Category Archives: C2B Payment & Collections

More Consumers Opt Into Paperless eBilling

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More and more consumers are opting into paperless electronic billing (eBilling).  Nearly 66 percent of consumers reported using online bill pay in 2011, showing a 2 percent increase from 2010.

The National Automated Clearing House Association (NACHA) reported the top three reasons why people opt to go paperless when it comes to receiving and paying their bills:

  • It’s easy to access my statements online – 62%
  • To reduce clutter – 50%
  • To help the environment by reducing paper waste – 49%

Consumers are sending in less paper checks and opting to pay online through banking websites, credit card websites and third party websites.  With the majority of consumers now paying their bills electronically, billers need to rethink the way they bill consumers.

Questions Billers Need to Consider

  • Due to the declining volume of consumers paying paper checks, has the model of doing in-house paper remittances changed to where there is no advantage to companies keeping the process in-house?
  • Is the company doing a disservice by processing paper remittances in-house, by missing out on technology advances that improve payment processing or customer service?
  • If your company is already outsourcing, how “future proofed” is your provider in terms of technology and scale?
  • Has your company incorporated online payment options into its website? With the increasing number of payment platform options, and providers available, any biller can offer online payments.

Looking to the Experts – Payment Automation Solution Providers

There are a number of solutions and tools available to facilitate the automation of one-time and recurring consumer bill payments via the web, phone and mobile devices.  PayStream is currently gearing up for a Q2 2013 report on Electronic Billing and Remittance Payments, to provide insights into current and emerging consumer payment trends.  The report will also feature profiles of leading providers in the space who have strong capabilities and product strategies to meet the needs of organizations remittance payment management efforts.

This upcoming Q2 report will work to increase corporate and collection mangers’ ability to distinguish between Electronic Billing and Remittance Payments and payment automation solution providers and the various solutions they offer.  The report will provide answers and insight into today’s changing payment landscape and how companies can benefit from these changes.

Tradeshift Partners with Intuit to Create Large Global Network of Suppliers on One Platform

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TRADESHIFT, a platform for all your business interactions, recently announced a partnership with Intuit Inc., a leading provider of business and financial management solutions for small and mid-sized businesses (SMBs).
The partnership marks a watershed moment for TRADESHIFT, a major player in an industry striving to deliver large networks of connected suppliers to enterprise customers. Intuit’s SMBs customer base of 5 million US businesses, combined with TRADESHIFT’s current network of more than 150,000 SMBs, will together create one of the largest networks of connected suppliers.
 
The planned integration of Intuit’s accounting and payments products with TRADESHIFT’S electronic trading network will streamline commerce between Intuit’s large SMB customer base and the participants on TRADESHIFT’S electronic trading network. SMBs using QuickBooks will find it easier and less time consuming to comply with their enterprise customers’ e-invoicing mandates. Large enterprises will find that more of their suppliers will be willing to participate due to the reduced cost and friction enabled by the planned integrations.
"At TRADESHIFT we understand the future of business will rely upon open connectivity between companies," said TRADESHIFT CEO Christian Lanng. "At the heart of this understanding is realizing companies of all sizes must be provided a level playing field where they have access to the tools needed to operate efficiently and effectively in a digital world."
 
"Partnering with Intuit will create one of the largest global networks of suppliers the business world has ever witnessed and is an enormous leap forward in achieving our goal of connecting every company on the planet on one, shared, open network," Lanng continued.
 
"We chose to partner with TRADESHIFT because of the quality of their software, the size and growth rate of their network, and their demonstrated ability to work with some of the largest corporations in the world," said Eric Dunn, senior vice president of Intuit’s Commerce Network Solutions group. "Connecting Intuit’s small businesses to enterprises via the TRADESHIFT network addresses a very important pain point for many of our customers."
 
To learn more about Tradeshift’s electronic invoicing solution, download a complimentary copy of PayStream’s Global Electronic Invoice report.
 
This partnership will work to overcome many of the barriers that PayStream analysts have witnessed to electronic invoicing, and help more SMB’s get rid of the paper process and migrate to eInvoicing initiatives.
 
 

PayStream Releases Revenue Cycle Management Report

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The new report Revenue Cycle Management: Increasing Control Over the Order-to-Cash Process published by PayStream Advisors reveals that Revenue Cycle Management (RCM) solutions offer considerably more functionality within an expanded universe than they did five years ago and are working to significantly increase cash flow. RCM software dramatically improves receivables performance. The report reveals that through the use of collection automation, companies have witnessed reductions of:

  • 10 to 20 percent in Days Sales Outstanding;
  • 25 percent in past due receivables; and
  • 15 to 25 percent in bad debt reserves.

The report also reveals that there are a number of growing concerns in the credit profession related to credit quality, dispute management, new account processing and international sales; all of which can be addressed by AR automation. The report also reveals a number challenges currently facing credit and collections including too little collection activity and erratic collection efforts, to name a few.

Report highlights include: 

  • Revenue Cycle Management value proposition – processing efficiency, lower costs, enhanced visibility and control
  • How RCM solutions streamline the order-to-cash process
  • New innovations in RCM solutions
  • Differing approaches to Revenue Cycle Management
  • Traditional versus automated collections
  • RCM Solution provider profiles and case studies 

This report was created to help AR professionals:

  • Explore the different types of AR automation that span the order-to-cash process;
  • Understand the business case for implementing RCM technologies to improve receivables management; and
  • Take the next step towards the adoption of AR automation

Software Reviews on:

  • CashOnTime
  • e2b teknologies
  • HighRadius
  • SAP
  • TermSync

Find the best reviews and comparisons of automation software for your accounts payable (AP) and purchase to pay (P2P) operations for top automation software technologies like, data capture, electronic invoicing, epayments, p-cards, travel and expense management, supply chain, and imaging and workflow brought to you by the finance process gurus at PayStream Advisors.