In 2014, we were looking for a mobile solution to reduce the burden of household administration. Finding none, we created our own. POM stands for Peace of Mind. That’s our promise! It’s a personal mobile admin assistant that enables you to receive, pay and archive paperwork digitally, whenever and wherever you feel like it. Great news for you but also for service providers…
Switching economy
On average, 60% of consumer invoices in Belgium are paid late[1]. The impact on suppliers includes reduced liquidity and additional costs for reminders and follow-up. Meanwhile, the consumer is often confronted with additional costs due to his/her ‘bad’ payment behavior (dunning charges to compensate for the extra efforts the supplier has to make to retrieve the money owed). Although these charges are often seen by suppliers as an additional source of income, in today’s world with ever easier ways to switch from one supplier to another (notorious in the energy and telecom sectors), there is a high risk that a consumer will change supplier because they are unhappy about having to pay extras.
Lazy payers
But if consumers are being charged extra for late payment, why don’t they pay on time? Apart from insolvency, for which no direct solutions exist, a large number of consumers can be classified as ‘lazy payers’. They don’t lack the means to pay, but can easily think of 100 other things that are more fun to do than checking bills. When a reminder arrives, it’s a trigger to get into action. On top of this, bills arrive in different forms (paper, electronic) via different channels (letterbox, e-mail, supplier portals). This makes it difficult for consumers to maintain an overview.
Faster, streamlined, 24/7 admin
To convince the consumer to pay faster, the whole process should be as effortless as possible: not only the payment itself, but also the reception of the bill, the checking of the content, the filing of the document in the appropriate location and, if required, the sharing of it with other people involved (family, accountants). It should be possible to initiate the process from any location at any time, preferably at moments when you have some ‘slack’ time, for example, between meetings or waiting for a train or plane.
Peace of Mind at last!
All these factors prompted us to create POM, a mobile app that allows the user to securely receive, pay and automatically store bills whenever and wherever he/she wants. POM reduces and even eliminates thresholds in each step of the process, enabling the user to process incoming bills in a matter of seconds, all while maintaining a full overview. Via the use of smartphone notifications for new bills that open the app directly on the detail page of the corresponding bill, the user doesn’t even have to open the POM unless requested to. And a built-in scanner allows you to easily pay and digitally archive bills that arrive on paper. That’s the Peace of Mind promise in the name!
By focusing on the needs of the consumer, POM also eases the pain for suppliers: improved liquidity, fewer dunning costs and increased customer retention. This is also the opinion of Accenture, which via its partnership in Start it@KBC, is actively supporting Addocted and opening up its industry network to us, under the sponsorship of Eric Jost (Managing Director, Resources Lead & Utilities Client Account Lead in Belgium & Luxembourg) and Pieter Oversteyns (Managing Director Financial Services-Insurance).
As Pearl Bailey already said in the 1950s ‘
What the world really needs is more love and less paperwork.’
…At last we can do something about it!
Watch this movie to discover more about POM.
Download our app on the stores.
Visit our website for more info: http://www.letspom.be/
[1] Intrum Justitia report on Belgium invoice payments in 2013
