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Top 3 phrases Millennials use that will forever change billing

(Business News) Millennials grew up with different technologies than their parents and grandparents, meaning different expectations on companies, especially with sales and billing.

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What do Millennials expect of your company?

There was a time when eyes rolled that grandma didn’t have a VHS player at her house, then later when she didn’t have an email address, but time and technology changed both of those scenarios, and here we are today. Some people catch up, others don’t, but the youngest generation is typically the fastest to catch on to new technologies, simply because they grew up with them instead of having to learn them and change behaviors later.

Billtrust marketing manager, Chrissy Werner observes that there are some substantial generational differences. “We have 696 Facebook friends on average, we love indie music, and we don’t even know where the TV remote is. We’re the millennial generation. And we’re remaking the status quo in hundreds of ways. One of those ways is how we pay for things.”

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Werner notes that, “As the first generation born into the digital revolution, we millennials spend a great deal of our waking lives online. We communicate, we buy, we learn, we create, we play, and we impact the culture, all through the Internet. So in order to attract, satisfy and retain millennials as customers, companies need to begin looking at the billing process the way 18-30 year olds do.”

In her own words below are three phrases that sum up the millennial attitude toward receiving and paying bills:

1. “We don’t do mailboxes.”

Millennials don’t go to the mailbox every day. We’re lucky if we check it once or twice a week. It’s not where we expect to find things that are important to us.

Our low involvement with traditional mail means it’s likely to take 10 days before a mailed paper bill actually reaches our hands, and even longer for the sender to receive payment. To serve millennials in a way that’s natural to us—and to get us to make payments quickly—digital alternatives such as online bill delivery, banks, email, website or mobile technology are essential.

2. “What’s a filing cabinet?”

Millennials don’t just prefer to handle their finances online—they expect it. In fact, any kind of paper is seen as both archaic and wasteful.

This generation doesn’t file paper. It doesn’t own a filing cabinet. It already assumes that the institution archives every bill it sends out online. It also assumes that there will be easy self-service tools on the institution’s website to answer any billing question.

3. “Checks? Yeah right.”

Smartphones and tablets are the ways we manage our lives. We’re very comfortable with electronic payments. We are quick to sign up for automatic payments and even prefer that electronic delivery and payment be the default option.

There isn’t a person under the age of 35 who would prefer to write a check. With online services like Manilla, Mint and eBill Connect around to help us coordinate and pay our bills, we’d be perfectly happy if we never saw our checkbooks again.

Where company focus should be

“Of course, we’re not the only generation companies have to serve,” Werner asserts. “The focus should be on offering a range of ways people can receive and pay bills. That way customers can choose the method they’re comfortable with. (Word to the wise: if you’re offering both printed and online bills, make sure they look the same. No customer, young or old, wants to be confused about where to look for line items, totals and other important information.)”

Werner concludes, “Electronic billing and payment lowers operating costs, reduces DSO (Days Sales Outstanding), decreases the number of customer service calls, and increases customer satisfaction. Most importantly, however, it makes winning new customers (most likely millennials) easier. So don’t wait for your customers to demand it—push your organization to bill in the way that matches today’s lifestyles. Otherwise, millennials will find someone else who does.”

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

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1 Comment

1 Comment

  1. premilli

    July 18, 2016 at 9:36 am

    It sounds like you’re saying millis expect someone else to do everything for them and are not actually participating in their own lives.

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Business News

Supreme Court okays trademarking for ‘generic’ name URLs

(BUSINESS NEWS) Generic name trademarks have helped to stave off monopolies of broad products and services, but the Supreme Court just ruled that generic company names like Booking.com, can now be trademarked.

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For years, The United States Patent and Trademark Office has denied rights to names termed as “generic.” This was previously used to prevent generic terms from monopolizing a section of the market. It has prevented many companies from doing that as well.

However, as we move into the 21st century we begin to see things that may not be so cut and dry. As usual life gets messy and things are far more grey than they previously have been.

Recently, the US Supreme Court ruled that website names are eligible for a change to the previous trademark rules. The website that pushed for this privilege first, Booking.com that is owned by Booking Holdings Inc., argued that they needed this ruling to stop consumers from following copycats down a rabbit hole and away from their business.

The decision, heavily weighted at 8-1, gives Booking.com, nationwide legal protection against competing companies trademarks.

A remark released later by Justice Ruth Bader Ginsburg and the Supreme Court states, “We have no cause to deny Booking.com the same benefits Congress accorded other marks qualifying as nongeneric.” An argument quoted from the decision continues as since, “‘Booking.com’ is not a generic name to consumers, it is not generic.”

This stance, taken by the majority, exemplifies a firm position on the rights of the individual companies’ abilities to identify themselves as they see fit.

The lone dissenting vote coming from Justice Stephen Breyer who argued that he fears that this decision “will lead to a proliferation of ‘generic.com’ marks, granting their owners a monopoly over a zone of useful, easy-to-remember domains.”

Honestly, if you can’t come up with your own domain that either incorporates, but doesn’t copy, or gets your point across without being too generic, you may need to hire a PR person.

This move forward from the Supreme Court opens up a lot of possibilities for people to be creative with their businesses. If generic and simple names will be the norm, then people will have to think outside the box in the future. Bring on the challenges.

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Business News

New company beats Amazon with next morning delivery?

(BUSINESS NEWS) Amazon has a new competitor in South Korea: Coupang, with faster shipping than Prime.

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What if I told you Amazon Prime’s, 1-3 day guaranteed delivery time isn’t the fastest e-commerce service the world has to offer? You would think I’m lying right?

Coupang, one of the world’s fastest delivery services located in South Korea, allows you to order any item, anytime before midnight, promising that it will be at your doorstep by 7am! (I wasn’t lying!) With 70% of its employees living within a 10 minute radius of a Coupang center, 80% of residents residing in populated cities and 95% of it’s population owning a smartphone, South Korea has become the perfect e-commerce epicenter. Coupang employees over 10,000 people who together deliver 99.3% of all orders within 24 hours. Imagine it’s Tuesday night, you’re falling asleep and suddenly remember you forgot to get your wife a present for her 50th birthday tomorrow. You have two options: accept your fate of being put in the dog house for three long weeks, or quickly order a few great items off Coupang’s website that’ll be delivered BEFORE she even wakes up!

Like Amazon, Coupang allows its customers to create a profile, store desired products in a list, and check out using your saved payment method. Half of South Korea’s total population of 51.6 million has installed Coupang’s app with a surge of people trying Coupang for the first time during stay at home orders due to the Coronavirus pandemic. The company struggled to meet fulfillment demands, especially those including PPE, household cleaning products, and children’s necessities. While many companies are struggling to stay afloat, Coupang is quickly adapting to meet consumer demands. In March, the company opened a new logistics center to expand its overnight/same day delivery services and is currently working to reach an even broader population.

Believe it or not, right before Coupang received a $2 Billion investment from SoftBanks, its founder, Kim Bom debated walking away from it all. Bom founded the company in 2010, receiving the investment in 2018 and is expected to pursue an IPO by the end of 2020. So for all of you entrepreneurs wondering if you should give up on that decade long dream…DON’T. Coupang went from selling a few hundred items each day to 3.3 million. Now that’s what you call entrepreneurism!

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Business News

Google plans to pay publishers for content (a little too late)?

(BUSINESS NEWS) Google will finally pay publishers for news, but only a few, and they have to meet Google standards.

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I mean…could you get any greedier Google? (Chandler Bings voice).

After years and years of pressure and complaints from publishers that Google’s search feed doesn’t properly recognize them or the news they work so hard to report, Google has finally announced that they will begin to pay publishers for content. But only some.

WHAT A LOAD OF BS.

According to the News Media Alliance, Google profited 4.7 BILLION in 2019 as a search engine for the news industry. So now, not only is Google fleecing its content providers and the writers who are working to create material for them, but it’s quite likely that Google’s algorithm is pushing paid news to the top of its search feed. What does this mean for users? It means that for one, you will see what they want you to see, but most importantly, it means that Google HAS the money to pay its publishers but chooses not too!

Google’s announcement to start paying publishers excludes all publishers outside Brazil, Germany, and Australia. Even within the countries that Google closed a deal with, there are many that do not meet its “high quality content” requirement for a paid position. The problem with all this nonsense is that we stopped letting the news come from others like us, and instead, according to the U.S News Media Alliance, the news is entirely owned by a handful of companies. You may have 635 channels on your TV, but if you google…or maybe you should duck duck go it, you’ll find that all those channels lead back to one huge organization.

SO WHAT THE HELL IS GOING ON?

Google has definitely been pressured to make some big changes, and while paying publishers is a good first step in the right direction, is it enough to make up for years of damage?

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