As far as electronic invoice presentment and payment (EIPP) is concerned, an integrated yet configurable platform approach is the optimal solution.
Legacy document systems and processes can no longer support the numerous application and underwriting workflows that come with mortgage loan modifications. Further, the industry is struggling with increasing compliance demands, high loan delinquency rates and shrinking loan profitability.
While there are many reasons to consider an e-invoicing solution, we see four main reasons why an EIPP (Electronic Invoice Presentment and Payment) solution should be one of your top priorities in 2013. The immediate and long term benefits that come from the implementation of an e-invoicing solution are proven and very hard to ignore.
Cross-sell. Up-Sell. Trans-Promo. Bundling. There are a bunch of marketing terms to describe the process marketers go through to get clients of one service or product to buy another, and another.
So why all the fuss?
In a previous life I worked for a giant computer company. One of the activities I had to do was level set expectations with new clients who had invested large sums in new computer and software systems. This setting of expectations took the form of reminding new clients that new systems always necessitate a learning curve, the implementation itself would be disruptive to their established processes, and that real efficiencies would not be realized immediately.
It is no surprise that technology has transformed the invoicing and billing transaction process between you and your customers over the past decade. Many large corporations have acquired smaller businesses over the years and as a result a system is put in place to communicate between the newly acquired company, the parent company, and the customers. These systems are at times rushed and the complexity of the system limits the customers’ ability to perform any type of self service.
True story: I bought a new home in March. When I received my first natural gas bill in the mail, the bill summary on the front page of the printed statement showed an amount due of $160. That seemed pretty high but I assumed it must have included a connection charge or something. However, when I looked at the charges summarized in the bill summary block on that first page, they clearly didn’t add up to the $160.00 shown in the “Total Due” line item. In fact, I added them and they totaled $100.00. That was confusing. I turned the bill over and there was the $60.00 service charge under “Additional Charges” on the second page.
Almost everyone has moved at one time or another, some of us from state to state, some from country to country, and others simply from office to office. In thinking about it, I would have to say that of all the many “joys” associated with moving—packing and unpacking, damaged furniture, cleaning—the most “rewarding” task has to be painstakingly updating my address dozens of times. It can certainly be discouraging to fill out form after form and wind up only marginally successful for your efforts. Unfortunately, it’s been my experience (and perhaps yours as well), that of all the companies I do business with, my insurance carrier tops the list of those with the most frustratingly inefficient processes.