decide if they want to continue a relationship with a customer,” said Vicki Keller, vice president at MoneyGram. “For example, if the foreclosure process has already started, but the customer agrees to send in the full delinquent amount, the biller may decide at the last minute to save the relationship and accept the payment.” She added, “We have identified a need for this technology among our billers and we are very excited to be the first to offer this type of solution.”