EIPP / Electronic Invoice Presentment and Payment by CTP
EIPP / Electronic Invoice Presentment and Payment by CTP
E-Billing Solutions

October 23, 2012
CTP Solutions

While e-billing is not a new concept, it has become an increasingly popular solution over the last decade. Consider the following case studies:

The US News & World Report. This company's Vice President of Information Technology commented that switching to an automated e-billing solution resulted in a reduction of their billing cycle from over two weeks to just two or three days. Other companies ranging from franchisees for Miracle-Ear hearing aids to MGM International Resorts to the City of Tallahassee have reaped the rewards of switching to an electronic billing substitution.

In the case of the city of Tallahassee, their local utilities commission established a goal for reducing the act of paper billing by 12% in a three year period. The municipality's switch to e-billing was so popular with local customers that this goal was met in less than a year. The city not only saved significant amounts of money on the costs of paper, envelopes and postage but also received funds faster than by traditional billing methods.

Con Edison is a well known business that has also realized the benefits of e-billing solutions. As a utility provider with over three million customers, Con Edison was motivated to find a more efficient means to collect and process bill payments. One of their system specialists, George Roach not only mentions savings in paper allocation and postage fees but also points out that electronic invoices are faster to process than conventional paper bills. This results in the company having access to funds before companies who still use paper and reduced labor costs associated with processing the invoices.

How do consumers feel about the option to pay bills electronically? Considering that companies such as Con Edison enroll approximately 6,500 customers in their e-billing program it is apparent that consumers enjoy having the option. Benefits for the consumer include not having to wait for their checks to clear, an instant receipt and the ability to make additional purchases or changes to their account from the company's website and billing portal.

In 2008 a company called FISERV commissioned a study of over 8 million accounts for telephone service. Results from this study suggest that e-billing solutions could increase customer retention as over 12.5% of consumers indicated they were more likely to keep using service from a company that offers electronic bill payments. Customers were also 35% more likely to pay their bills on time and 20% more likely to purchase additional goods or services from the company.

The University of Hartford also mentions a number of benefits to e-billing such as the ability to make payments twenty-four hours per day without having to keep representatives on duty, reduced fraud without paper bills to be lost or stolen, the ability to view past activity through the customer's account activity and less strain on the environment. Dun & Bradstreet reports that even small businesses find it cost efficient to use electronic billing. Partnering with a company that offers an electronic billing service can result in service packages with unlimited ability without the client having to invest in expensive hardware or having to train its employees in specialized software.

Take a moment to reconsider all of the benefits of using electronic billing solutions for managing your receivables. It does not take nearly as long to process electronic invoices as it does for paper billing. Funds are made available to your business sooner than they would by receiving a checking in the mail and depositing it later. Your company saves on paper products, billing and envelopes. Your customers can easily pay their bills at an hour that is convenient for them and make changes to their account online without a representative to help them. Your chances to retain the customer improve significantly and you earn goodwill by offering multiple options and promoting the environmentally friendly method.

Traditional paper billing methods are dead. Your competition is either using or considering electronic billing for their receivables management and you must also. Don't allow your company to fall behind. Take the time to consider how electronic billing can benefit your organization. Contact CTP Solutions for all your e-billing answers at 888.624.5786. Read More

EIPP / Electronic Invoice Presentment and Payment by CTP
EIPP / Electronic Invoice Presentment and Payment by CTPEIPP / Electronic Invoice Presentment and Payment by CTPEIPP / Electronic Invoice Presentment and Payment by CTPEIPP / Electronic Invoice Presentment and Payment by CTP
EIPP / Electronic Invoice Presentment and Payment by CTP
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