As consumers, we’re inundated with all things Internet‐related. Everyone has a web site and we’re all expected to have an e‐mail address. So does that mean that we’re all paying our bills online, too? Today, companies are wrestling with this notion. In theory, electronic billing, presentment, and payment (EBPP) is the ultimate model of efficiency. But is it catching on?
Think about it: Why write a check, buy envelopes and spend the postage on mailing it, when it has become so simple to point, click and pay your bill via the web?
Today, many of your customers want to do the same thing. It’s easy, fast and convenient for them and gives them 24/7 access. It also simplifies your internal process, and can save your company substantial costs. Offering your customers these electronic options may be a huge advantage for you.
Electronic billing solutions have always been more of an operational or cost savings type of decision. But is it really more strategic than that? Cost savings may no longer be the top reason for turning to EBPP. Now, an effort to ensure customer loyalty is slowly replacing cost savings as the main driver.
Customer service and satisfaction are paramount today, in this or any economy. Making it easier to do business with your company is a key strategic consideration. Today it is about gaining a competitive service advantage. This “advantage” often translates to lower invoicing costs, the elimination of “lost” invoices and lowered cost of dispute resolution. Other key benefits include: the ability to reduce days sales outstanding (DSO), improve payment processing and reduce frequency of collections and customer service calls.
Electronic billing can deliver strong marketing and customer retention benefits when implemented as part of an integrated customer communications strategy. Web self‐service is the most obvious value for customers, providing them 24/7 access to their account information online. Online access to bills helps reduce in‐bound calls. Servicing an inquiry via telephone is 15 times more expensive than via a Web self‐ service site, citing research from Forrester.
With that in mind; have you provided your customers with efficient electronic bill choices?
Has your competition?
Please realize that you will always be faced with customers that still want paper bills mailed to them, while others may accept fax or e‐mail and some will opt for advanced web‐based delivery and payment. So it is equally important then, to offer all these delivery methods for your unique customer base. Keeping all these options available and tightly connected can also be a challenge:
- Are you using manual internal personnel or costly equipment? Is a local printer your best option for delivery of your printed and mailed bills? Does your ERP/Accounting system provide for efficient, automated e‐mail and/or fax options?
- Do you really want to assign another project to your overworked, understaffed IT department to design and build an on‐line web portal for presentment and payment?
- Can your staff support all the security and compliance features for the above processes? So how can we address the above problems?
Join us for an upcoming NACM, Electronic Bill Presentment and Payment webinar, to be hosted by United TranzActions (UTA). We will discuss how it is possible to not only streamline your process and save you money, but provide you with a long‐term, strategic solution for both you and your customers for years to come. (Information to follow at the beginning of 2011)
Make it easier for your customers to do business with you!
For more information about Electronic Bill Presentment and Payment, contact your UTA Representative Rudet Fountain at: 800.858.5256 ext. 4802 or firstname.lastname@example.org