Digital Bill Payments Could Save the Radio Industry As Much As 75% in Accounts Receivable Costs
Marketron's New PayNow Service Completes The Loop, Replacing the Inefficiency of Paper with Digital
HAILEY, Idaho, Sept. 10, 2013 /PRNewswire/ -- Marketron, the leading provider of business software solutions for the media industry, has introduced a new digital bill payment service for advertisers called PayNow that will save the U.S. radio industry millions – as much as 75% in accounts receivable costs – by eliminating the hard costs associated with paper billing as well as the administrative inefficiencies.
Following on the successful roll out of Electronic Invoices and Orders, Marketron has launched PayNow to allow advertisers to electronically pay invoices from a secure portal. The benefits to radio stations are faster payments, reduced handling costs and error reduction. A 2012 Working Paper by the Federal Reserve Bank of Philadelphia estimated savings of 70% by adopting electronic collection and presentment.¹
Says Deb Esayian, CRO, Marketron, "This completes the loop for our suite of features that now allows broadcasters to invoice and receive payments electronically at dramatically reduced costs."
Marketron's new 360-degree paperless solution enables station advertisers to pay invoices by credit card, e-check/ach and gsa smart pay, facilitating easy online payment. It also reduces DSO, enables collection efforts and generally conserves station resources.
"Based on our internal data we estimate the industry collectively spends more than $40 million a year on processing payments. On average a station could realize savings of as much as 75% depending on market size by converting payments to PayNow," says Jeff Haley, CEO, Marketron.
The service also simplifies the payment of a station's month to month contracts. It provides a snapshot of all station billing and a complimentary statement analysis. Finally, PayNow enables the storage of a station's customer data in one place.
¹"Getting Rid of Paper," Working Paper, Research Department, Federal Reserve Bank of Philadelphia, May 201.
Marketron is the media industry's leading provider of business software solutions and services. Specializing in revenue management and audience engagement solutions, Marketron enables media companies to drive new growth opportunities. With more than 7,000 media organizations served, Marketron solutions are the most widely used in the world and manage an estimated $15 billion in annual advertising revenue in the United States alone.
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