Survey Unfolds $50 Million Annual
Check101.com Poll Shows 30% of
A Wake Up Call For All Businesses
Atlanta, GA–October 2, 2000; As demand for professional workers continues to soar, a new survey confirms a business problem that many have suspected — companies are failing to effectively manage their billing and collections, resulting in millions of dollars in lost profits.
The survey was conducted by Check101.com, a leader in online business and consumer billing / payments service. Launching early in 2001, Check101.com will enable real time monitoring and processing of bills and payments online. The study shows that, on average, 30.15% of profits "evaporate", due to postage, paper, plus the time, companies; especially small firms spend on billing their customers. Conducted in July of 2000, the survey was developed to identify the need for increased efficiencies for the over 4 million businesses in the U.S. who bill services to their clients.
Check101.com was developed by the Web development firm, MOS Systems, Inc., for Check101.com, Inc., in response to the firm’s own need for new levels of control and accountability for its increasingly mobile and disjointed workforce. Covering roughly 300 billing managers working for 12 different companies, the survey asked respondents to answer a total of 24 questions pertaining to the way they use the Internet and their problems of billing and collections. With an average industry-billing rate of $150 per hour for professional, millions of dollars are at stake through errors in billing, delays in collection of payments and write-offs. The results were astounding. Many were too embarrassed to admit the size of the problem.
The news comes at a time when company earnings are down, as well as, employee morale. This generally translates to poor customer service, which, in turn nips at the bottom line. The survey shows that billing and collection costs do not have to be quite so high — if billing and collections are better automated.
"We can eliminate half of a company’s billing costs if we just get them to process their bills online, instead of printing and mailing those bills," said Tom Psillas, President of Check101.com, Inc. "This survey shows that companies need to begin addressing the size of this problem and move their billing systems online, quickly. Their competitors are probably already doing so."
Studies have shown that moving to online billing and payments processing is saving businesses money every day. According to one study, offline processing of bills and payments can cost small businesses as much as $4 per account per month. Another study revealed that small businesses gain more than 6 hours and $700 monthly by billing and collecting payments online with 72% of users of an online billing system saving more time and money after implementing the new system.
For more information contact firstname.lastname@example.org or call Ming Chu Jugon at (770) 760-9468.
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