In addition to offering consumers a more convenient way of settling their bills, the agreement will also improve the efficiency of the receivables management processes of those merchants that bank with HSBC and choose to use this new service to collect payments from their retail customers.
HSBC plans to offer the service to insurance, utility and telecommunications companies and other bodies such as charitable institutions. HSBC Macau Credit Card Centre is planning to be one of the pilot customers for this service.
Retail consumers can use a cashier counter inside any 7-Eleven store in Macau to settle their outstanding bills in cash. The use of barcode technology and instant checksum validation of bill data will reduce errors and ensure prompt payment. The merchant will also be provided with a daily, single bulk credit to their collection account with HSBC and receive enhanced collection information services.
HSBC is the first bank to obtain approval from the Monetary Authority of Macau to enter into an alliance to launch a service of this kind.
ôIn addition to providing convenience to consumers, the arrangement will also help reduce costs and improve efficiency for companies using this service as cash collections will be handled on their behalf by 7-Eleven and HSBC,ö says John Laurens, head of global payments and cash management, Asia-Pacific at HSBC.
The reconciliation process for merchants is further streamlined through automation of data capture and online consolidated reporting via HSBCÆs internet banking platform, HSBCnet.
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