Deluxe Expands Digital Payments Network Capability by Adding BillGO to Portfolio

Rhea-AI Summary

Deluxe (NYSE:DLX) has partnered with BillGO to enhance its Deluxe Payment Exchange (DPX) platform, enabling digitized check delivery for payments. This collaboration aims to process billions in payments annually and provides businesses with more efficient digital payment options. BillGO can now leverage DPX for faster payment processing, improving cost efficiency and reducing reliance on paper checks, which are still used by 65% of small to mid-size U.S. businesses. The initiative targets increasing payment volumes and enhancing financial workflows for clients.

Positive

• Partnership with BillGO expected to increase payment processing by billions annually.
• Enhanced payment options improve efficiency and lower costs for customers of both companies.
• Addresses the inefficiencies of traditional check payments still used by 65% of small to mid-size businesses.

Negative

• None.

This initiative will increase Deluxe Payment Exchange payment processing annually by billions of dollars

MINNEAPOLIS--(BUSINESS WIRE)-- Deluxe (NYSE:DLX), a Trusted Payments and Business Technology™ company, has entered into an agreement with BillGO, one of the industry’s largest bill payment platforms and fintech trailblazer, to provide digitized check delivery of payments through the Deluxe Payment Exchange Network.

The Deluxe Payment Exchange (DPX) is a digital payment platform for businesses of all sizes that allows payers options in how payments are made – digitally through a direct feed to a lockbox, through the issuance of an eCheck, or printed and mailed. The DPX platform also provides the recipient options to receive the payment. Deluxe and BillGO have leveraged the power of their respective networks and by linking their innovative technologies to identify payment preferences and electronic delivery addresses, have developed a “network-of-networks,” opening the door to other faster payment methods for customers of both companies.

“The BillGO platform will be able to process millions of payments per year through DPX, measurably growing the number of payments throughout the Deluxe network,” explained Michael Reed, President of Payments for Deluxe. “This enables additional digital payment options while lowering costs and increasing efficiency for new and existing Deluxe and BillGO customers.”

Using this multi-layered payment waterfall model, Deluxe and BillGO will more efficiently and quickly send payments for more customers. For example, if a payment comes into BillGO and it can’t be processed through BillGO’s payment network, rather than resorting to mailing a check to a lockbox, BillGO can send it to Deluxe to be digitized and processed through the DPX Network. DPX provides BillGO’s customers with more payment options, more efficiency, and significant cost savings.

“Sixty-five percent of small and mid-size businesses in the U.S. still use paper checks to manage their day-to-day payments,” said Cindy O’Neill, President, and General Manager of BillGO’s Biller Solutions. “In some cases, due to the time it takes checks to clear, this is less than efficient. By working with Deluxe to create a network-of-networks solution, we are enabling business owners make payments faster, more efficiently and more securely than ever before.”

Checks remain a vital component in the B2B and B2C payment landscape as they are built into current accounts payable and receivable processes/systems. As the Original Payments Company™, Deluxe works with customers from all aspects of the payment space and provides solutions based on existing and future needs.

The DPX Network resulted from Deluxe partnering with leading lockbox providers to enable sending a check and associated remittance information digitally, eliminating the need to mail the payment. This capability assigns disbursement methods based on insights gathered from the directories and issues payments via preferred methods. For BillGO, this means sending millions of payments a month more efficiently for its clients.

More information on the Deluxe Payment Exchange can be found here: www.deluxe.com/payments/digital.

About Deluxe Corporation

Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay and get paid and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2.8 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxe.

About BillGO

Driven by the core belief that everyone deserves access to a healthy financial future, BillGO’s award-winning real-time bill management and payments platform transforms the dreaded necessity of managing and paying bills into an opportunity for financial well-being. BillGO empowers over 32 million consumers, thousands of financial institutions & fintechs to seamlessly make payments to over 170,000 supplier endpoints – transforming the way people make and receive payments. By combining speed, choice and intelligence with simple integration, BillGO is accelerating and delivering a new way to bill pay.

Visit BillGO.com and find out why it’s GO time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503005917/en/

Cameron Potts, VP of Corporate Communications

651-233-7735

cameron.potts@deluxe.com

Source: Deluxe Corporation

FAQ

What is the recent partnership announced by Deluxe (DLX)?

Deluxe has partnered with BillGO to enhance the Deluxe Payment Exchange (DPX) platform, facilitating digitized check payments.

How will the Deluxe and BillGO partnership impact payment processing?

The partnership aims to process billions in payments annually through improved efficiency and more digital payment options.

What percentage of small businesses still use paper checks according to the press release?

Sixty-five percent of small and mid-size businesses in the U.S. still use paper checks.

What are the benefits of the Deluxe Payment Exchange Network?

The DPX Network provides businesses with more payment options, efficiency, and significant cost savings.

What is the expected growth in payments for Deluxe's network?

The collaboration is expected to measurably grow the number of payments processed throughout the Deluxe network.