Supplier-Initiated EIPP: Impacting the Entire Invoicing and Payment Lifecycle

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1 Supplier-Initiated EIPP: Impacting the Entire Invoicing and Payment Lifecycle Q Featuring Insights on... Factors Driving Interest in EIPP Underwritten in part by Billtrust CEDAR Document Technologies CTP Solutions* Nordis Direct* Standard Register* Current State of B2B Invoicing and Payments Supplier Challenges to Implementing EIPP Supplier-Initiated EIPP *Reseller of Transactis hosted solution

2 Introduction... 1 Executive Summary... 2 The Case for Migrating to EIPP... 3 The Current State of B2B Invoicing and Payments... 5 EIPP Opportunities and Challenges... 9 The Scope of Supplier-Initiated EIPP Supplier Initiated EIPP s Place in the BPA Universe Supplier Initiated EIPP Critical Roles Selecting a Solution Looking Ahead Billtrust CEDAR Document Technologies CTP Solutions Nordis Direct Standard Register Transactis About PayStream Advisors... 38

3 Introduction In the current business climate, Accounts Receivable organizations are increasingly faced with the challenge of doing more with less as resources shrink and financial processes speed up. There are more clients to manage, more invoices to transmit, and more payments to process all at faster speeds and more cost effectively than ever before. In order to keep up, AR departments must move away from paper-based invoices and manual payment handling by automating their processes and quickly. Along with the conversion of invoices and payments to electronic methods come associated technologies that streamline the entire order-to-cash process. Research indicates that these systems are maturing to the point of becoming mainstream. The software that automates the order-to-cash process most effectively is the Electronic Invoice Presentment and Payment (EIPP) solution. Besides reducing paper, EIPP offers organizations ways to make their workflow more effective through increased visibility of financial documents across the transactional relationship while simultaneously creating processing efficiencies that result in cost savings for all participants. These focused and specialized solutions do more than einvoicing or epayments alone they maximize the use of those technologies to streamline the company s workflow and offer tremendous potential for users to better manage their financial supply chain and cash flow. PayStream Advisors has developed this report for organizations that have an active interest in electronic invoice presentment and payment technologies. This report will help to identify appropriate EIPP strategies and solutions by providing an in-depth overview of supplier initiated einvoicing and payment solutions and their benefits, as well as profiles of six leading vendors in this space.

4 Executive Summary In PayStream s 2012 Supplier Initiated EIPP Report, research showed that leading EIPP solutions were primarily focused on the electronic interchange of invoice and payment data. However, in compiling this report, it has become clear that the software developers have adopted a much broader perspective that encompasses the entire billing and payment continuum. While electronic interchange is the purpose of EIPP, solution providers have come to understand that it is also a critical part of the interaction between suppliers and their buyers relative to billing and payments. Because of this, EIPP needs to be integrated into the entire orderto-cash process in order to achieve optimal results. In this report, PayStream observes: Automation solutions are needed to bridge the gap between existing AR solutions and einvoicing tools commonly adopted by AP organizations Suppliers are best served by vendors offering solutions that support all types of invoice delivery and remittance capture, not just EIPP Document management is a critical component of EIPP, and is best utilized when the entire order-to-cash process is taken into account In order to leverage the transaction intelligence captured, suppliers need EIPP solutions that contain embedded workflows for dunning, dispute resolution, and other tasks EIPP solutions are needed to provide automated remittance processing capabilities that address all sources of remittance advice The market for supplier initiated EIPP is growing, and will continue to gain momentum due to the demands of AP organizations and the need for greater AR efficiency and Days Sales Outstanding (DSO) reduction. PayStream believe today s EIPP solutions provide a proven, holistic approach to the needs of suppliers and their customers. PayStream Advisors actively works with managers and decision makers at medium and large corporations to provide deep insights on financial process improvement and neutral viewpoints about available solutions in the market. PayStream has uncovered a marketplace need for better information to understand targeted solutions that help streamline specific processes and deliver quick ROI. This report is aimed at the growing number of companies looking for complementary EIPP solutions to automate and optimize their cash conversion cycles by lowering cost, increasing efficiency, and reducing errors and exceptions.

5 The Case for Migrating to EIPP Key Insights Processing paper invoices is significantly more expensive than electronic invoice processing for both AR and AP organizations. AP organizations are making demands on AR organizations to transmit invoices electronically and accept electronic payments. AR organizations are being required to deliver invoices to their customers in multiple formats and delivery channels. AR organizations are increasingly dealing with the fragmentation of remittance details from the actual payment. The simple truth of the matter is that paper is expensive. Processing a paper invoice costs approximately one and a half times as much as an electronic bill this differential can be even greater for small organizations that don t have the advantage of scale. These cost differences hold true for invoice recipients as well. Figure 1 The Cost of Paper and Electronic Invoices Invoice Issuer Printing & Mailing Payment Reminder Remittance & Cash Mgmt. Archiving Total Paper $5.66 $0.73 $6.53 $3.19 $16.11 Electronic $0 $0.58 $4.35 $1.45 $6.38 Invoice Recipient Receive Codify Validate & Match Dispute Mgmt. Payment Archiving Total Paper $1.59 $4.35 $5.80 $3.63 $6.96 $3.19 $25.52 Electronic $0 $0.58 $1.74 $2.90 $4.21 $1.16 $10.59 Billentis, 2009 cited in Customer Self-Service in B2B Order to Cash, Genpact, 2012 Savings from einvoices are very real, especially for suppliers that previously had to rely on printing and mailing. Electronic invoice delivery eliminates printing and paper costs, and is insusceptible to changing postage rates. Electronic remittance processing and archiving also offers cost savings and efficiency over manual, paper-based processes. An increasing number of businesses are moving towards automated processes, and many suppliers are pressured by their clients to transmit invoices electronically. When considering financial automation goals, Figure 2 illustrates the fact that einvoicing and epayments rank high on the list. Buyers have an immediate need to reduce costs and drive efficiency, causing a push for greater adoption of electronic transactions with their business partners.

6 Automated workflow for invoices 33% Figure 2 What is your top automation goal for 2014? Increase electronic invoicing 29% Implement invoice imaging 16% Automate payment processing 18% ERP application upgrade 3% Outsource portions of AP process 1% 2013 PayStream Advisor s IWA survey Because of the pressure to adopt electronic transaction processing, many AP organizations are choosing their own supplier-facing solutions. Many of these put the supplier at an operational disadvantage by forcing them to choose between manually submitting data or spending money on IT resources to create an interface that will only accommodate one particular customer. With the variety of einvoice solutions used in today s business sphere, it can be quite a challenge for an AR department to accommodate all their customers demands. Another challenge arises when dealing with remittance data that is either limited in content or somehow separated from the payment. This exponentially increases identification and accuracy problems associated with the reconciliation process. Accepting electronic payments is better than the cost-intensive task of processing paper invoices and check payments, but AR departments must still find a consolidated solution that will ensure the delivery of remittance details.

7 The Current State of B2B Invoicing and Payments Key Insights EIPP continues to show steady growth. There will be a need to process paper invoices and checks for many years to come. The best solution providers need to help their clients address multiple billing and payment channels. The supplier community has not rushed to adopt einvoicing, despite the operational incentives and the hype surrounding EIPP. In 2011, only one third of vendors surveyed were distributing invoices electronically. Today, that figure has risen to 50 percent, according to an Institute of Financial Operations (IOFO) survey, see Figure 3. Even so, some firms remain beholden to traditional billing systems, and the number of firms planning to implement EIPP in the near future remains modest at best. However, PayStream believes that AP organizations growing interest in einvoicing will serve as a catalyst that stimulates more AR organizations to take action. Successful action depends on automation solutions that bridge the gap between current AR systems and the einvoicing solutions being implemented by AP organizations. Figure 3 Has your organization implemented a solution for sending out electronic invoices? 9% Yes No, but we plan to within a year No, but we plan to but are not sure when 24% 50% No, and we have no current plans Not sure 7% 10% The Institute of Financial Operations (IOFO) 2014 Order-to-Cash Automation Study

8 Despite the trend toward electronic invoicing, it appears that paper invoicing will still be used to some extent for the foreseeable future. According to the IOFO study, 83 percent of AR organizations are still distributing at least some of their invoices as a paper document, see Figure 4. Even more organizations (87 percent) are sending some invoices as an attachment. Lacking data integration tools, suppliers continue to rely on when possible because it is one of the easiest and least expensive ways to meet customer expectations for electronic invoicing. However, simply transmitting an attachment does not address the reciprocal payment from the customer associated with the invoice, and organizations miss an opportunity to leverage greater processing efficiency. Instead of an entirely electronic environment, it appears suppliers will need a variety of distribution channels for invoice delivery. All six forms of invoice delivery seen in Figure 4 are being employed by at least half of the survey participants, indicating most organizations are utilizing multiple distribution channels. In addition, 63 percent are submitting some invoices on the buyer s AP website and almost as many (61 percent) utilize EDI with at least some of their customers. Figure 4 Please choose which methods your 83% 87% organization uses for invoice delivery 63% 61% 54% 50% Paper Fax Web form EDI B2B network The Institute of Financial Operations (IOFO) 2014 Order-to-Cash Automation Study On the payment side of the equation, the use of checks is still very prevalent (59 percent). While electronic payments have grown significantly, most remittance processing still involves paper checks with the accompanying paper remittance advice, see Figure 5. Even though the implementation of EIPP holds out the promise of substantially reducing the volume of checks while increasing the use of more cost effective ACH and card payments, it appears suppliers are also going to need to adapt to a variety of different payment mechanisms no matter what they do.

9 2% Checks Figure 5 What percentage of your payments are in the following forms? 9% 9% ACH Wire Credit Card 59% Cash 21% July 2013 Credit Today Remittance Processing Survey Figure 6 illustrates the necessity of multiple remittance processing protocols. Most firms rely on at least two or three different methods for capturing payments. Interestingly, payment portals (at 19 percent) are the least-used solution, which again highlights the opportunity for growth in the EIPP sector. In line with the survey findings on invoice transmittal, lockboxes (79 percent) are the most utilized method for capturing payments. Figure 6 Which remittance processing capabilities does your organization currently possess? Payment Portal 19% Remote Deposit Capture 39% EDI 66% Lockbox 76%

10 While half of suppliers have reportedly implemented a solution for sending electronic invoices, PayStream s survey indicates that just one third have fully adopted an EIPP solution, see Figure 7. ing invoices outside of a fullydeveloped EIPP solution does not provide any benefits for payments and remittance processing. EIPP solutions fulfill a major role in terms of integrating the order-to-cash process with customer systems; the greater percentage of a customer portfolio that can be managed through an EIPP solution, the greater a company s efficiency and savings. Furthermore, with a connected einvoicing and payments procedure, companies can more easily leverage EIPP tools to improve other areas of the order-to-cash process. Figure 7 Has your accounts receivable organization implemented an einvoice presentment and payment solution? 9% No Yes Plan to within 12 months 32% 59% 2014 PayStream Advisors Accounts Receivables Survey EIPP adoption is one of the best alternatives for a significant return on investment in respect to order-to-cash automation. Halfway measures that address only invoice or remittance processing will only generate incremental improvements at best. In the end, partial solutions will always fail to completely synchronize the cycle between invoicing and payments. Only sophisticated EIPP web portals can accommodate both the demands for automation from large buyers and the convenience required by small and medium enterprises. Furthermore, a collaborative approach involving both suppliers and buyers is required to leverage the benefits of end-to-end automation between trading partners. Supplier-focused electronic invoicing and payment solutions provide the required set of advanced tools for connecting with a wide array of buyer einvoicing solutions, while ensuring that remittances and their electronic payments are easily reconciled.

11 Figure 8 What are the top three factors driving your EIPP Opportunities and Challenges Key Insights AR organizations expect EIPP to deliver cost reduction, DSO improvement and increased efficiency. Buyer Adoption is a critical factor to the success of an EIPP initiative. EIPP solutions need to be able to provide integration opportunities across the entire order-to-cash process. Marketplace acceptance of EIPP is deterred by a lack of understanding and skepticism regarding its benefits. The top 3 factors suppliers are looking to derive from EIPP are cost reduction (64 percent), DSO improvement (57 percent) and increased efficiency (57 percent), demonstrating a clear consensus regarding the impact EIPP can create for an organization. The other factors identified are subsidiary: better cash management, customer relationships, and budgeting and forecasting support, see Figure 8. Reduce overall processing cost organization to focus on electronic invoices? Speed up payment cycles (DSO) 57% 64% Better efficiency / productivity 57% Remove paper from A/R department 43% Better cash management 29% Strengthen customer relationships 21% Increase payment options 21% Improve abilities to budget and forecast 14% Lack of data integrity / internal inconsistencies 7% 2014 PayStream Advisors Accounts Receivables Survey

12 From the suppliers perspective, the biggest impediment to EIPP implementation is buyer adoption (60 percent), which is critical to reaping the benefits of EIPP. The next largest barrier involves the ability of the EIPP solution to fully integrate with existing AR solutions (55 percent), a necessity for ultimate success, see Figure 9. At the same time, 40 percent of respondents do not perceive a need to convert to electronic invoicing and payments. Some of these respondents may come from the percentage of firms that indicated low AR volumes (20 percent), as scale is a factor in determining the potential for EIPP success. From those surveyed, 35 percent expressed a lack of understanding about EIPP, and another sizable group (25 percent) indicated difficulty obtaining executive sponsorship due to skepticism regarding the benefits of EIPP. Despite these issues, as EIPP becomes more widely recognized as a competitive advantage, acceptance will grow in the marketplace. Figure 9 Please select the top three (3) barriers to electronic invoice There is no need for us to convert to electronic adoption. Shortage of IT resources 20% 40% Lack of integrations between einvoice and our AR system 55% Customers will not adopt einvoicing 60% No executive sponsorship; senior management not convinced of ROI Unable to easily gather customer information 25% 25% A lack of understanding about solutions available 35% Low AR volume 20% Other (please specify) 20% 2014 PayStream Advisors Accounts Receivables Survey

13 The Scope of Supplier-Initiated EIPP The solution providers in this report have adopted a broad and holistic perspective on the offerings in the EIPP space. They recognize that Supplier-Initiated EIPP needs to be understood within a larger context that encompasses all invoicing and payment capture activities. To accomplish this, some vendors may distribute their EIPP solution through value added partners. Others may position their EIPP platform as an extension of their document management and communication lifecycle capabilities, or may approach areas of the EIPP process from different perspectives. In effect, today s providers often offer more than just a solitary EIPP solution, and as a result, there has been growth in the market for both EIPP and related billing and payment functionality. Figure 10 represents a map of the key features that providers often offer as part of their products and services. Figure 10 Comprehensive Invoice and Payment Processing Print & Mail Support Invoice Presentment Customer Self-Service Invoice File Download Bulk Mailing Consolidation, Inserts, & Other Cost Savers Transmission (Fax/ /EDI) Electronic File Formats/Integration Supporting Documentation Account Lookup & Invoice Retrieval Dispute Notification Payment Options Payment Capture Credit Card ACH EDI Remittance Processing Remittance Advice Capture Remittance File Reconciliation Auto-Cash Reporting & Analytics AR Portfolio Penetration Transaction Monitoring Cash Forecasting Print and Mail Support Because paper invoices are not completely eliminated in most AR departments today, the need remains to efficiently and cost-effectively distribute bills through the mail. The difficulty of this increases if print and mail support is not integrated with other invoice presentment channels. By working with a vendor that provides print and mail services, suppliers can begin realizing the benefits of increased EIPP in conjunction with the cost savings. Print and mail shops reduce costs by: Barcoding and pre-sorting envelopes by zip-code to take advantage of lower postal rates Providing fully-automated processing to minimize labor costs Using technology to aggregate multiple invoices being mailed to the same address Purchasing paper and envelope stock in volume

14 Even suppliers that generate as few as 500 invoices monthly will save enough to justify outsourcing their billing process. In addition, added benefits can be realized by including other corporate communications with invoices and statements, such as inserts and printed messages, on the billing document. Invoice Presentment Electronic distribution involves automated faxing, mass ing, and online invoice gateways that transmit invoices in multiple electronic formats and integrate easily with customer invoice portals. In addition, invoice presentment increases efficiency and customer satisfaction by: Handling fax, , and point-to-point electronic transmissions within a single solution Transmitting supporting documentation such as purchase orders, shipping documents, proofs of delivery, and service tickets Grouping invoices in a daily and providing click-through capabilities to invoice details and payment functionality Because small to medium-sized buyers do not often possess the technology required to receive direct electronic invoice files, they prefer the use of a more efficient and user friendly supplier portal. A supplier initiated EIPP portal should offer invoice delivery methods designed for the convenience of these customers. Customer Self-Service No matter how customers receive their invoices, they benefit from being able to access a supplier s invoice presentment portal. If invoices are not being pushed to the customer electronically, the self-service EIPP portal provides the customer with: A convenient invoice and related document retrieval mechanism, as well as account search capabilities The ability to notify the supplier of disputes and to share electronic documents The ability to schedule electronic payments, both one-time and recurring The benefit to the supplier, besides the elimination of paper, is a substantial reduction in the number of incoming calls, requests for duplicate invoice copies, and other customer support actions. The portal also captures customer intelligence to forecast cash flow and initiate automated dispute resolution workflows.

15 Payment Capture The reciprocal process to invoice presentment is payment capture. AP departments, in their quest for cost savings, have provided impetus for AR departments to accept electronic payments primarily with ACH and credit cards. AR departments can also realize significant savings by accepting payments via ACH, reducing lockbox volumes and offsetting the merchant fees associated with card transactions. Transitioning a significant number of customers to electronic payments with an EIPP solution will: Increase visibility of scheduled payments Provide earlier notification of received payments Lower overall costs when both transaction costs and labor are factored in Enhance satisfaction especially for small and medium-sized buyers who can take advantage of alternative payment options A supply-side EIPP solution that is integrated with a buyer s electronic payment system can be used by the collection staff to process card and ACH payments over the phone, providing a solution to the payment capture puzzle. Remittance Processing The real challenge begins after payment has been received; capturing the associated remittance data and automatically applying it to the open AP system is critical. Because supply-side EIPP presents the AR data to the customer, these solutions are able to return detailed remittance information back to the Accounts Receivable system for posting. By implementing an EIPP portal, suppliers facilitate: Remittance data capture Account reconciliation Auto-cash posting The best EIPP systems use matching algorithms to identify discrepancies, automating the creation of debits and credits when payments don t line up. All these automation features reduce the time and associated labor costs required for manual cash. Portals, Dashboards, and Analytics The information collected through an EIPP portal can be readily converted into actionable intelligence through embedded reporting and query tools that clients can easily use. Besides providing more visibility into individual transaction status, the data collected over time will offer insight into trading partner relationships. This transactional transparency provides insights into:

16 Customer relationships in terms of payments, disputes, and other interactions Cash flow trends The level of customer enrollment achieved in the portal EIPP portals also provide earlier recognition of discounts and disputes, which facilitates quicker resolution and full payment.

17 Supplier Initiated EIPP s Place in the BPA Universe Research has shown that the majority of the excitement regarding electronic billing and payments has come from AP departments in an organization due to the savings in costs and time. However, AR can gain those same benefits with the right EIPP solution. The Bill and Payment Automation (BPA) Universe illustrates the advantages of a supplier initiated EIPP portal, see Figure 11. Figure 11 The BPA Galaxy Account Monitoring & Management Self-care Tools Archival & Imaging Exception Processing Cash Application Payment Receipt Payment Application Payment Initiation Account Management Reporting & Analysis Invoice Presentment Invoice Receipt Order Confirmation Invoice Creation & Delivery Biller Posting Payment Approval Processing Validation Invoice Receipt Matching & Entry Payer Routing & Review Dispute Management Payment Approval While AP can transform itself into a profit center by expanding the credit card payments that generate rebates, AR can also reduce costs with the use of EIPP through increased productivity. More AP departments have launched supplier facing invoice portals than AR organizations have instituted EIPP solutions, but a synchronized implementation effort would have lasting effects on AP and AR interaction. Supplier initiated EIPP is one of the most proactive steps towards that connectivity. Figure 12 illustrates both the biller and payer components of the order-tosettlement process. Supplier initiated EIPP is defined in the diagram as the

18 Biller-Direct model for Billing and Payment Automation. A Biller-Direct model is positioned as an alternative method of invoice delivery and payment for small to medium-size enterprises that are looking for automation and hoping to expedite dispute resolution. A Biller-Direct EIPP model provides the means to easily interface with customers and with other invoice and payment gateways. Most suppliers use a Biller-Direct EIPP model in concert with a much larger corporate EDI strategy. With EIPP portal access and robust file export-import utilities, suppliers can drastically reduce a huge majority of daily AR posting nightmares. Figure 12 Biller-Direct EIPP process flow Biller - Direct BPA Payer - Direct BPA 3 4 Login Enroll 1 Invoice 2 Notification 6 Dispute/Authorize Review 5 Enroll 1 2 Invoice 4 Login 5 Review 6 Dispute/Authorize Notification 3 Payer Payer Biller Biller Payer Consolidator Biller BPA 6b) Dispute Managment Invoice Hub Register Registration 5 Review 6a) Dispute/Authorize Notification 6 3 Biller Payer

19 Supplier Initiated EIPP Critical Roles The functional aspects of any solution need to be given careful consideration when evaluating EIPP options. If a company operates in a relatively straightforward, high transaction volume environment, a solution with basic functionality may work well. The more twists and turns that arise during a company s billing and remittance processing will dictate how flexible of an EIPP solution they will need. Implementing a solution that is inadequate for a unique business situation can cause as many problems as it solves. In order to avoid this scenario, there are ten key issues to review: Dispute Handling: At the very least, an EIPP solution should be able to identify and track disputes on a line item level and be able to accept multiple dispute codes per invoice. Even if an organization has limited exposure to customer payment disputes and deductions, they still need to make sure their solution offers these robust capabilities. All short payments should force entry of a reason code, and deductions for discounts should not be permitted beyond terms. Dunning Tools: The ability to send follow-up notices, re-transmit invoices, and make notes on an account or invoice provides added value from the EIPP solution. This is especially true if a company has not automated collections or their AR collection utilities have limitations. More advanced solutions include a workflow engine that allows users to preprogram activities based on a variety of triggers. Credit Card Acceptance: An EIPP solution needs to be able to handle all credit card types, be PCI compliant, and able to handle Level III data. Important for realizing large ticket rates, a solution should be able to aggregate multiple transactions on a single payment. Multiple Payment Options per Customer: It is counterproductive to lock customers into a single payment method a solution should be able to handle several different methods of payment. This also includes the ability to schedule one-time and recurring payments. Multiple Invoice Templates: All customers are different and will have different information and compliance requirements. The EIPP solution a company chooses needs to offer the ability to create customized invoice templates for customers and thereby reduce dispute and deduction volumes. Document Management: Maintaining all documentation is important to the remittance processing side of the AR equation. Even the invoices belonging to customers that are not enrolled in the EIPP portal need to be made available in electronic formats. The same holds true for all the documents that support the billing and delivery processes.»» Multi-Language/Multi-Currency: Global organizations must be able to transmit invoices in the local language of their customers and accept

20 payments in local currencies. PreInvoice Validation: Advanced EIPP solutions validate invoice accuracy by matching internal order details against the customer purchase order. Discrepancies can be found and corrected to ensure delivery of a correct invoice, thereby reducing disputes, deductions, and payment delays. Customer Enrollment: The user s ability to on-board customers is critical to the success of an EIPP solution. Solution providers should provide assistance and customer support in the form of training tools and enrollment guides to ensure this process is successful. Vendors should also provide assistance with customers that require an interface to the EIPP portal, as well as helping online customers pass validation by the solution itself. Administrative Functionality: In EIPP, one size does not fit all the more configurability built into the system, the more applicable it will be to varying business models. Without configurability, a company is faced with customizing a product, and that will increase costs and implementation time. Software-as-a-Service (SaaS) Expands Opportunities It should come as no surprise that larger organizations have led the way in EIPP adoption. The economies of scale and ROI associated with high invoice volumes are compelling. However, EIPP solutions have begun to evolve with SaaS models, making the software more attractive to a wider range of businesses across industries and market size. The pricing model of SaaS solutions is one of its biggest advantages in that most software providers only charge a small up-front cost for implementation followed by a monthly fee based on transaction volumes, while others operate only on a per-transaction price structure. Additional benefits of SaaS include: No big investment upfront because there is no license or software to install No client/server infrastructure required, making for a quick and easy deployment while eliminating the need for maintenance and periodic upgrades Quick and easy access through any standard Internet connection and web browser SaaS solutions have opened the door for smaller suppliers to actively participate in einvoice presentment and epayments, thus reaping all the benefits their larger peers enjoy.

21 Selecting a Solution Key Questions to Ask? Where does EIPP fit in our order-to-cash automation roadmap? What is the availability of IT and other resources that we can bring to the EIPP project? What are the challenges we are facing in billing and payments areas? What process improvements need to be addressed by the EIPP solution we implement? Can a configurable solution meet our needs or do we need a customizable solution? Organizations investigating AR automation solutions have a wide range of options. For those who have already automated parts of the order-to-cash process excluding billing and payment, EIPP can still drive significant additional improvements. For those who are just beginning to automate AR functions, EIPP can provide a compelling starting point. Once a company has decided to implement an EIPP solution, they will need to decide whether to go with a SaaS or hosted solution, or to install the software inhouse. Each of these options has its advantages, disadvantages, and associated costs, but a big consideration is the availability of IT and other resources. In the case of EIPP, it is even more important to evaluate the overall state of an organization s billing and payments capabilities. Installing an EIPP tool is key in the migration from paper to electronic processing. When approaching EIPP, it is important to first understand the service interactions between trading partners and the limitations a company may face because of their customer diversity. The ability to input data from any source in any form and aggregate it, transform it, and normalize it allows data and content to be positioned and managed in a way that supports the effective reengineering of end-to-end processes. By creating processes that support service interactions, a company can configure their system to fit their business environment instead of being forced to conform to the constraints that occur with a packaged solution. With this in mind, an effective EIPP implementation should not be viewed as a stand-alone solution but should be addressed as part of a greater whole that addresses workflow as well as invoice distribution and payment capture, including the needs of the buying organization as well as the supplier. EIPP is a bi-directional bridge between the seller s AR system and the buyer s AP process, and while EIPP can address direct costs (print, mail, transaction processing, and quality of communications) the greater benefit derives from the efficiencies it creates. Likewise, the ability of a company s customers to reconcile and process invoices for payments has a significant impact on DSO and customer satisfaction.

22 Ultimately, the ideal solution depends entirely on the individual organization s requirements. However, two other factors are critical when deciding on a solution: financial stability of the vendor and the total cost of ownership. The total cost of ownership includes implementation and integration costs, functionality fit, ease of use, and the ability to adapt to a constantly evolving business landscape.

23 Looking Ahead AR automation has come a long way over the last two decades. The introduction of automated workflow in the mid-nineties transformed the credit and collection landscape, as did auto-cash in the remittance processing arena. Over the years, the functional capabilities of AR automation solutions have increased while also becoming more integrated. The same holds true for EIPP solutions. Initially designed as stand-alone solutions, they have since evolved in both sophistication and scope, and now are a key integration tool in bridging the gap between AR departments and their customers AP organizations. We believe that the following factors will shape the ongoing evolution of this marketplace, and organizations contemplating invoice and payment automation solutions will need to take them into account: Buyer einvoicing and epayment initiatives will force many more AR organizations to seek comprehensive solutions. Because AP organizations are aggressively looking for ways to migrate their suppliers to electronic invoices and payments, as well as looking to expand the amount of spend that is settled via credit card transactions, AR departments must develop capabilities to provide alternative billing and payment options to their customers. Supplier initiated EIPP solutions will play a significant role in meeting this challenge. EIPP needs to be understood within the larger context of billing and payments. Because billing and payments are integral components of the order-tocash process, anything that increases the complexity and fragmentation of these tasks raises the risk of unexpected breakdowns in the cash conversion cycle. This is unacceptable. EIPP, like EDI, is therefore a tactical tool that can help solve the strategic need for optimization of the financial supply chain and working capital management. To view EIPP without considering its ramifications within the context of other billing and payment processes would result in missed opportunities. Data management is critical. The best solutions will be able to aggregate invoice data from every information source involved in supplier order processing, whether document or electronically based, and then transmit it in the preferred invoice format of the buyer. Likewise, an EIPP solution needs to integrate with the supplier s remittance processing environment to facilitate the capture and automated processing of all payment and remittance detail types. Configurability will grow, eliminating the need for extensive customization. This is already happening highly configurable solutions preempt the need for customization and facilitate faster, less costly implementations. Configurability also reduces the need for IT support, especially in SaaS and other hosted environments. AR automation needs to facilitate greater working capital management capabilities. The strategic impact of AR automation on the financial supply chain cannot be ignored. While DSO improvement is a core goal, innovative solutions

24 are emerging to meet strategic objectives, and corporations are looking to unlock significant value from the financial supply chain through advanced features (such as AR financing). The transactional transparency delivered by EIPP, especially when part of a holistic billing and remittance processing solution set, can be a catalyst for sophisticated working capital tools.

25 Billtrust Using its own proprietary technology, Billtrust is a leading provider in the billing and payment industry with over 1100 customers. Their clients rely on them to achieve real cost savings through the Billtrust end-to-end invoice to cash billing solution. Billtrust is known for the expertise they bring to the table along with their advanced product suite and excellent customer service. Website Founded 2001 Headquarters Hamilton, NJ Other Locations Denver, CO, Chicago, IL, Sacramento, CA, Toronto, CA Vancouver, CA Number of Employees 225 Number of Customers 1,100+ Number of End Users 25M+ Key Clients Ferguson, Iron Mountain, Land O Lakes, Under Armour, Chiquita, CDW, Estes, Kraft Foods, HD Supply, Toshiba, Callaway Golf, Avery Dennison, AutoZone, New Balance. Target Verticals Manufacturing, Distribution, Utility, Media, Transportation, Business Services Partners/Resellers SunGard, OB10, Infor, Oracle, DMSI, Mincron, Epicor Transactions Processed 250M+ Annually Awards / Recognitions INC 500/5000 for seven consecutive years, Deloitte Technology Fast 500, Payments Innovator 2014, Best Places to Work NJ Solution Name Complete Billing, Invoice Gateway (EIPP), Invoice Central (Consolidated EIPP), Connect, CustomerCare, ebank Connect, IVR Connect, QuickPay Connect Year Introduced 2001 EIPP is a core offering for Billtrust, with Invoice Central providing the primary service for small businesses to view and pay invoices across many of their vendors. Invoice Central helps clients reduce paper while driving online payment adoption. The EIPP service is sold individually or as part of a bundled package that also includes paper, , fax, online, bank, IVR, and mobile capabilities. As a hybrid that offers both print and electronic billing capabilities to over 1100 clients, Billtrust remains unique while offering a best-in-breed billing service.

26 Overview A fully hosted solution, Billtrust s entire service bundle is designed around a client s need to send invoices quickly, accurately, and efficiently to customers as well as to efficiently receive payments. Users can easily view invoices within the EIPP solution, download data into required accounting software (e.g. Quickbooks), select invoices to pay, and pay them via ACH and/or credit card. The solution integrates with a wide range of ERP/billing data file systems including SAP, Oracle, Infor, Epicor, Lawson, InforSXE, SHIMS and Mincron. Billtrust has an Open API and has developed integrations into other areas of the order-to-cash ecosystem with their partners so payment data can be pulled directly into the system in real time. Through Billtrust s Open Scan division, users can automate the cash application process, helping businesses manage the payments they receive through all channels including paper check, ACH, wire and purchase cards. Because Billtrust built its own operating system, the company can move quickly and efficiently to accommodate the needs of clients and the marketplace. There is no need to rely on third parties to support any aspect of the order-to-cash process. Implementation and Pricing Typical implementation takes about days and occurs in a few key phases. First, the client sends Billtrust their billing data file, which is then parsed and mapped to create the billing documents. Next, Billtrust builds the online payment portals and applies the required billing rules set forth by the client. Finally, the whole system is subjected to a quality review. Custom programming requirements and/or the use of multiple templates can add time to the process. Pricing is handled through a set-up fee based on the service bundle, with the remaining fees tied to transaction volumes. ROI on the initial set-up fees can occur within the first few months, as clients percent on their paper billing process on average, with savings doubling over time as clients customers are migrated to electronic billing. Billtrust offers training to each client regarding use of the portal, while training on more specific or special topics is offered on a monthly basis. One of the ways Billtrust is unique is that part of their training process includes working closely to implement best practices for driving electronic billing. Billtrust assigns each client a dedicated account manager to make sure clients are getting the most out of their system. Print/Mail Services Clients send their billing data nightly (or more often as needed) from their ERP to a secure FTP server. From here, Billtrust pulls the data into their Automated Document Factory, where billing documents are created for presentment and payment. Invoices can be generated according to multiple templates and accessed by clients in PDF format within the CustomerCare portal. Print and mail

27 services take place at 8 different locations across North America. Savings are generated by economies of scale, automated process, and a bull-penning process where special rules are applied in order to consolidate the sending of invoices and save postage. With so many options built into Billtrust s service bundle, clients can easily send personalized messages to customers with messages on bills, customized inserts, and with banners on their online portals. The client can perform all these customizations with ease in their CustomerCare portal. EIPP Functionality Billtrust has two EIPP services used by their clients. The first, Invoice Gateway, allows a one-on-one relationship between clients and their customers. This solution offers a secure, hosted online site which is branded for the client, where their customers can go to view, manage, and pay invoices. The second, Invoice Central, solves a growing problem for many smaller businesses. Using a one-tomany model, Invoice Central provides small business with a website to view and pay multiple invoices across many vendors. This product was launched in 2012, and already has billers across a wide range of industries on the network with usership growing daily. The payer selects the invoices or statements they want to pay and with a few mouse clicks makes the payment. Users can even pay invoices directly from an notification. Multi-currency payments are supported for the US and Canada, and other markets are being added strategically. Billtrust provides clients with remittance data files in their specified format for auto-posting back into their ERP. Billtrust solutions deliver invoice data to AP Systems (Ariba, OB10, Avid Xchange, etc.) and allow buyers to import data into accounting packages such as QuickBooks and Peachtree. Payments made through the portals capture key remittance information. Throughout the process, customers can view payment activity in real time. Overall Functionality Overall, Billtrust provides a flexible, fully-integrated paper and electronic billing service which allows clients to easily deploy an automated invoicing and payment process. With help from the eadoption team, clients also grown their electronic billing footprints extensively. EIPP is an important bill delivery channel, and Billtrust feels it should be integrated into an automated process to reduce costs and improve cash flow. Service bundles are designed to meet the needs of a wide range of markets and industry verticals and address the unique requirements and customization needed by those clients.

28 CEDAR Document Technologies CEDAR approaches EIPP as Invoice Lifecycle Automation and Management, a process more robust than simply composing an invoice for print or e-presentment/ delivery and processing the associated payment. A CEDAR solution is configured and deployed to the specific requirements of the invoicing enterprise, with a focus on providing customers with everything they need for invoice expense reconciliation and payment application, resulting in user-friendly documents and service interactions. In the case of unpaid invoices, CEDAR enables the enterprise to support the servicing processes of collections, dispute resolution, and write-offs. The key to a CEDAR solution is workflow automation and management of the Ps of EIPP: the Presentment (the communication workflows that support the lifecycle of the invoicing process) and the Payment (the service interactions that support the lifecycle of the payment, servicing support and collections). Website Founded 1993 Headquarters Atlanta, GA Number of Employees 135+ Number of Customers Not Disclosed Private Company Number of End Users Platform handles millions of discrete logins per month Key Clients Ally Bank, Performance Food Group, Exeter Financial, GE Bank, First Data Corporation, Penn National Insurance Target Verticals Business to Business Invoicing, Financial Services, Consumer Lending and Insurance Partners / Resellers Fidelity Information Services Solution Name CEDAR EIPP Solution Year Introduced 2004 Corporate Overview CEDAR s mission is to deliver ROI by reducing servicing friction and decreasing write-offs while lowering overall expenses through a Single Sourced servicing platform. The biggest ROI lever is replacing print and physical servicing (call centers) with a digital servicing platform that better supports the variability of customer AP processes. CEDAR s suite of integrated products is delivered as a hosted managed service. This functionality includes data aggregation, normalization, optimization, payment processing, invoice presentment, web/mobile service environments, and a holistic archive. CEDAR s archive, containing all customer documents and associated

29 data, is configured to meet the needs of different audiences. It also empowers contact center employees to better resolve inquiries and provide the recipient of communications with a complete and easily searchable view of all their correspondence. The workflow processing includes communications and alert notifications, enrollment capabilities, and optimized print/mail functionality and reporting, all within an easy to use, secure cloud-hosted solution. The company does not take a one-size-fits-all mentality, and instead believes in a unique, purpose-built approach to meet precise and variable client needs. Solution Functionality Overview CEDAR integrates with all source systems including billing, financial, and CRM. After data is normalized and aggregated, it is loaded onto the client s unique instance of the CEDAR platform, where they can manage content and presentation rules for all documents and correspondence. Based on the client s specific delivery preference, CEDAR produces the optimized output for that communication channel. The solution s flexible and user-friendly interfaces provide clear visibility into workflow management. CEDAR provides all supporting information and documentation with each invoice to allow customers to reconcile expenses and pay the invoice using any presentation channel including print, ipdf, downloadable custom data file extracts, , web/mobile, SMS, and fax. End users can view open items at any time and perform payment functions or file disputes against chosen items. There are also extensive mechanisms in place to manage payment methods, convenience fees, and limits on credit card purchases, as well as to ensure balancing between treasury and AR. All transactions are conducted in a highly secure portal experience accessible via single sign-on. CEDAR also integrates with SAP, Infinium, and PeopleSoft and facilitates data sharing as needed through web service calls and data file integrations that can be tracked and monitored for complete security. Implementation and Pricing Implementation is done in six distinct steps: Requirements/Design, Development, Configuration, Testing, Production Cutover, and Post-Production Continuous Improvement. The whole process takes approximately 6-9 months. All necessary integration work with all source systems as well as any needed data aggregation, transformation, and optimization is part of the standard implementation process. This work allows CEDAR to effectively use data and content to support the necessary re-engineering of communication and service interactions. Enrollment and onboarding workshops to optimize usage of all capabilities are part of the standard implementation process. Rather than a point solution, CEDAR provides a holistic platform approach with superior invoice lifecycle automation and management. Training is standard and offered through onsite and video based tutorials. All clients have a dedicated Service Delivery Manager (SDM) who acts as the

30 primary point of contact and is responsible for fostering a relationship with the client organization and offering guidance through the implementation process. Pricing is variable and is derived from upfront implementation fees based on time required to configure the solution and monthly processing fees based on transaction volume. Clients typically see a return on investment in a 9-12 month timeframe. Print/Mail Services Whenever possible, data is gathered prior to any output formatting (AFP, PDF, Metacode, etc.) for print. This enables an easy transformation to a CEDAR XML structure, where the data is positioned for invoice composition to support both print and digital presentation. Invoicing data is then passed through Cedar s content management and composition workflow, which applies all delivery preferences and complex presentation rules as well as postal optimization processes to produce fully-optimized print ready output. All print output languages are supported. When raw data is not readily accessible from existing legacy or other systems, CEDAR will process the information by using whatever format is easiest for the customer to deliver. Regardless of format, all information is captured and electronic copies are kept for re-delivery as needed for future service interactions. All necessary content management and production workflows are configured during the deployment process. CEDAR also optimizes print for postal mailing, including targeted messaging, inserts/on-serts, NCOA/CASS, return mail management, digital presort, full postal IMB, and more. Print & mail operations are sourced from innovative high volume print vendors worldwide. CEDAR hands these vendors (or the clients designated third party or in-house print partners) manufacture-ready print files optimized for their print operations and ready for efficient postal delivery. House-holding and bull-penning rules are applied, as well as zip code presorts and bar coding capabilities. Through this process, CEDAR provides print and mail efficiency along with improved content management. EIPP Functionality Three forms of electronic invoicing are supported as part of CEDAR s EIPP web and mobile solution: Mobile, Pull, and Push interactive PDF (ipdf) models. The web portal, or Pull, allows users to sign in and view and pay invoices securely in PDF or HTML/HTML5. Mobile wallets, payment method management, paid not as billed applications, and paid on behalf of transactions are supported. The Push format involves the CEDAR platform s delivery of invoices as ipdfs. This secure version of the invoice allows users to interact with the document in the same way as if they had signed onto the web portal. This provides a high level of branding for the client and a tailored experience for the customer. Payment instructions can be rules-based according to the most efficient payment method for each customer and line of business. Multi-lingual and multi-currency

31 functionality is supported by CEDAR s platform. Bi-directional integration strategies deliver transaction data back into the client s core ERP system regarding all activities the end user performed within the CEDAR platform. EDI and BAI formats contain remittance details needed for the customer; level III credit card payments are also supported. The system is capable of providing real-time transaction status, although new obligations and invoices are typically loaded by an overnight feed from the AR system. Credit and collections personnel are able to view realtime invoice and payment statuses via the online web portal. Reporting, Tracking, and Analytics The XML data that CEDAR implements to support all workflows can be used to motivate customers to pay. Control reports and several management reports are part of the standard implementation as well. The data contained within the CEDAR platform is stored in standard Oracle database tables and can be accessed via any number of analytic tools. All system activity and usage is tracked and available in configurable report formats as well as in audit logs. These archives are useful for continuously improving message effectiveness, resolving customer disputes, and legal actions involving end customers. Overall Functionality CEDAR s approach is comprehensive and their solutions provide a bridge between enterprise AR and customer AP, making it easier for customers to reconcile and pay invoices. This should result in a lower overall cost and greater efficiency in an organization s EIPP and related communication and service processes.

32 CTP Solutions CTP Solutions is engaged in optimizing business processes related to the AR, AP, HR, payroll, and document management functionality of their clients businesses. CTP aims to provide best-in-class business revenue cycle management products for the B2B market. They are committed to cost-effective and efficient business processes, EIPP enrollment support, and 24/7 customer service. Website Founded 1990 Headquarters Agoura Hills, CA Other Locations Detroit, New York, San Diego, San Francisco Number of Employees 20 Number of Customers 500+ Target Verticals Distribution, Financial, Insurance, Manufacturing, Services, Waste Management, Medical/Pharma Partners / Resellers Transactis Solution Name BillerIQ CTP s BillerIQ solution includes core EIPP functionality and invoice print and mail distribution capabilities. The AR bundled package includes electronic and paper billing, remittance processing, and collections as well as CRM. CTP first began automating AR functions in While print and mail is still important to the business, CTP believes the abilities to deliver an electronic customer experience, accelerate cash flow, and cut costs are the key capabilities of the future. CTP partners with Transactis to enhance the traditional paper billing and payment process. This partnership enables businesses of all sizes to replace paper bills, statements, invoices, payments, and supporting documents with more efficient digital alternatives. By marketing exclusively with resellers financial institutions, technology companies, and business process outsources to provide customers with a secure and configurable SaaS solution that is an industry leader, Transactis is more than just a technology provider. CTP has a full-service business relationship with Transactis, enabling them to provide customers with a secure and configurable industry leading SaaS EIPP solution. Transactis support also allows CTP to offer a full suite of best-in-breed sales, marketing, technical, and operational support, enabling CTP to more successfully serve their clients. Overview CTP Solutions has found that the conversion of paper billing to electronic has failed in many large corporations because of poor execution when it comes to the actual conversion process. When bills and statements are delivered electronically, it dramatically increases customer adoption of other electronic communications and documents. Therefore, CTP offers a proven paper to electronic conversion

33 to assist in streamlining processes so every organization can take advantage of the cost savings from implementing an electronic billing and payment offering. An upfront billing processes analysis and assistance crafting an electronic adoption strategy set CTP apart from others in the market. Solution Functionality BillerIQ is a fully-hosted SaaS solution with a robust set of features and functions built to meet the needs of businesses of all sizes and across all industries. With BillerIQ, businesses can securely distribute electronic bills and invoices, as well as accept customer payments online, by phone, and via mobile device. The solution also offers a completely configurable interface and desktop so clients can incorporate their own branding and messaging for control and continuity. Billers and their customers reap the benefits of secure customer enrollment, strong recurring and future-dated payment capabilities, both detail and PDF presentment options, real-time reporting analytics, and full visibility into transactional histories. The CTP solution is agnostic to the biller s accounting system of record. BillerIQ can mirror receivable systems because it has the capability to ingest billing information, post payment transaction details, and integrate with third party software systems. Such integrations have been targeted at the most common accounting platforms such as QuickBooks and Peachtree, as well as industry specific applications in key verticals such as Yardi, MRI, and BJ Murray. Implementation and Pricing Billers pay a nominal monthly maintenance charge as well as a per transaction fee for their BillerIQ solution from CTP. In addition, CTP provides pre- and postimplementation support that includes onboarding campaigns to ensure electronic adoption goals are met, thereby optimizing the customer s investment.

34 Nordis Direct Nordis Direct is an established solution provider specializing in high-tech critical document management services and robust revenue cycle management solutions. The ultimate goal of Nordis Direct is to provide clients with a seamless revenue cycle management platform, from secure billing statement/critical document production and delivery through e-bill presentment and automated payment processing. Their mission is to provide innovative solutions that automate the process of managing business communications and facilitating e-bill presentment and payment requirements. This functionality enhances the results of their clients critical communications and revenue cycle endeavors. Nordis Direct s web-based platform, Expresso, gives their clients the ability to manage the entire process. Website Founded 1989 Headquarters Coral Springs, Florida Number of Employees 100 Number of Customers 150+ Target Verticals Vacation Ownership, Patient Healthcare, Financial Services, Property Management, Utilities Management Partners / Resellers Transactis Awards / Recognitions Inc5000 List, SSAE16 Certified, HIPAA Compliant Solution Name Expresso Year Introduced 2012 Nordis Direct started as a communications management organization providing print, , direct mail, and other business communication needs for their clients. Their main offering, Expresso, automates the process of creating, managing and delivering customized business communications and supports all types of written and electronic communication including statements, invoices, sales and marketing, and legal notices as well as trans-promotional and direct mail initiatives. Recently, Nordis Direct partnered with Transactis in order to expand its Expresso platform to include the Transactis BillerIQ e-bill presentment and automated payment processing solution. This strategic partnership creates a comprehensive solution encompassing the entire EIPP revenue cycle, providing Nordis Direct s clients with more options and scalable features. Nordis Direct s Expresso is an innovative solution, offering clients a consultative approach to organizing, automating, and executing critical transactional communications with their customers. In this way, clients optimize their revenue cycle performance and benefit from lower business expenses. With this stateof-the-art system, Nordis has seen huge success in the timeshare market by

35 allowing clients to transform and improve their organizational processes. Solution Functionality Overview The Expresso SaaS platform allows for real-time management and control of clients business communications. The BillerIQ add-on allows Nordis Direct to deliver a seamless, integrated offering to businesses which includes designing, producing, and mailing critical billing statements, and the ability to securely present e-statements and accept payments online. This gives clients peace of mind knowing that their account holders can securely login, authorize and view account billing/statements, electronically submit payments, and opt-in for electronic delivery of their statements. The onboarding process for new account holders is easy, taking ten minutes or less, and there are no costs involved. Designed with the non-technical person in mind, the platform is simple to use. Users have improved visibility into payment tracking and management, thereby providing increased collection capabilities and better cash flow management. Currently built in.net with SQL Database programming, Expresso easily integrates with clients ERP systems, AR software, or other automation solutions. The BillerIQ incorporation enables businesses to securely manage transactions online, by phone, and via mobile device. Due to its infinite scalability, Nordis Direct s product can accommodate technological and financial growth of its clients businesses. Implementation and Pricing The onboarding and implementation process is an area in which Nordis Direct excels. It starts with the development of programming requirements documentation. The implementation team has performed this process for more than 75 new client programs in the past four years. For the duration of the process, the team holds weekly conference calls with the client, and once program files and documents have been received and submitted for final approval to the client, the Expresso Implementation team sends these requirements to the Nordis IT group for review, analysis, and production. Client IT resources are kept to a minimum mostly needed only for redirecting the test and production files to Nordis Direct s SFTP site, discussing handling of NCOA and CASS/DPV update and rejection files, and for connecting to the Expresso API to review previously sent mailing documents and s. Average implementations take about days to complete. Each client has a dedicated account services representative to help them through the process with training offered by Nordis Direct. The fee structure is set up to minimize up-front costs and is instead designed to be a pay-as-you-use system. Expresso is more of a communications and payment solution, so volume plays a role in making the solution truly an economic advantage for clients. A return on investment is typically realized within days of use.

36 Standard Register Standard Register was founded in 1912 when its first product, the pinfeed autographic register, hit the markets and was a revolutionary precursor to the modern cash register. Since then, the company has thrived by providing businesses with the expertise and innovation that allowed them to adapt to changing business conditions, operate more efficiently, and ultimately advance their reputation. They take their tagline Advancing your reputation very seriously. While technology and information exchanges have changed, Standard Register feels that the core needs of its customers are fundamentally the same, and offers a holistic approach to the complete document lifecycle. Website Founded 1912 Headquarters Dayton, OH Other Locations Operations Centers throughout the US and Mexico with Regional Operations Centers in Dallas, Sacramento, Chicago, Louisville, and Philadelphia Number of Employees 3,700 Number of Clients 12,000 Awards / Recognition 2013 Dayton Better Business Bureau s Torch Award, 2013 Dayton YWCA Women of Influence Organization Lifetime Achievement Honoree, Daimler Chrysler Masters of Quality in 2007, 2009, 2011 and 2012, years on Information Week 500 s Technology Innovators list, ISO:9001:2008 certified in eight centers, SFI and FSC certified in 21 centers Target Verticals Industrial, Financial, Retail, Services, Healthcare Partners / Resellers Transactis With a background in some of the most innovative and successful solutions in print and marketing over the past century, moving customers into the 21st century by offering both electronic statement and communications solutions as well as einvoicing and epayment services was a logical next step for Standard Register. In 2005, Standard Register made the decision to round out its print offerings with online delivery, and EIPP was a core component of this addition. Now, EIPP functionality is bundled with the core Transactional Digital Printing projects, creating a full suite of business services for Standard Register s customers. Initially, the company saw itself as an optimization consultant, working with clients to convert from print-based to online-based communications organizations and driving efficiency improvements in the process. By partnering with Transactis in 2012 to leverage its electronic payment interface, Standard Register has found a partner willing to work within their parameters, and to support, rather than compete with, what they already had in place. In 2013, Standard Register acquired

37 WorkflowOne, whose revenue and business model enabled Standard Register to fulfill their goal of becoming a billion-dollar company and truly deliver a holistic solution for the entire communications lifecycle. In the future, Standard Register aims to make EIPP functionality a standard offering for all current and future accounts within the transactional space and across multiple market verticals. Solution Functionality Overview Standard Register offers their full scope EIPP services as a hosted product. One of the major advantages Transactis solution offers Standard Register customers is an embedded set of provisioning tools that speed up the implementation process, in turn speeding up the entire communications lifecycle. Analytics are another key component of Standard Register s offering that allow clients to take a clear, big picture look at their operations and see exactly how they can improve processes to create a more efficient and streamlined cash conversion cycle. EIPP functionality is linked to a Standard Register internal document repository so electronic document presentment has the same look and feel as printed and mailed paper versions. All application development for both printed and electronic presentment is performed by Standard Register as a core functionality of their customer communication process a concept they feel is unique in the EIPP marketplace. Implementation and Pricing Implementation teams work side-by-side with Standard Register application developers, e-services group and graphics team. This teamwork facilitates the implementation process by gathering requirements during the pre-sale process so the best platform can be developed and all high level needs can be addressed for the client. During the onboarding process, client needs are verified in a completion timetable distributed to all appropriate parties that includes dates for conference calls and/or site visits. Implementation time frames range from 3-10 weeks, with length of time based upon the number of non-standard add-on features needed. Custom platform implementations take 5 weeks to 3 months, with customizable features playing the biggest part in the schedule. Current Standard Register customers who are simply adding EIPP functionality to their current bundle of services will require much less time to install. A key part of any implementation plan is the training. The solution is intended to be as self-service as possible for both customers and their users. Training on-site facilitates that model. The overall customer support offered by Standard Register includes a high degree of customer touch points. Each account has an account manager who oversees the entire project for both print and e-services. These account managers then have additional subject matter experts they can further access for support. Initial implementation and customization fees are required up-front. Recurring fees

38 cover data ingestion, presentment, payment and other ancillary costs. Standard Register does offer amortization services for the up-front costs to accommodate customer s budget cycles. Standard Register also reviews the ROI with customers during the decision making process to help choose and customize the service a customer may need based on the volume and the value of processes. Minimum run fees do exist, but sometimes the value to the customer outweighs the cost of the fee. Because of this, Standard Register looks holistically at the opportunity in order to make the best recommendation for the customer.

39 Transactis Transactis works exclusively with resellers to provide their customers with a secure, configurable, white-label, industry-leading Electronic Bill Presentment and Payment solution. Their goal is to be a full service business partner by delivering a full suite including unmatched sales, marketing, technical, and operational support. In this way, Transactis empowers their resellers to more successfully serve their clients. Website Headquarters Other Locations Target Verticals Partners / Resellers Awards / Recognition INC 500 (2014) Solution Name BillerIQ New York City Hunting Beach, CA Finance, Technology, Business Process Outsourcers CTP, Nordis Direct, Standard Register and others (including 5 of the top 20 banks in the U.S.) With their robust electronic bill presentment and payment solution, BillerIQ, Transactis aims to replace paper bills and payments with smart, digital transactions. This feature-rich SaaS solution is fully configurable and enables customers to securely deliver electronic bills, invoices, and documents as well as accept payments online, via phone (IVR), or mobile device. Clients can make the customizable dashboard have the look and feel of their own website so that when users click pay now, they are transferred directly to a Transactis hosted site without noticing the switch. BillerIQ offers users an extensive set of industry specific functionalities for a complete billing and payment solution designed to meet both B2B and B2C billing and payment needs. Automatic or recurring payments, discounts for early payments, and other specifics can be set according to a client s business needs. Clients can also create automatic notifications and reminders when a bill is due or past due. BillerIQ offers customers extensive bill viewing and search capabilities, useful for understanding the amount due, researching payment history, and viewing additional documentation related to a bill or invoice. After initial implementation, BillerIQ is set up so clients can easily customize the interface themselves including adding billers and selecting features to offer customers without needing any assistance from the Transactis team. Additionally, BillerIQ s dynamic hierarchy capability allows larger organizations that operate multiple lines of business or have multiple locations to aggregate all divisions under a single, master biller for reporting purposes. BillerIQ is scalable and meets the needs of businesses of all sizes, ranging from small and middle market companies to Fortune 500 corporations. A wide range of capabilities also allows BillerIQ to cater to industry-specific challenges. BillerIQ s

40 ease of use, robust functionality, and configurable implementation tools make it an attractive solution for resellers, billers, and payers alike.

41 About PayStream Advisors PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to business process automation with the goal of making objective, analytical, and actionable recommendations. Wherever business process automation technology is an issue, PayStream Advisors is there to help. For more information, call (704) or visit us on the web at