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 offer 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, CEO 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 By the time the customer gets the reminder it may be out of date, have already been paid, and not include current late charges. An uncollected invoice 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.
- It allows billers to collect more of the original payment due by eliminating outsourced costs associated with late payments.
- It shortens the payment cycle by enabling instant delivery of collection notices and immediate, one-click payment.
- It improves biller cash flow by customer paying thru CTP’s EBPP solution.
- It replaces 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.
- It 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.
- It reduces the number of customers falling into the credit and collections cycle by sending automatic reminders.
- It 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.
About CTP Solutions
Secure eDocument Delivery and Email Bill Presentment & Payment (EBPP) are solutions that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.
CTP revolutionizes the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. Registration requirements are eliminated by emailing feature rich, interactive, encrypted documents directly to the inbox and enabling innovative 1-click electronic payment from within the document itself.
Direct email delivery of bills and statements dramatically increases customer adoption of electronic documents, paper turn off and ePayments. This enables CTP’s clients to achieve rapid ROI, to complement their existing self-service and e-communication strategies, to significantly reduce paper output and to meet their carbon footprint / environmental impact targets.
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.