Enhancing Customer Satisfaction Without Increasing Fraud Risks in Electronic Bill Presentment and Payment

By Mia Papanicolaou, COO of Striata

Moving customers from paper billing and offline payment options to electronic bill presentment and payment (EBPP) is an attractive proposition for companies wanting to enhance customer experience, while achieving significant operational cost savings and reducing days sales outstanding (DSO).

EBPP also holds advantages for consumers who prefer the convenience of receiving and paying bills electronically. In its 7th Annual Billing Household Survey , Fiserv found that having multiple ways to receive and pay a bill improved a customer’s experience and almost half of the recipients said receiving paperless bills increased their satisfaction levels. The study also found that the growth in electronic bill payment, from mobile devices specifically, increased by 450 percent over a four year period.

But as with any new technology or process adoption, the migration to receiving and paying bills electronically may be introducing new security risks that need to be addressed to avoid detracting from the obvious benefits. Applying electronic billing and payment principles to outdated technology and analog processes is a makeshift solution that doesn’t work in the long term and could introduce security risks.

Security Risk #1 – Sending Documents

The digitization of bill presentment requires that

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