Historically, travel and expense reporting and reimbursement have been labor-intensive processes for companies. This time consuming process has resulted in procedures based on the provision of a paper check to reimburse employees. With new alliances from payment and expense management technology companies, like between Optimum Pay and OneMind Connect, companies are now empowered with the tools to reduce the time and administrative cost associated with the reporting and employee reimbursement process.
According to IDC the market for tools that aid in Travel Expense Management will grow an aggregate 29.8% over the next 3-4 years. Adoption of electronic payment solutions that help control costs is increasing because companies are seeking to become more efficient in this economic climate. This alliance enables the companies to leverage that trend. (For more information on T&E reporting automation, view Expense Reports Made Inexpensive from the December 2001 issue of iSource Business.)
In addition, Optimum Pay is also lending its e-payment services in another interesting way online: to drive cooperation rates of online surveys. According to a recent press release SPSS MR, a division of SPSS Inc., and a provider of strategic solutions that drive market research, has today forged a new alliance with Optimum Pay as part of its drive to create highly differentiated incentive programs that drive cooperation rates in surveys. Since Optimum Pay runs on the Web, administrative burdens and costs are kept to a minimum.
SPSS MR decided to work with Optimum Pay because of its wide range of payment options and its international outlook. Incentives are either cash, paid directly into bank accounts, points or paper checks for those people who are unwilling to accept electronic rewards. Payments can be in any currency, in any language, and in any country. Rewards can be paid in real time, for example immediately after completing a survey although, as with all electronic cash transfers, credits take around two days to clear.
Optimum Pay has been helping customers from a variety of industries switch their rewards systems from paper checks to electronic payments. This has enabled them to decrease expenses associated with their payment processes by 25 to 30 percent, said Randy Barker, CEO and President of Optimum Pay. Optimum Pay will be a strategic platform for the market research industry as they seek out new and innovative methods to more cost effectively acquire and retain participants and promote respondent cooperation.
In recent years the market research industry has faced a decline in respondent cooperation and has to compete with other distractions to gain a slice of people's time. Our customers depend on active and willing survey participants and this technology is one of the most flexible and cost effective ways I know of compensating respondents anywhere in the world. Optimum Pay truly unleashes the power of participation, said Patrick Quigley, SPSS MR's VP in charge of Sales for the Americas.
(For more information on the status of the e-payment market, view the Global Enabled Supply Chain Map Series on e-Payment in the Feb/March 2002: http://www.isourceonline.com/article.asp?article_id=2271)