Marketron Claims Digital Bill Payments Could Save the Radio Industry As Much As 75% In Accounts Receivable Costs
September 10, 2013 at 7:58 AM (PT)
MARKETRON has introduced a new digital bill payment service for advertisers called PAYNOW that it says 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.
MARKETRON CRO DEB ESAYIAN said, "This completes the loop for our suite of features that now allows broadcasters to invoice and receive payments electronically at dramatically reduced costs."
"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," said CEO JEFF HALEY.