Catch The Electronic Bill Payment and Presentment Wave
Firms with complex business models or legacy billing systems often have a hard time shielding their customers from that complexity and delivering a seamless customer experience. Bills are sometimes hard-to-understand, delivery options are usually not flexible, and there are siloed customer billing experiences across different lines of business within the same company.
As today’s executives search for more effective ways to reduce costs and improve customer engagement, many are turning to electronic bill payment and presentment (EBPP) options to accomplish these goals.
It’s All About the Experience
Today’s digital customers are demanding more control over how they receive, view and pay their bills. In fact, 80% of consumers want to receive their bills online via digital applications including cloud storage apps, digital mailbox services, and online banking.*
In Forrester’s most recent Now Tech report, B2C Electronic Bill Presentment And Payment (EBPP), Q1 2019, the leading analyst firm provides an overview of 20 B2C EBPP solutions (of which Inlet was one). The report offers some important takeaways as it relates to understanding the value of providers and how to select the best vendor for your organization based on size and functionality. One of the most important takeaways from the report focuses on customer experience. Forrester analysts wrote in the report that, “The better EBPP [the bill presentment and payments] experiences your customers have today, the higher the bar is set for you tomorrow. This means that the seamlessness of a ride-sharing transaction or the clarity of the latest software billing experience are all relevant to your strategy, not just the EBPP experiences of your immediate competitors”.
Choosing a Provider is Easier Than You Think
Today, EBPP solutions are vital in helping firms deliver the billing and payments experiences that their empowered customers have come to expect. However, many companies struggle with how to enhance or replace legacy EBPP solutions without disrupting established customer experiences. Luckily, legacy billing systems are no longer a challenge. With ease of integration in mind, instead of creating an entirely new system for EBPP, billers should look for solutions that are a natural complement to their existing eBilling channels.
In addition to the ease of legacy integration and the flexibility that the delivery of digital bills provides, there are a number of other key benefits with EBPP for both the consumer and the biller.
Innovative solutions help to increase digital payments and disbursements and drive the customer to lower cost payment channels while reducing customer service and print and mail expenses.
Customer communications around billing improve and companies have another digital channel for cross-selling and marketing other products and services to consumers.
Personalized and enriched PDF bills replace traditional, two-dimensional paper billing and help to enhance customer interaction.
Why Settle For Half an Answer
As you seek a provider, remember that most EBPP systems output bills into the usual delivery routes including USPS, email notification, and Fiserv. Unfortunately, that falls short.
Why only serve half the banking market and access a fraction of consumers? That’s where a solution provider like Inlet fits in.
Prepare for new mobile payment solutions and the next generation of real-time payments. Don’t settle for half an answer. Join us as we continue to innovate the EBPP space and provide consumers with the digital billing experiences they have come to expect.
*Source: Annual State of Transactional Communications Consumer Survey, Keypoint Intelligence – InfoTrends 2018
Preston Thornton III
Vice President of Product Management