Billtrust Survey Points to Growing Role of Billing as a Strategic Function
HAMILTON, NJ – (March 5, 2015) – Billtrust, the leading provider of invoice-to-cash solutions, announced results of their 2014 survey focused on understanding the attitudes and plans businesses have towards electronic billing channels. The results show that not only do businesses link the invoicing process with revenue collection and corporate cash flow, they are also linking the process with customer satisfaction. Among survey respondents, 89% said they see a customer-friendly billing process as a key component of customer satisfaction.
The survey was conducted in Q4 2014 to a wide range of executives across the Billtrust client base. The Billtrust client list of more than 1200 B2B and B2C businesses covers a broad scope of industries from whom Billtrust facilitates over $200 billion in receivables each year. Billtrust will use the results to modify the programming they provide to their customers to help them increase usage of electronic billing channels.
Colleen Ciak, Director of eAdoption Marketing at Billtrust said this about the survey, “We were looking for information and feedback regarding eAdoption. The survey told us the top challenge our clients are facing is fashioning a strategy to boost customer acceptance of EIPP. This insight enables my team to better align with our clients to further drive their eAdoption rates. We have already launched an online portal housing over 500 marketing collateral templates in response to the demand.”
Key insights from the survey include:
Most clients (89%) see a customer-friendly billing process as a key component of their customer satisfaction.
When asked for the most impactful benefits of moving customers to electronic billing, 63% of clients named “Cost Savings”, followed by “Operational Efficiencies” (32%) and “Reduced DSO” (25%).
Approximately 75% of respondents plan to expand electronic invoice presentment and payment in 2015.
Companies that set specific goals and defined tactics are twice as likely to have eAdoption rates over 50%.
“With more clients understanding the strategic role electronic billing plays in driving customer satisfaction, more and more are participating in our eAdoption program. Migrating their customers to electronic channels needs a marketing focus just like selling products and services,” added Ciak. “Our clients who take advantage of this program tend to have the best eAdoption rates.”
eAdoption Connect is Billtrust’s formal eAdoption program that provides tailored strategies and tactics for their clients to drive enrollment and usage of electronic products. The program is based on proven best practices that have worked across a wide range of vertical markets. With a more strategic approach to billing, Billtrust is committed to providing the products, services and eAdoption programs to support the entire invoice-to-cash process.
The research data was shared with all attendees at “Billtrust Connect 2015” in February. The three-day client conference took place in Orlando and featured best practice seminars, open forums, and one-on-one executive meetings. “Billtrust Connect 2015” hosted more than 200 clients, many of whom participated in the survey.
Headquartered in Hamilton New Jersey, Billtrust is the premier provider of automated invoice-to-cash solutions. Billtrust integrates three key areas of the invoice-to-cash process: presentment, payment, and cash application, helping its clients connect with their customers and cash while strengthening their revenue and cash flow. Working with more than 1,200 North American businesses across B2B and B2C markets, Billtrust’s comprehensive offerings enables its clients to solidify customer relationships, increase productivity, improve cash flow, and seamlessly migrate to electronic channels. For more information, visit Billtrust at billtemp.wpengine.com.