Money 5.0: What Are the Different Online Payee Types? (156048)

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There are three possible service providers for Online Services in Money, Intuit Service Center (ISC), VISA InterActive (VISA), or a bank or service provider that uses the Open Financial Connectivity (OFC) standards. The service provider used will depend on your bank's preferences.

Intuit Service Center (ISC)

Intuit Service Center has two types of Payees:

• Regular Payees: ISC sends a paper check by mail to these payees; these Payees require four business days to send payments.
• Electronic Merchants: ISC has a list of merchants who accept payments electronically. Typically, these Payees require two business days to send payments.

VISA

VISA InterActive allows three methods of making payments.

• Regular Payees: VISA sends a paper check to these payees. The normal days to pay is five business days. The first time you send a payment, the days to pay is increased to eight business days.
• Business with Biller ID: Some merchants have a relationship with VISA to accept payments electronically. These payees require two business days to pay. The first time you send a payment, the days to pay is increased to five business days.
• Funds Transfer: You can transfer funds into another individual's bank account if you know their account number and the bank's RTN. These transactions require three business days. The first time you send a payment, the days to pay is increased to six business days.

Open Financial Connectivity (OFC)

Every bank or service provider subscribing to the Open Financial Connectivity standard sets its own policy regarding type of payees and the number of days required to make electronic transactions.

NOTE: When calculating the number of days to pay a particular payee, Money always uses business days. Money takes into account holidays and weekends when calculating an acceptable due date.