In Just One Year, Ownit Increased Automatic Payments by 53%
More than a year after Telenor-owned Ownit switched payment partners to Billogram, the company has remained at the top of the league when it comes to customer satisfaction among broadband customers. The reason is that it has constantly looked to offer simple and customer-friendly solutions. As it summed up the first year with Billogram, it was clear that, among other benefits, Ownit had increased its automatic payments by 53%.
This increase is worth celebrating for several reasons, but first we need to define automatic payments. The term refers to payments drawn directly from a bank account or card, usually as direct debit. It can also include direct payments or one-click payments, which have become more common with the spread of e-commerce. All these types of automatic payments offer the same benefits:
- Reduced risk of missed payments
- Reduced risk of incorrect payments
- Improved cash flow
- Fewer payment-related customer service issues
- More satisfied customers
For Ownit, the increase in automatic payments has brought additional benefits, as Billogram's digital and paper invoices are designed to help customers activate direct debit themselves via their invoice. The switch is then authorized directly using electronic identification. This automated set up drives efficient conversion and saves time and money, as this process would otherwise require manual processing and sending out paper forms.
Another advantage of Billogram's automatic payments is that companies can choose to notify their customers by email before a withdrawal is made. This reminder is also an important branding opportunity for suppliers in industries with few natural opportunities for customer interaction.
Finally, automatic payments serve an even more important function, as they also minimize the risk of increased churn (customer loss). Billogram analyzed data from over 20,000 customers revealing the following findings about the relationship between payments and customer loyalty:
- Customer churn is twice as high among customers who pay manually than among those with automatic payments
- Customer churn is almost three times higher among customers who miss payments than among those who pay on time
- Customer loss is six times higher among customers who receive a late payment reminder (and the accompanying fee) than among those who pay on time
The benefits of automatic payments are hard to ignore, and the conversion to these payments that Ownit has seen are far from negligible. These results are not unusual for Billogram customers – in the energy sector, for example, several of Billogram's customers have experienced increases in digital payments of roughly 58% within six months.
For more information about the results you can expect to achieve or for questions on how Billogram works with automatic payments, please contact contact@billogram.com, or fill out our contact form.