Posted by Ruhsora Magruf on 11 Apr 2014
Today’s consumers are more tech-savvy, informed, and connected than ever before. They expect products and services to match the mobility and flexibility of their lifestyles. So why should it be any different when it comes to receiving their bills and making bill payments?
Paper statements and check payments are no longer the primary preference for consumers, especially with the newer generation of “techy bill payers”. A growing number of consumers, who prefers to receive their bill statements and make payments electronically.
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 and help you gain a decisive edge. An Electronic Bill Presentment and Payment solution can help you get ahead or keep up with consumer needs.
What is EBPP?
Electronic Bill Presentment and Payment (EBPP) is a process by which companies bill customers and receive payments electronically through various payment channels, such as web, IVR, agent, walk-in and mobile.
What are the Benefits?
There are many benefits to offering your customers the ability to receiving bills electronically and to make payments via multiple channel options.
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 on paper related costs while projecting a favorable view of your company.
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 bills online.
By offering electronic payment options to your customers, you can meet the emerging needs of your customers while improving customer satisfaction, accelerating cash flow, and driving efficiency.