MINNEAPOLIS (April 13, 2007) – Beginning May 6, U.S. Bank E-Payment Service will expand its bank collection program for convenience fees to include payments made with Visa or MasterCard. Convenience fees are charged to end users who make payments with e-checks or credit cards and provide bank customers who use the service a method to offset their collection costs.
Previously, the bank collection program only supported the collection and retention of convenience fees charged to payers initiating payment with e-checks and through a special property tax payment program with Visa. With the expansion of the E-Payment Service bank collection program, U.S. Bank will manage the process of establishing and collecting convenience fees for its business customers, including government entities, higher education institutions, utility companies and property management companies.
“Our customers have been asking for this expanded functionality as a complement to our treasury management product line, and we're pleased to be able to offer it to them,” said Michael Volk, commercial vice president in treasury management at U.S. Bank. “This program allows our customers to outsource the cost control, risk management and pricing aspects of collecting convenience fees.”
U.S. Bank E-Payment Service provides businesses and government agencies with an easy-to-deploy method of collecting payments via the Internet, integrated voice response (IVR) services or call centers. It is the Internet connection behind the "Pay" button on Web sites, the processing link from an IVR, as well as the back-office interface to payments collected by call center representatives. This secure, convenient service accepts payments made using bank account information sometimes referred to as Internet checks or e-checks, credit cards, signature-based debit cards and stored value cards with a Visa or MasterCard logo.
U.S. Bancorp (NYSE: USB), with $219 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,472 banking offices and 4,841 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Contact: Jennifer Wendt