By Offering THIS Simple Service, Learn How Your Bank Can Save Commercial Customers Thousands
Psst! Want to know how your bank can save its commercial customers tens of thousands, if not hundreds of thousands, of dollars a year?
Not only that, you’ll be solving one of the most onerous, error-prone, distracting issues they wrestle with on an ongoing basis.
According to a recent survey of AP managers and finance executives conducted by The Institute of Financial Operations, the cost for processing a paper invoice ranges widely from $2 to $25.
Though the majority of respondents who still process paper invoices fell into the $2 to $5 per-invoice cost range (nearly 30% of respondents), more than 20% reported costs exceeding $5 per invoice, and more than 10% reported averaging more than $10 per invoice.
Perhaps more startling, a whopping 29% of respondents were not even sure of their cost-per-invoice rate.
However, respondents that indicated they use some form of invoice automation technology reported dramatically lower cost-per-invoice rates. Nearly half of that group reporting processing costs less than $2 per invoice, as opposed to those lacking such automation that pay far more per invoice.
How to Connect the Dots for Your Business Customers
Talk about your low-hanging fruit.
This is not a complex pitch. There are no algorithms of sophisticated banking strategies to explain. Invoice automation delivers real cost savings almost as soon as they turn it on. This is not a challenging value proposition to convey to current and prospective commercial accounts.
Moreover, setting aside the ability to decrease the cost of paying bills, by automating their manual, paper-based AP processing, they can free up cash for investment, reduce errors and make better business decisions.
Considering the obvious return on investment in invoice automation, you’d think most businesses would already be signed up, limiting your opportunity to expand your footprint in those accounts.
In fact, study after study demonstrates that roughly half of all US businesses still use paper invoices.
However, and this is critical for your institution, nearly all of the respondents in those same studies are either actively testing, evaluating or considering implementing some form of invoice automation.
If you’re not doing so, you need to help your commercial customers and prospects solve this problem.
Otherwise, another institution will.
Want to learn more about this topic and explore your options for delivering such capabilities to your customer base? Click here to submit your questions and comments today!
*Source: “2014 AP Automation Study,” The Institute of Financial Operations, 2014.