The Post Office is rolling out technology to use bar codes to enable businesses to send payments to customers.
The codes, which will be sent via email, text message or post will cut the costs associated with payment by cheque. Recipients of the code can merely take the code to any of the UK’s 14,000 Post Office branches to access the cash instantly.
Payments will typically be refunds and incentives, and Identity verification is an option for higher value transactions. There is also a data capture service available to help businesses collect customer preference information.
Gary Hockey-Morley, marketing director at the Post Office said: "Our new payout service not only enables companies to make promotional and incentive campaigns stand out from the crowd, it can also be used to make instant refund and compensation payments. The wide range of payment channels ensures that businesses can expect improved response rates, at the same time as making significant cost savings on campaigns which have previously paid out using cheques."
One of the benefits is the ability to make payments to people without bank accounts.
Joanna Weston, communication executive at Post Office business customer Unilever, said, "We didn’t have a clear fulfillment process in place to make a large quantity of small payments to our customer base. This could have been problematic for us as raising a cheque is 600 per cent more expensive than using the Post Office payout postal order service.”
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