Posted by Ruhsora Magruf on 11 Apr 2014
Paper statements and check payments are no longer the primary preference for consumers, especially with the newer generation of “techy bill payers”. A type of consumer, who prefers to receive their bill statements electronically and makes their bill payments through web or mobile.
Consumers are increasingly seeking new ways to manage their bills and bill payment options. Providing solutions that are quick and convenient will help you stay ahead of the market, providing you with a decisive edge. To get ahead or keep up with consumer needs, you should look to adopting Electronic Bill Presentment and Payment solutions.
What is EBPP?
Electronic Bill Presentment and Payment (EBPP) is a process by which companies bill customers and receive payments electronically through multiple payment channels, such as web, IVR, agent, walk-in and mobile.
What are the Benefits?
There are many benefits to offering your customers the option of receiving their bills electronically and having the ability to make payments via multiple channels.
Reduce costs – Cut down on costly call center services by shifting customers to low cost self-service options. Additionally, you cut down costs associated with traditional print and mail statement production.
Customer satisfaction and retention – A happy customer is a loyal customer. Make things convenient for your customers by offering multiple payment options and enjoy a stronger relationship with them.
Get paid quicker – Customers who pay bills electronically make instant payments that hit your account faster hence improved cash flow.
Operational efficiency – Streamline operations and consolidate payment data from various channels into a single payment platform.
Go Green! – Today, people are more environmentally conscious and welcome opportunities to be eco-friendly. Meet customer needs, save the environment and save on paper related costs while projecting a positive view of your company. Remember, more trees equals more oxygen which postpones destruction of life on Earth.
In the last decade there has been a significant shift to EBPP adoption, driven by consumers who want the convenience and time savings associated with being able to access, view and pay their bills online.
By offering electronic payment options to your customers, you have an opportunity to meet the emerging needs of your customers hence improve customer satisfaction, enhance customer service, accelerate cash flow, and drive better efficiency.
13 Feb 2017 Blog Infographic: 8 Reasons to Switch to Electronic Payment Processing Billers need to focus on providing a convenient payment experience as consumer demand for digital options increases.
04 Jan 2017 Blog 3 Reasons Insurance Companies Should Work with a Payments Partner It often makes sense for insurance companies to outsource payments.