What financial institution doesn't enjoy receiving money? The more cash you get, the better.
However, handling paper money is expensive:
- There are transport costs involved because of the weight.
- Employees must physically process every bill and coin.
- There is always the risk of receiving counterfeit notes.
Traditional currency is also inconvenient for your users. They have to make trips to the bank, fill out forms, and wait in line.
As a financial institution, you can reduce many of these headaches by allowing customers to use equivalent payment options such as quasi cash or cash advances. Doing so doesn't simply reduce operating costs, but it also delivers a few additional benefits.
The Advantages of Quasi Cash
In generic terms, quasi cash is a product or item that is representative of actual cash, such as:
- Traveler's checks
- Money orders
- Foreign Currency
However, in today’s terms, it represents making payments to a financial institution for loans.
For example, a hosted payment page on your bank's or credit union’s website allows you to collect money quickly and securely online:
- Users come to the hosted payment page.
- They enter credit card, ACH, debit card, or ACH details.
- Those details are routed to our secure server.
- BluePay tokenizes and authorizes the transaction.
- Both sides receive instant confirmation of payment.
Not only does quasi cash allow you to accept more payment varieties, but it also helps to improve cash flow within your credit union or bank. Transactions are instantaneous, there are fewer missed payments, and you’re able to collect money 24/7. In addition, you can set up recurring billing so that all future payments come in automatically.
As a bonus, using hosted payment pages also helps to reduce your PCI scope —since your site doesn’t collect any sensitive user information directly. All the details are securely captured and processed on our servers.
The Advantages of Cash Advances
A cash advance is when customers use credit cards to withdraw money from ATMs or teller windows. This service usually comes with certain fees, which is why most customers use cash advances only when they really need the money.
When they really need that money, cash advances provide huge benefits for both sides:
- Customers are able to cover emergency expenses in a pinch, and they’ll pay a premium to have quick access.
- Your bank or credit union can provide that access and receive residual revenue as a result.
Getting Set Up With Quasi Cash and Cash Advances
At BluePay, our philosophy is that the more payment options you provide to customers, the better. This flexibility makes it easier to keep existing users, and it also makes it easier to attract new users as your credit union or financial institution continues to grow.
To learn more about BluePay’s quasi cash and cash advance solutions, contact our merchant services team today.