Industry: Retail Document Management
Problem: A national retail company was struggling with managing their documents and turn to CTP Solutions for assistance. After our initial meeting and assessment of the situation, we identified many areas of concern - excessive warehouse space, no standardize release format, no cost containment, many redundant forms, too much manpower spent on managing their documents, many obsolete forms, no version control, no cost allocation.
Solution: The retail company sign a multi-year document management outsource agreement to gain control. We eliminated their warehouse and needed staff for managing documents, developed a secure custom website to order items, implemented version control and graphics standards for all documents, submit monthly summarized invoices with detailed cost allocation. We supply 47 national retail store locations, 96 different cost centers and manage over 230 items seamlessly.
Result: Standardization and consolidation of operational forms have resulted in hard dollars savings of over 45% in the first year alone. With the implementation of the web enable ordering program, 1 full-time employee has been eliminated. Deliveries have from 3-12 working days to 1-2 days with a 99.2% on time delivery.
Retail Industry Dramatically Reduce Your Billing Costs
CTP Solutions, a recognized leader of electronic presentment and payment applications, discusses how their innovative electronic credit and collections solution is designed to help billers reduce the significant costs associated with delinquency and past due accounts.
The uniqueness of the solution is the timely presentment of collection and reminder notices, delivered as secure electronic documents directly into the customer's inbox. CTP incorporates an instant, one-click payment link in the collection notice itself, providing a powerful direct payment channel.
CTP's offering provides an efficient, cost effective alternative that dramatically reduces the time and expense involved in collecting delinquent payments, by replacing paper collection activity with rich, interactive electronic payment notices that are delivered directly to customers via email. These electronic collection notices are uniquely able to generate quick payment with just a single click, without the need to visit a single web page.
Jack Schachtel, of CTP Solutions, describes the collections challenge facing billers and financial institutions: "Sending payment reminders by U.S. mail increases printing, postage costs and a long delivery cycle. By the time the customer gets the reminder it may be out of date, have already paid, and not include current late charges. An invoice not collected, incurs additional expenses for the biller. These include printing and postage costs; longer lead time to collect; outsourced collection agency fees; payment negotiation discounts and significant contact center resources. As a result, the biller receives a smaller percentage of the original bill amount."
Important Facts
- This solution avoids the high expenses associated with credit and collections by emailing bills for delinquent payments.
- Allows billers to collect more of the original payment due, by eliminating outsourced costs associated with late payments.
- Shortens the payment cycle by enabling instant delivery of collection notices and immediate, one-click payment.
- Improves biller cash flow by customer paying thru CTP's EBPP solution.
- Replacing costly paper reminders with cost and time effective electronic payment notices.
- CTP's electronic billing solution uses automated payment reminders as a viable way to prevent delinquent payments and their associated expenses.
- Provides a more efficient, immediate way to reach delinquent customers: when not at home or work, the majority of consumers now have remote access to email via public computers and mobile devices, allowing them to view secure, emailed collection notices when they don't have access to their postal mail.
- Reduces the number of customers falling into the credit and collections cycle by sending automatic reminders.
- Sends additional reminders via mobile phone text messaging (SMS).
Designed to encourage faster payments, improve biller cash flow, and alleviate the expenses associated with delinquent payments, the CTP solution also drives customer adoption of paper turn off which benefits green initiatives. For more information about successful eBilling strategies, visit www.CTPsolutions.com.
Electronic Invoice Presentment and Payment
CTP Solutions announces new EIPP product features, which lower invoicing costs while simplifying recipients' interface and promote Go Green Initiatives.
Electronic bill presentment and payment has undergone significant growth since 2000. There were 20 million bills paid electronically nine years ago. Today the number has grown to an astounding 7 billion invoices submitted and paid online. The new EIPP enhancements target B2B users who have not yet switched to electronic billing
The newly enhanced CTP Solutions EIPP system enables bill recipients to view, research, print, download, and pay the bill. The benefits to the biller include reduced invoicing costs, improved days sales outstanding, reduced costs to process payments, and increased customer satisfaction through an online location which features the biller's brand and logo.
CTP Solutions is a leading purveyor of outsourced billing solutions whose recent advancements in their EIPP (Electronic Invoice Presentment and Payment) product continue a long trend of refinements. This release satisfies CTP customers' request for a simpler user interface by providing flexible payment alternatives.
According to CEO Jack Schachtel, "CTP listened to our clients' needs and responded with features they needed. These improvements demonstrate our deep commitment to the unique challenges of our clients in the B2B market place. "
"Our goal with this release is to focus on improving features that would accelerate the acceptance of electronic payments by more B2B customers," said James Romano, Executive Vice President CTP Solutions. "The improvements make it simpler for invoice recipients to manage, view and pay online."
|
