4.2M billers generate 25.5B bills in the United States Annually
NEW YORK, NY, JUNE 30, 2015 – Transactis, a leading provider of electronic billing and payment solutions, and Blueflame Consulting, a research and advisory firm specializing in financial services and payment processing, recently unveiled first-of-its-kind market research on the number of billers in key vertical industries, and the total number of bills and statements they generate annually. Transactis and Blueflame released their findings for the first time at the Institute of Finance and Management’s (IOFM) Payments Summit, June 17-19 at the Fairmont Millennium Park in Chicago.
Bill payment is the second-largest category of payments behind point of sale (POS) transactions. But no research existed quantifying the size of the biller market segmented by industry and then further broken down by size of biller.
The research from Transactis and Blueflame found there are 4.2 million billers in the US generating 25.5 billion bills and statements annually. The healthcare, professional services, food and beverage, and hospitality industries account for more than half of all the nation’s billers.
The research also found the financial services industry generates approximately one-third of all bills and statements in the US (8.8 billion annually), and accounts for roughly three times as many bills as the next largest industries: healthcare and utilities (which generate 2.8 and 2.7 billion bills annually, respectively). Professional services, telecommunications and insurance round out the industries that produce the majority of bills each year in the country.
The nation’s 36 largest billers (“mega” billers that generate 4.7 billion bills and statements annually combined) are in the utility, telecommunications, financial services, and insurance industries.
“We are pleased that Transactis and Blueflame chose the IOFM Payments Summit to unveil their groundbreaking market research,” said IOFM Executive Director Brian Cuthbert. “This data sheds new light on the size of the billing market, for every vertical industry. Billers, banks and providers can use this information to measure their progress in migrating from paper to electronic billing and payment. IOFM stands ready to help its members with resources to assist in this paradigm shift.”
“The IOFM Payments Summit was the ideal forum to unveil our research. Everyone who attended the event – billers, banks and providers – stands to benefit from the shift to electronic billing and payment,” said Transactis CEO Joe Proto. “Our research eliminates the guesswork about the number of bills and invoices generated by companies of all sizes in every industry and highlights specific areas where electronic billing and payment will thrive.”
“The findings were the result of a months-long analysis of information from the US Census Bureau, the Internal Revenue Service, InfoUSA, and trade associations for key vertical markets, combined with estimated electronic billing penetration and a meta-analysis of aggregated data from billers,” said Ed Bachedler from Blueflame.
Click here to download a copy of the materials Transactis and Blueflame presented at the IOFM Payments Summit www.transactis.com/events/iofm-payments-summit-2015/
Transactis transforms traditional paper billing and payment processing by enabling businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives. Transactis goes to market exclusively with resellers (financial institutions, technology companies, print and business process outsourcers) to provide their business customers with secure, configurable, white-label, industry-leading SaaS solutions. More than a technology provider to resellers – Transactis is a full service business partner, delivering a broad and deep suite of unmatched sales, marketing, technical and operational support, empowering our resellers to more successfully serve their clients. The Transactis team includes executives, board members and advisors who are seasoned industry experts with decades of experience in the billing and payments industry. Transactis meets the strictest regulatory and compliance requirements including HIPAA, SSAE 16, PCI Level 1, and SOC 2. Transactis has recently received the Inc. 500 Award, Deloitte Technology Fast 500 Award, AlwaysOn OnFinance Top 100 Award, Red Herring Top 100 Award, and was named a 2015 ‘Cool Vendor’ by Gartner. Transactis investors include Metamorphic Ventures, ffVC, StarVest, MacAndrews & Forbes, and Safeguard Scientifics (NYSE:SFE).
For more information, please visit www.transactis.com.
The Institute of Finance & Management (IOFM) is the leading source and largest provider of tools, resources, research, training, certification programs, and events in the rapidly evolving field of financial operations. IOFM runs three membership networks: The Accounts Payable Network (TAPN), The Accounts Receivable Network (TARN), and The Controller’s Network (TCN). Membership helps professionals advance their careers and organizations improve their processes through access to proprietary information, best practices, and expert insights. IOFM is a business unit within Diversified Communications, a global organization operating on four continents and a major independent producer of events and media worldwide.
For more information, please visit www.iofm.org.
About Blueflame Consulting
Blueflame Consulting is a Boston-area consulting practice specializing in strategic research for financial services organizations, utilities, large billers and payment processors. Additionally, Blueflame has been advising and assisting in regulatory environments with natural gas and electric utilities, and utility customers for twelve years. It is a women-owned small business based in Melrose, Massachusetts.
For more information, please visit www.bflame.com.
Institute of Finance and Management (IOFM)
Blueflame Consulting, LLC