Businesses can now benefit from faster customer payments by signing up to a unique service which enables consumers to view and pay their bills from the secure environment of their online bank.
Organisations who have signed up to the OneVu service are seeing a reduction in debtor days of up to 70%. Fifty three percent of customers, who don't pay by direct debit, are paying via the service within 5 days of the bill data being sent to OneVu, with the average at just over 11 days. This compares to the 40-day wait often experienced by businesses following the receipt of a paper bill.
Commenting on these statistics, Cormack Connolly, Director of Billing, Virgin Media said: "For us this is a win win solution, as our customers are enjoying the added convenience and we are benefiting from much shorter bill to payment cycles of up to 70%. Our decision to sign up for the OneVu service has resulted in significantly improved cash-flow, as well as a tangible saving as a result of substantial cost differences in billing systems - an e-bill just 5% of the cost of a paper bill."
Miles Quitmann, CEO at OneVu, explains: "The OneVu service is all about making life easier for customers by enabling them to manage their finances in one place. Paying bills can be time consuming and tedious and the fact is that many people put off doing it because they are busy. Therefore it is no real surprise that the simple convenience of being able to view and pay your bills with just a handful of clicks while you are ‘at the bank' results in faster payments."
The OneVu service is branded ‘Bill manager' at Lloyds TSB and ‘Bill management' at RBS and NatWest and offers consumers a consolidated view of all their bills and statements whilst online "at the bank". Over 30 brands have joined the service which is set to have over 350 million bills under management by the end of the year. Other new services will be launched later this year including the planned mobile phone top-up service via the Internet banks.
"All of our billers are experiencing shortened bill to payment cycles as a result - some by ass much as 70%. The OneVu service offers organisations the ability to increase traffic to their own electronic billing services, improve customer service and enhance their corporate image. Tangible savings can be made as a result of the convenience and transparency the service brings, enabling consumers to resolve queries themselves whilst online and through a reduction in the processing and posting of paper bills. Environmental considerations are often a key driver for organisations choosing to sign up for the service," concludes Miles.