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To remain competitive, companies are increasingly turning to Electronic Bill Presentment and Payment (EBPP) — that is, allowing customers to pay online. However, until there are sufficient adoption rates of both consumers and billers, cost savings in customer service, paper, postage and float will remain negligible.
Today, very few bills are delivered online. More than one billion bills will be sent over the Internet by 2001, however, and by 2007, that number will increase to eight billion, profoundly changing the way billers and consumers do business.
EBPP promises to be a new and efficient way to deliver bills to the consumer. Bills will become a marketing vehicle for the billers. They could engage in multiple one-on-one dialogues with the consumers based on how they segment them. These channels will create new opportunities for billers to target consumers with new services.
EBPP Process
The creation, presentment and payment of a bill is a fairly standard process. The usual process is:
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