Insurance company makes substantial saving by bringing its payment processes in-house using Bottomline’s payment solution
Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions announced today that 1st Central Finance has saved £1m using Bottomline’s payments software to process 200,000 Direct Debits annually.
1st Central, a provider of online motor insurance, previously outsourced its payment processes to a third party finance house. However, the company decided that significant cost savings and customer service improvements could be achieved by bringing this element of the business in-house.
The Bottomline payment solution handles the collection stage of the Direct Debit (DD) process, enabling businesses to collect directly through Bacs. The software automatically receives mandatory Bacs notifications, informing the user of any significant alterations to their Direct Debit instruction, such as amendments, cancellations and unpaid DDs.
Suzanne Penston, Finance Reporting Manager at First Central Insurance Management Limited acting for 1st Central Finance, comments, “One of the biggest challenges that we face in our industry is the timely collection of customer payments and the ability to access up-to-date customer data. With our new payments solution this is now a far easier and more cost-effective process. The Bottomline software also integrates seamlessly with our finance system which further reduces manual administration processes. Since bringing our Direct Debit collections processes back in-house we have realised cost savings of around £1million.”
Penston concludes, “We continue to enjoy a great relationship with Bottomline and always find their staff are proactive, knowledgeable and very professional. The product training courses they run are excellent and really help us to maximise the full potential of the solution.”
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