agio n. (pl. agios), pronounced (ah-jee-oh) 1. the percentage charged on the exchange of one currency, or one form
of money, into another more valuable. Example: The difference in value between a gold coin versus its gold content How much extra value will your business realize when you begin using electronic currency instead of paper items? Commercial Banking Innovations can help you find more efficient and cost effective ways of collecting payments from your customers. Available exclusively through CBI, The Agio Suite of merchant payment services includes all of the component tools and services, which can be used independently or as an integrated facility, that will help streamline the acceptance of electronic payments. The Agio System is a suite of services that facilitates the acceptance of payments. Whether the customer wants to pay by check, MasterCard / VISA, over the Internet, over the telephone or by other available means, the Agio System is the tool that makes accepting and collecting payments easier and less costly. Because businesses need to provide multiple avenues for accepting payments for products or services, a stable, flexible and robust system is required to give the purchaser multiple ways to pay. The Agio System suite of services delivers a better way to accept those payments. At the heart of the Agio System is an online application called Trans-Port. Trans-Port is a transaction and content management system, a portion of which appears to the user as a virtual terminal device for initiating financial transactions through the use of a web portal. Among many other features, Trans-Port allows the user to key-enter a customer’s checking account information to create a one-time, non-recurring debit to the customer’s bank account. Practical examples would be the initiation of a customer’s debit for a purchase made over the telephone, or a payment made over the phone as a result of a collection call on a past-due account. Additionally, the Trans-Port virtual terminal will allow the payment transaction to be made against the customer’s MasterCard / VISA account, should the customer desire to “charge” the transaction. The MasterCard / VISA information is entered via the virtual terminal*, an authorization is secured, and the transaction is completed. Trans-Port can also be used to schedule recurring payments, such as lease and loan payments and club membership dues. By doing so, a business can replace with automation the hassles of preparing monthly invoices and statements. Reporting on the status of all activity surrounding the initiation, origination, settlement and returns processing is done by the consolidated reporting function that is accessed via Trans-Port as well. The Trans-Port platform is the central command center for the Agio System. The Interactive Voice Response system allows the Agio user to accept payments 24 hours a day, every day of the year! By using the keypad on a touch-tone telephone, customers can easily make payments at their leisure. Customers like the flexibility of using an IVR system to make payments, and Agio users remain connected with the payment activity via the reporting functionality that is inside the Trans-Port platform. Also, one option available to users of Agio is to receive an e-mail anytime a transaction occurs via the IVR. The system is prompt, thorough, does not sleep and is more economical than having human intervention for accepting payments. For Agio System users on the go, payments can be accepted by using a web-enabled Personal Data Assistant (PDA). The method of accepting payments is perfect for any type of sales, service or repair personnel that desire to be paid for service when the work is done or the sale is made. Both checks and MasterCard / VISA payments can be accepted, and, once again, the reporting is accessed via the Trans-Port platform. In the event a payment is accepted at the Agio user’s place of business, whether through the mail or dropped-off for delayed processing, the Agio System can bring the bank teller to the business’ back room. Called ChexAccept, the paper checks received by Agio System users can be converted to an electronic deposit. Because of the electronic deposit, businesses will realize significant cost savings in the time and labor spent on preparing and making bank deposits in person. Trips to the bank are reduced to a minimum, plus, there will be savings on bank fees, especially for enterprises that have multiple locations using many bank accounts. A unique, dedicated online process handles reporting for all aspects of the ChexAccept transactions. And finally, when paper checks happen to return for non-sufficient funds (NSF), the paper items can be collected electronically by Check Collect. No more need to make annoying, embarrassing telephone calls or collection letters to get the money that is owed on NSF checks. As a result, customer relations are preserved because the collection process is discreet, “behind the scenes.” The NSF recovery service is free to merchants, because the offending check writer pays the fee for writing the NSF check. Like ChexAccept, Check Collect has its own online, unique reporting process to allow Agio users to monitor the status of all returned checks. Also, if the electronic payments happen to return NSF, all of the other members of the Agio System will re-submit the items for collection in the same way that Check Collect recovers the paper checks that are returned. While each of the component modules can stand-alone and provide unique benefits to the user, the comprehensive Agio System is a suite of payment options that will increase the bottom line for businesses. This system converts inferior forms of paper check payment into the better, higher quality of electronic payments, e-commerce and automation! That’s Agio!
* The Trans-Port virtual terminal utilizes our partner's connectivity for processing MasterCard/Visa credit card transactions. |
