A national security products company with regional distribution centers throughout the U.S. was losing business due to their inability to provide customers with visibility of and access to their accounts; they were also unable to provide an electronic option for customers to pay their invoices. As a result, they were having to employ a large internal customer services staff to process statements and invoices.
As their customers began leaving for the competition, the security products company turned to CTP Solutions seeking a way to upgrade their standard of meeting and exceeding their customer expectations. Jack Schachtel, President at CTP Solutions, says there were several challenges that needed to be overcome as they began the process of implementing the company’s first e-Bill platform.
For starters, Mr. Schachtel said the company needed to lower their rate of days sales outstanding (DSO), which was the result of an extended mail time for delivering invoices and payments. “Their costs for printing, paper, envelopes and postage were already excessive and they were looking at these costs increasing every year,” he said. “Since their CSRs were not able to view customers’ consistent data, they were spending more time on the phone and it was taking longer to handle problem disputes and credits. Our goal was to resolve all of these issues by implementing a companywide e-Bill platform, providing delivery of electronic invoicing, archiving and payment solutions to their extensive customer base.”
Once CTP Solutions implemented the e-Bill platform everything began to turn around as customers were provided electronic access to their billing. The new system also enhanced customer service functions by offering 24/7 account access via two portals where customers could viewing data and make eCheck and credit card payments.
With their DSL minimized and cash flow accelerated, the company saw an immediate financial benefit. This transition to an online processing system also allowed the company to promote its “Going Green” initiative by reducing paper usage, envelopes, lowering printing costs and postage.
The company reconciliation process is now much easier due to the increased visibility for processing its daily and monthly reports. They have implemented an interactive process that helps with deduction and dispute management processes, allowing for real-time visibility of any issues and a timelier resolution. With CTP Solutions’ e-Business services, this national security products company has been able to resume its rightful position as a leader in its industry.
CTP Solutions, a nationally-based Business Process Optimization company, helps companies slash administrative overhead by electronically delivering invoices and statements. By adopting new workflow processes, and replacing outdated paper billing systems that are expensive to operate, CTP can be minimize or completely eliminate paper billing, while also reducing the DSO and other, sky-rocking financial expenses.
For more information, please visit: www.CTPsolutions.com or contact CTP President Jack Schachtel at (818) 597-1222 (304) or via email: jschachtel@ctpsolutions.com .