Trying to start a "paper recession," Billtrust announced it will be adding quick-response (QR) codes to bills to push consumers to use electronic bill pay.
QR codes will be printed on paper statements. Consumers will scan the codes with their smartphone cameras and be sent to a Web site to handle the next step, says Mitch Rose, vice president of marketing at Billtrust.
"The world is moving towards electronic channels," Rose says. "QR codes are a natural fit in helping people move towards electronic billing."
By scanning the QR code, some of the billing information, such as name, account number and amount due will be prepopulated for the consumer making the experience more streamlined.
Billtrust is offering the service, QR Code for Billers, for free to its clients enrolled in its eBanking and btConnect services.
The launch comes after Nacha, the electronic payments association, issued guidelines for the use of QR codes for bill payment. Rose says these guidelines were a catalyst for Billtrust's announcement. Many companies said the codes could be used as a form of two-factor authentication.
Billtrust is utilizing QR codes a slightly different way, trying to move more consumers to online and mobile channels and reduce the volume of paper documents sent.
Billtrust is based in Hamilton, N.J.