Customer Demand for Payment Choice Continues to Build

Your customers demand choice and convenience, particularly when it comes to how they pay for goods and services. That means they are increasingly opting for electronic payment methods, not cash or checks.

Whether you are accepting a one-time transaction, or signing up a customer for a rent-to-own agreement, companies that accept electronic payments know that it’s smart business. It can lower outstanding receivables, improve cash flow, and reduce collection costs and bad debt. You collect the full amount for the transaction, and there’s no risk of bad checks or delays. In addition, customers reported a high degree of loyalty to merchants who accept their electronic payments for bill payment.

Available Electronic Payment Methods:

• Credit Cards —Include Visa, MasterCard, American Express, Discover, and JCB.
• Debit Cards — Cards deduct funds directly from the customer’s bank account and require a customer to enter a PIN. Most debit cards now have the Visa, MasterCard, or American Express logos.
• Electronic Checks — Paper checks that are converted into electronic transactions at the point of sale.
• Direct Debit/ACH — By obtaining a customer’s checking account information, funds are transferred directly from your customers’ bank accounts.

Are you taking advantage of all that electronic payments have to offer?

There are a number of methods your rent-to-own store can use to accept electronic payments. In order to fully realize the benefits of electronic payments , you should be able to accept:

Retail Payments

The standard in-store transaction where you swipe the customer’s credit or debit card in the store.

Mail/Telephone Orders

Customers give you credit, debit card or checking account information via the phone, fax, or mail. Using a terminal or virtual terminal, you can process transactions with the customer’s account information.

Auto/Recurring Bill Payments

By setting up your customers with recurring billing, you are able to receive your rental payments via automatic monthly or weekly payments from their credit or debit card, or via direct debit of their checking account. There is no need to manually enter recurring transactions!

Online Payments

For businesses with a website, customers can pay their rent-to-own payments online using their debit or credit cards, or checking account.

Batch Processing

For businesses that process a large number of rental payments each day, batch processing allows you to upload one file of all transactions in one step.

By having a system that can accomplish all of the above electronic payment methods, you can…

• Save time by condensing and automating your daily processing tasks
• Gain productivity by combining all your back office operations into one complete payment solution
• Accelerate your cash flow by switching from manual to automated deposits
• Stay ahead of competitors with a proven, innovative technological solution

Moneris PayPartner

Moneris Solutions is pleased to introduce PayPartner, a unique solution for the Rent-To-Own industry that can handle all your electronic payments needs. PayPartner programs streamline your processing, billing, and collections operations, giving you more time to focus on running your business—and your life. It can be tailored to your business’ existing system, and is easy to use. For more information on this innovative product and how it can help your business, CLICK HERE.

Sounds good…how do I get started?

In order to determine how PayPartner can best work for your business, we prefer a one-on-one consultation. This allows us to get to know your specific needs, so we can deliver the right solution. CLICK HERE to fill out our contact form, and a Moneris representative will contact you within two business days to answer any questions you have and to start your partnership with Moneris. It’s that simple!

At Moneris, we believe the key to a successful business is to be partners with our customers, not just a vendor. That is why we are proud to have an exclusive partnership with APRO, the Official Voice of the Rent-To-Own Industry. This means, we understand your business, and can provide the tools you need to accept all available electronic payments, while receiving the best rates possible!