How to Evaluate Your Bill Presentment Architecture
A properly designed electronic billing architecture accelerates profitable growth by raising consumer engagement by 30%, shrinking document delivery costs by 50% and reducing customer service calls by 10%. Yet bill presentment is not achieving this at most organizations according to Bill Payment Services - Executive Survey by GatePoint Research. Let’s explore how you can evaluate your bill presentment architecture to improve your results.
eBilling Designs to Increase Consumer Engagement
Most eBilling services simply take the paper bill and display it on the web in PDF form identical to the paper bill. This is analogous to the transition the broadcasting industry went through when moving from radio to TV. The first TV shows were radio announcers standing in front of the microphone, just like they were on the radio. It took a while to take advantage of the rich media format of TV to display action movies. eBilling services have begun leveraging the rich media opportunities on the web to embed videos and actionable offers into their eBills. This has achieved a 30% increase in consumer engagement.
Bill Payment Services to Lower Document Delivery Costs by 50%
eBills cost 50% less than paper bills according to an eBilling report by BlueFlame Consulting, yet most organizations still send 70% of their bills through the mail. Here are six critical questions for raising paperless billing adoption:
1) What systems are you integrating? Save money by not integrating your numerous systems that input data into your bill. Rely on a bill payment engine to integrate the output into the bill.
2) How is your eBill better than your paper bill? Embedding videos and actionable offers into eBills has been proven to increase paperless billing adoption by 5-10% in only 6 months; that’s 3-6X the industry average growth.
3) Does your paperless bill meet your customers where they want to be met? Consider integrated web, mobile, email and call center eBilling.
4) What marketing channels are you consistently using for bill presentment? Call center, pay per click advertising, web banners and statement stuffers are proven to be effective.
5) Where are your electronic bills stored? Lower your storage costs by only keeping them in one place and publishing them from there to all channels.
6) How do you remind customers to pay? The #1 reason customers still receive a paper bill is that it reminds them to pay, according to Javelin Strategy & Research & PayIt Green. Eliminate that concern with text message and email bill due notifications.
Electronic Billing Architecture to Reduce Calls by 10%
Billing & payment questions are a key driver of customer service calls according to Bill Pay’s New Manifesto. Design your electronic bill presentment to include links to frequently asked questions. Organizations have found this reduces customer service calls by up to 10%. At $5 per calls, and 20% of customers calling each month, the savings can be significant, according to surveys done by Chartwell.
Explore these additional resources to evaluate your bill presentment architecture and discover new ways to accelerate profitable growth.
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