Billblend processes thousands of financial transactions of its partners on a daily basis. In our work, we clearly see how automated payment systems are changing the rules of work. Automated processes make transactions faster, safer and with minimised human error.
Automate payments are electronic platforms that allow you to transfer money from one place to another without the need for a human to do it manually. The system can handle one-off transactions as well as regular transactions such as service subscription fees and other types of recurring transfers.
Types of automated payment systems
Depending on the type of transactions, payment services work according to a different scheme. Let’s outline the most popular varieties.
Electronic money transfer
This is a way to pay for services or transfer between accounts in the digital space. The client can perform a bank transfer, payment through an electronic wallet or from card to card.
Online Payments
It is an automated system that allows users to receive or send money online. Usually this system is used by individuals for one-off transactions.
Subscription debit
Businesses can offer customers various benefits for using the service. To gain access to the portal, it is required to pay a commission. When connecting the mailing list, the client can enter various data and confirmation codes, then monthly payments are deducted automatically. This is favourable to both the business and the user. The latter does not have to confirm the payment, and the company has the opportunity to reduce the cost of transaction processing. Billblend allows service owners to automate the payment process, which reduces manual labour and reduces the risk of errors and speeds up the process.
Payout via API
An API is an interface that allows communication between two or more programmes. Using an API allows businesses to set up automated processes, including integrating the payment system into the interface of their website. This eliminates human intervention from the outside. Bilbblend uses modern developments in the field of APIs to ensure that businesses receive up-to-date solutions, reliable fraud protection, low fees and high connection speed.
How an automated payment system works
Billblend, as well as other automated payment systems work on the basis of similar components. Let’s talk about the basic steps that are in any automated system:
- transaction initiation - this is the beginning of any transaction when a customer decides to make a purchase or transfer funds;
- payment gateways - a service that acts as an intermediary in processing the transaction;
- payment systems - receive encrypted information from the gateway, verify it and process it, interact with the next and previous element;
- banking networks - a system of interaction between different banks to exchange information on payments;
- merchant accounts - a network for receiving payment for services or goods;
- security protocols - a system for protecting customer data, including encryption, compliance with industry standards, and more;
- customer authentication - an algorithm for verifying a user to find out whether or not a payment instrument belongs to them;
- settlement and clearing - coordination of transaction details between the bank that issued the customer's payment instrument and the bank where the company has an account;
- dispute resolution system - a service for solving standard problems arising in the process of payment transactions;
- user interface - a part of the automated payment system that the user sees when initiating a transaction and confirming it, checking its status;
- record keeping - a service for automatic accounting of all conducted transactions.
In Billblend all of the above components work as a single whole. This allows to provide partners with the best service for instant transactions with a high degree of protection against fraud. You can request a free consultation to find out how our automated payment system can improve your conversion and efficiency of financial transactions.
Conclusion
Automated payment solutions from Billblend are what you need to look at if you want to improve the efficiency and cost-effectiveness of your financial transactions. Automating the process reduces costs, speeds up processing, and using modern security and verification methods, gives you fraud protection.
FAQ
How secure are automated payment systems?
Automated payment systems provide secure access to users. All transactions are processed automatically using modern security and encryption methods. Such payments are more secure than manual transfers.
How can I automate bill payments?
You can achieve bill payment automation with a payment solution from Billblend. Automated systems will allow you to accept quick payments for subscriptions, invoices and other payments.
What to look for when choosing a payment service?
The key points that deserve your attention are whether the payment service regularly updates its software, what authentication methods it uses, whether it collects and analyses information about payments, how much it costs to connect and commission fees.
What services are available to connect automated payments?
You can connect automated payments by choosing Billblend. We offer free consultation, fast integration, the ability to use over 70 currencies including cryptocurrencies and up to 100 payment methods.
