Waste Disposal Industry: Electronic Billing Improves Efficiency
Problem: Unhappy customers who were not receiving their bills on time or getting someone else's bill, The waste company needed a more reliable process for their print and mailing of monthly invoices.
Solution: CTP provided a responsive and dependable partner that provides numerous solutions for print and electronic billing. The pay-by phone solution allows this waste company, to accept credit card payments by telephone at any of its branch locations with no charge to the customer. The payment is then processed with real-time verification and automatically uploaded to the waste company computer system. The result is always a reduction in manual labor and human error. Cash flow will also increase because payments are being made faster. The benefits to the waste company will only increase as more of their customers discover the ease of the pay-by-phone.
Waste company customers can set up automatic electronic payments by establishing certain rules that meet their needs. These rules might be the type of credit card to charge, the maximum amount that can be paid per month and the type of correspondence (such as e-mail) used to confirm payment.
With CTP our waste clients will be able to incorporate additional services when needed. For example, credit card reversals when a customer may have made an overpayment. Another capability is that branches outlets can preview their bills before they are sent. While the competition still relies on faxed samples to approve bills, CTP has been able to cut costs and time through electronic bill preview, providing a quicker turnaround.
As a mutually beneficial partnership, CTP provides new options to enhance their e-billing capabilities to their waste industry clients.
Waste Disposal Industry: Environment Friendly Billing Initiative
CTP's services help waste disposal companies manage their billing process more efficiently through a suite of recycled papers and electronic bill delivery products. Through its innovative processes and marketing approaches, CTP works with their waste disposal industries customers to increase the percentage of bills being sent electronically.
The benefits of electronic bill delivery are significant for both businesses and the environment. With CTP Solutions a waste industry company saves 80% sending invoices and statements electronically versus being sent by U.S. Mail. Further, by going paperless companies have a positive impact on the environment by reducing the amount of paper, envelopes, stamps that typically are used in the bill delivery process. CTP's electronic solutions have increased the number of bills being processed electronically while helping many companies to go paperless.
CTP Solutions serves mid to large sized organizations in both the B2B and B2C markets who are struggling with managing the costs (material, processing, postage, labor) and hassles (IT, equipment, management) related to delivering bills. CTPs core advantage is its proprietary "A/R Billing" solution that encompasses many aspects of a company's billing process and helps businesses to reduce costs, get paid faster, and Go Green.
CTPs CEO Jack Schachtel credits the company's state-of-the-art technology, dedicated employees, and its commitment to the environment as being the catalyst for their "Go Green" market position. Schachtel said, "CTP Solutions believes that to be truly Green, business must endorse electronic billing. Not only are we working with our customers to reduce the amount of paper in the billing process, we have also instituted ways for our own company to lower our carbon footprint. Our Green team has implemented company-wide initiatives to reduce paper use, increase recycling, promote energy conservation and help our clients Go Green."
Not surprisingly, CTP has opened a new website to illustrate how business can help lower our carbon footprint at www.GoGreenDocuments.com
Waste Disposal Industry Should Stop Using Collection Agencies
CTP significantly reduces collection costs without alienating the customers while at the same time protecting the company's image.
This national company had a serious delinquent Accounts Receivable problem; as a result accounts were being written off and assigned to a contingency collection agency. The collection agency took 25% of all recoveries and damaged the company's reputation in the process. So they called CTP Solutions. CTP recovered $350,000 for a client that had previously unresponsive accounts with past due balances as old as 12 months; all for only $1,800.
As a visible player in the marketplace this national company was concerned with their public image. CTP solution utilized a diplomatic customer approach to foster reestablishment of communications between the delinquent accounts and the company. As a result, the company was able to successfully improve their internal collections performance while CTP retrained customers to make payments in a more timely fashion, which increased the company retention rate. Now fewer accounts are past due while the CTP program remains in place as a safety net.
This solution mitigated customer complaints and lowered collection costs. CTP's plan allowed the company to focus their internal resources on accounts less than 120 days past due while CTP implemented a strategy to recover the older balances; recovering $100,000 in the first week alone.
Waste 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.
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