SOURCE: 3i Infotech

3i Infotech

November 07, 2011 08:15 ET

3i Infotech Billing & Payments Demonstrates How Companies Can Save 50% or More on Multiple Channel Support at Annual AFP Conference

Industry Leader Espouses the Benefits of a Holistic Channel Consolidation Strategy

BOSTON, MA--(Marketwire - Nov 7, 2011) - 3i Infotech Billing & Payments, a leading provider of software and solutions for the end-to-end corporate revenue chain, announced today that company experts will be at the AFP annual conference demonstrating how businesses can dramatically reduce their billing and payment support costs and requirements. Recognizing that companies struggle with managing the number and complexity of billing and payment options (paper, web, email, mobile, etc.), 3i Infotech Billing & Payments will provide insight into a dramatically more effective and easier-to-manage consolidated approach to the cash collection process.

"Companies get fixated on the variable cost-per-transaction, often ignoring the larger internal costs they incur supporting each channel," said Lynn Boggs, CEO, 3i Infotech Billing & Payments. "Each billing or payment channel that a company operates requires IT support, formatting and transmission of payment data, vendor management, and more. By managing all of their billing and payment channels through a single vendor, our customers achieve a dramatically lower total cost utilizing one integrated process."

Channel consolidation addresses several challenges that organizations face for their billing and payments streams: implementing new channels, managing multiple vendors, security, maintaining payment data fidelity across channels, paper suppression and rapidly evolving consumer demand. As consumer billing and payment preferences shift between paper, web and mobile, research from Blueflame Consulting shows that the billing and payment landscape remains highly fragmented, while a recent Ascent survey shows that companies are conducting ongoing channel build just to keep pace.

3i Infotech Billing & Payments helps companies manage this evolution while reducing costs, overhead and infrastructure requirements via a single hub for consistent collection of billing and payment data from multiple channels. According to 3i Infotech Billing & Payments' internal research and analysis, to manage 3-5 payment channel interfaces with payment information, IT, messaging, customer support, management and marketing resources for each channel, requires an estimated $300,000 - $500,000 in build cost and an additional $210,000 - $230,000 for annual support costs. Under a consolidated channel management strategy, total annual costs can drop significantly to an estimated $50,000 for all channels.

Other key benefits to channel consolidation include optimized payment reconciliation across multiple channels, secure connections and relationships minimized and managed as a service, a simplified consolidated interface (data and image transfer) to multiple channels, reduced IT build, testing, operations, and maintenance of IT interfaces to third party channels.

3i Infotech Billing & Payments is the largest provider of outsourced remittance processing, one of the largest third party billers, and a leading provider of payment processing platforms and technology. Each year, the company manages the presentment of one out of every 25 consumer statements mailed in the US. It processes more than 640 million payments annually totaling 2% of the nation's consumer checks.

3i Infotech Billing & Payments will be discussing additional details about the benefits of consolidating channels at booth #1638 at the AFP Annual Conference taking place November 6-9.

Resources: 2011 Ascent Billing & Payments Survey and Blueflame Consulting, NACHA 2010 eBilling Benchmarking Study

About 3i Infotech Billing & Payments
3i Infotech Billing & Payments combines people, processes and a rich suite of proven technologies to deliver best practices and highly customized solutions for all aspects of a company's end-to-end revenue chain. Home to the Global Billing & Payments Center of Excellence, the company leverages its deep domain expertise in select vertical markets such as banking, financial services, insurance, government, manufacturing, retail, telecom, healthcare and utilities to deliver the ideal mix of on-site, software-as-a-service (SaaS) and outsourced solutions to serve each customer's unique needs. 3i Infotech Billing & Payments consists of the subsidiaries formerly known as Regulus Group and J&B Software, and recently became a standalone company.

Contact Information

  • Media Contacts:

    Josh Wendroff
    3i Infotech Billing & Payments
    +1 (213) 216-1808
    Email Contact

    Robin Bectel
    New Venture Communications for 3i Infotech Billing & Payments
    +1 (571) 312-1448
    Email Contact