UPDATE YOUR BUSINESS FOR 2016: CONVERT TO ELECTRONIC BILLING AND PAYMENT
Are you still wasting time doing manual statement processing with people handling menial tasks that computers can accomplish in seconds? Electronic billing and payment solutions offer numerous benefits including significant timesaving. Sorting through paperwork and rekeying information becomes unnecessary. Instead of handling supplier calls for updates, they can view payment details via online portals instantly
Huge monetary savings represent another key advantage. E-billing eliminates paper, printing, storage, and postage costs. Online systems are easy to execute, avoiding major IT investments. Better cash management and forecasting can curtail your short-term loan needs. Accuracy also improves with automated calculations removing possible human errors.
A two-year, e-invoicing experiment offers insights into this emerging method’s various aspects, prospects’ opinions, and recommended adoption strategies. Lessons from users will help you embrace this billing and payment transaction revolution.
Start With Email Interactions
Emailing is the communication channel that boasts the greatest coverage. Every company can send emails for much less than traditional statement mailings. Besides collecting money, e-billing offers chances to communicate with your clientele. So your creative marketing, not IT, staff should handle such emails.
Get Users on Board Quickly
History shows that combining two publically embraced technologies like email communications and online payment methods gains high user acceptance. During the e-invoicing pilot phase, no survey respondents had questions about the electronic billing process. Instantly, users considered all required activities to be easy and logical. A study retailer concluded that electronic statements led to faster Internet transactions, decreasing days with outstanding sales.
E-Complish’s electronic billing, payment, and presentment (EBPP) platform includes easy credit card processing services on Level 1 PCI-compliant servers. Other options include business and personal bank accounts. Almost half of our clients’ enrolled customers conduct transactions the day they receive emailed invoices. Firms using EBPP report that it reduces late and missed payments by 15 percent on average.
Offer Extra Options
To suit more customers’ preferences, make a variety of payment methods available. Integrating E-Complish’s EBPP with other handy solutions like Virtual Pay, HostPay, and MobilePay adds the convenience of greater versatility. We’ll customize any options you choose according to your unique needs.
Decreasing paper usage and its polluting physical transport should be a global corporate policy. Electronic alternatives to paper can save millions of tons of wood as well as staggering amounts of carbon dioxide from paper production. The cost-cutting potential of replacing enormous amounts of mailed monthly invoices with electronic versions is astounding.
Embrace Better Cost Structure’s New Opportunities
Paper statement and e-billing expenditures vary greatly. When you update your collection processes via electronic channels, communication costs without paper, printing, and postage will drop to almost zero. That offers new direct marketing, charity, and credit management possibilities.
Adding payment methods to emails encourages recipients to respond immediately. Surveyors identified this communication method as the marketing approach with the greatest return on investment (ROI). Emails can redirect clients to websites, webshops, contests, and polls. Informing recipients about complementary and new offerings and specials expands customer relationship management (CRM).
Combining order and payment processes into one action inspires impulse purchases. Seller costs involve just creative marketing and purchasing transactions. That keeps basic campaign expenses low. Such advantages are great for charitable fundraising campaigns.
Credit management firms make payment agreements for debtors in various terms. Companies using electronic channels for debtor communications can offer diverse options. Automated processes enable payment arrangements in assorted smaller amounts.
Gain Niche Market Success
Call centers handle outbound sales for energy companies, telecom operators, large web merchants, and charity organizations. After successful calls, fast e-bill follow-ups boost conversions and shorten transaction times. Paper statements would arrive days later after purchasing enthusiasm could have waned. By using this electronic channel for reminders, credit management firms with internal call centers can cut communication costs for debtor payment agreements drastically.
Begin Simply; Convert Gradually
Developing an effective bill dissemination and payment collection routine can take years of work and refinement. To upgrade your payment method mix with electronic options, start with exceptions that have the highest handling costs and potential gains typically. Impacts on your existing mainstream process should be minor if you automate exception handling partially. That simplifies implementing new approaches into your current procedures.
When that test proves workable, integrate EBPP into your main processes to extend electronic billing advantages further. You, your staff, and organization will function more efficiently when you replace outdated practices with modern, streamlined electronic solutions.