Competitive Advantage is Number One Concern for CFOs
Survey Says EIPP Tops the List for Customer Satisfaction and Growth
Hamilton, NJ—July 28, 2016- In a recent survey conducted by Billtrust, the leader in Payment Cycle Management solutions, Electronic Invoice Payment and Presentment (EIPP) proved to be the best way for businesses to succeed in competitive environments. Survey participants indicated that customer satisfaction was a top priority, and in response to customer demand, providing electronic invoices offered customers convenience, speed and accuracy when managing their invoice-to-cash process.
“Our customers can do their billing faster because they can receive invoices 24/7 by email or on our website for both review and secure payment,” said Staci Cima, Credit Manager, at Crescent Parts. “In construction, it’s all about the billing. Now our customers have access to all their credit bills everyday so they can get their material costs and then do their own billing. When our customers get paid fast, so do we.”
Results from the 2015 client survey, initially released in this April (see the announcement), highlighted key trends in EIPP. Aside from an increase in customer satisfaction, the survey results also identified that e-invoicing provided a competitive advantage: 87% of respondents see billing “extremely important” or “very important” to their customer satisfaction strategy. Other advantages of electronic invoicing include efficiency, growth and profitability, as well as an enhanced user experience, all of which set businesses with EIPP apart from the competition.
“Customer satisfaction is key. Not all municipalities provide free online access to balances for customers, which is a service ours appreciate and utilize,” explained Candace Hoover, Billing Administrator, Manheim Area Water & Sewer Authority.
Competitive advantage proved to be the number one concern of CFOs in the survey. When companies choose to drive EIPP, they attract customers by providing flexibility to send payments online through a single sign-on portal. Eliminating the steps of calling to check on an invoice, writing a check, and sending a payment in the mail helps reduce time spent by customer support teams answering phones, searching for invoices and producing duplicates. And customers are happier because they are able to manage and pay their invoices more efficiently.
One frequently overlooked step in the EIPP process is to transition existing customers from paper invoices and payments to electronic. No other automated invoice-to-cash company offers the personalized, hands-on eAdoption services that Billtrust provides.
Rob Richardson, Credit Manager at Corken Steel and Billtrust’s 2015 Billing Rockstar of the year, saw Corken Steel’s operating costs reduce while his monthly invoices increased significantly. “Over the last four years Corken Steel has decreased our invoice presentment costs by 3% while increasing our invoice volume by 24%. This was achieved by working with Billtrust and consistently increasing our EIPP percentage,” said Richardson.
“Electronic adoption for any company doesn’t happen overnight,” explained Colleen Ciak, Director of eAdoption Marketing at Billtrust. “When a customer decides to implement Billtrust’s Payment Cycle Management solution, an eAdoption manager here at Billtrust works with clients to develop a plan designed specifically for that company. No two companies are the same, and neither are their eAdoption tactics.” Billtrust clients are assigned a dedicated eAdoption manager to develop a plan and goals specifically for their business and customers. A successful implementation of EIPP includes choosing best practices which meet the unique needs of the customers and the company. Billtrust clients that utilize these best practice see 70% higher usage of their electronic products than those that don’t.
“Having an organization like Billtrust that really acts like a partner is what truly impressed our team,” said Mark Storey, Senior Financial Services Manager at Acushnet Company. “At first, our customers weren’t interested in electronic invoicing, but now customers and team at Acushnet are impressed by the simplicity it brings to paying invoices.”
Learn more about Billtrust’s Payment Cycle Management solution and eAdoption services at billtemp.wpengine.com.
Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Billtrust payment cycle management solutions for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates.
Want to know what Billtrust can do for you? See how these clients achieved stellar results: https://www.billtrust.com/resources/customer-success/.