Home Insight Newsletter Dramatically Faster Electronic Payment

Dramatically Faster Electronic Payment

Created on Wednesday, 07 January 2009 16:09
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This month's article discusses how optimizing electronic billing processes can dramatically reduce DSO by cutting the time it takes to get bills to customers and elicit payment.

Documented results show that email bill presentment and payment is able to reduce the DSO cycle by as much as 70%.

 
   
United Water goes live with Striata Email Billing
» Striata and Western Union are helping one of the nation's largest investor-owned water services companies to lower billing costs by replacing paper bills with secure electronic document delivery.
 
 
 

Dramatically Faster Electronic Payment

Thanks to overwhelming evidence, billers can now be confident of improved cash flow as a result of bills being paid faster.

Optimizing electronic billing processes can dramatically reduce DSO by cutting the time it takes to get bills to customers and elicit payment. (A companies' Days Sales Outstanding (DSO) figure expresses the average time it takes for customers to pay their bills.)

In today's tough economic environment, reducing the payment cycle by even a single day can influence a company's ability to grow and compete. Reducing it by two thirds would be nothing short of miraculous.

Email bill presentment and payment does just that. Documented results show that email bill presentment and payment is able to reduce the DSO cycle by as much as 70%.

"The easier it is, the faster I'll pay"

 This is the consumer mantra when it comes to paying bills. It's an attitude that won't surprise any savvy biller who understands that customer convenience is paramount. It's nonetheless gratifying for 'eBilling solution' companies to have it confirmed with hard evidence.

 The results from two recent Striata North American utility eBilling projects prove beyond doubt how attractive the proposition of eBilling is:

 » Over 50% of customers paid the bill before the paper bill could even have arrived by mail.

 » 19% paid on the same day they received the bill.

 » Read the rest of the article,which includes a chart that shows the distribution of payments by email billing customers of a major US utility.
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Trends
Between 2005 and 2007, bill payments by mail decreased by 5.6%. US households received 18.8 billion bills by mail, up from 18.7 billion in 2005, and statements sent by mail increased 8.2%
Source: HDS Diary Sample, FY 2005, 2006 and 2007
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"We see a much shorter turnaround time in recording payments. With this method, it's in the bank the next day."
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» Realize immediate, hard cost reduction by replacing paper statements with rich, interactive, secure electronic documents.
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Striata revolutionizes the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. » Learn more
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