Prague was an attractive venue for this year's member meeting in Eurogiro. About 100 delegates and speakers from around the world came to talk business, to hear about Eurogiro and to be inspired, or perhaps even provoked, by a very diverse group of speakers. Peter Kwakernaak, CEO of AcceptEmail, was one of them, and investigated current trends of disruption to payments.
'eBilling is likely to be the next wave in mobile payments', Peter said, 'and it may solve substantial problems for corporates, as well as private customers'. Peter demonstrated how issuing a bill and the payment via email had several advantages:
- It digitalizes current paper flow, reduces biller's costs in all stages of billing and collection
- Payment delays go down as payer can view, handle & pay a bill in a single action
- More payment options available equals better acceptance and higher likelihood of payment
- It has a low entry barrier as most private clients trust email, treasure the transparency, and monitor their email account regularly
- Options for extracting intelligence about payment patterns for the biller as well as service provider
According to AcceptEmail, 20% of customer satisfaction is directly linked to the bill and the bill payment, and offering multiple options may increase satisfaction by 43%. Today, less than one fifth of the bills are digitalised. AcceptEmail exemplifies how a fintech company can set new standards. To them, the event of instant payments and PSD2, the EU regulation providing third parties controlled access to bank accounts of consumers equals great opportunities in bill payment. Nevertheless, Peter Kwakemaak invited the posts in particular to partner to fill the digital gap in billing, reduce costs and create loyal SME clients.