Secure Vault Payments (SVP) is a new way for consumers to pay merchants electronically, directly from their bank account. Consumer pushed payment transactions has been a long-standing, successful ecommerce solution in Europe and now they have finally made their way to the US Market. The system was developed by NACHA and is rapidly expanding across the US market with an estimated 100 Million consumers to have access to the program by end of 2012. The advantages to consumers are huge: No need to share personal or financial information with the merchant, and they can pay with any of their funds in the bank without worry about credit and debit card limits.
Unlike traditional ACH payments which pose significant risk to merchants, the SVP transactions are authorized in real time with guaranteed next day settlements. Since the customer makes the payments using their online banking credentials there is no risk of NSF or chargebacks as these are consumer pushed transactions.
Perhaps the best part for merchants is that during the introductory phase of the US launch there are no monthly or annual fees to sign up to accept SVP payments. You only pay when a customer elects to use the service.
Contact EMC2Billing.com today to see how simple and easy it is to integrate SVP into your current payment offerings.