For the CEO of EngageSmart, Bob Bennett, it is more about “getting to nirvana”. It represents the mark when a company gets 100% automated billion and 100% auto-payment of bills. In other words, it speaks of automation of Business payments solutions.
While that target may be more aspirational than attainable in reality, Bennett said that the actual tallies for this company are showing much success. At least 70000 customers are getting much closer to nirvana.
“[EngageSmart] is almost always replacing something else, but we [are] there because we drive adoption and get our customers to that nirvana state twice as fast as anybody else can,” Bennett minutes as his company’s shares had just started trading $10 above their $26 initial public offering (IPO) price. “So, our prospects see this because we have the numbers, and then they say, “OK if I’m going to make a change, I’m willing to go through some pain'” to get to a better place. It marks clearly that the company’s CEO is quite hopeful about Business payments solutions.
On paper, EngageSmart offers its customer engagement software with an integrated payment solution. It has the integration of five verticals, government, utility, health and wellness, financial services, and giving. Each of these verticals has the design to add simplification to the user engagement with their clients. It can drive more digital adoption with self-service.
Digitalization of Business payments solutions has been a tailwind for those who are more in the payments business. It is quite inefficient to write paper checks and to receive paper bills. It caters to more work than needed.
Within its growing base of customers, this software company worth $5 billion served more than 68000s of SMBs and more than 3000 enterprise clients.
With its enterprise solution, the company is replacing an existing electric bill per the statement of the customers with its Business payments solutions. But within its SMB solutions client base, 60% of those customers are coming from pen, paper, and spreadsheets. They have no significant practice for software management. Many of them have electronic payment capabilities.
Hence there is a lot of greenfield in the segment. Bennett further noted that for a company, any of the six that send bills out is more efficient to move its digital transactions.
To renew policyholders, the company must send a lot of mail. But customers forget to renew it each year. This is one of the reasons why customers do not pay bills. The company takes away this problem with the offering of friendly email reminders during its billing cycle with its Business payments solutions. It is giving its customers the ability to enroll themselves in paperless billing and seamless auto payments.
The company is driving to digital self-service. The solutions also eliminate the phone calls where the bill is received. Customers can see their balance instantly through the customer portal.