There is a third, more satisfactory option for government agencies hoping to move forward with next-generation technology, though. A new study conducted by Forrester reveals that agencies that deploy PayIt's digital government services and payments platform achieve early and sustained success in their operations, producing a 322 percent return on investment (ROI), among other benefits for agencies and their employees while passing along value to citizens, as well.
IMMEDIATE RETURNS
A SaaS-based platform, PayIt connects government agencies to their citizens through both online and mobile payment options, providing users with a secure digital wallet they can access through their devices at any time. By offering citizens an experience similar to those offered by traditional retail vendors, government agencies turn citizens interactions into a modern consumer experience, something many citizens already understand how to navigate.
Through financial analysis, Forrester’s Total Economic Impact™ study of PayIt notes that this inherent understanding propels faster revenue collection and revenue growth as agencies realize increased customer compliance and reduced delinquent payments when citizens are empowered to make payments remotely.
Agencies also observe a noticeable rise in employee productivity when utilizing PayIt, Forrester notes. IT staff, in particular, are able to utilize their time more efficiently when they are no longer tasked with maintaining a legacy website and digital payment portal as PayIt assumes responsibility for maintenance of the new platform. This allows an agency’s IT staff to focus on other projects and create new value for the government. Forrester measures this productivity to be worth $629,326 over a three-year period for agencies that average 100,000 online transactions annually.
However, improved productivity is not isolated to agency IT staff when PayIt is deployed. Employees tasked with processing documents are also enabled to turn their attention to other projects as agencies receive fewer physical documents. Similarly, PayIt’s digital payment solution creates an immediate downturn in the volume of physical payments received, minimizing check processing efforts and eliminating the need for internal payment reconciliation required by legacy digital payment systems, creating what Forrester evaluates as $316,806 in savings over three years.
Agency staff members are also given the opportunity to address other tasks using time freed up by fewer customers visiting physical locations, and organizations incur fewer mail expenses when citizens sign up to use PayIt’s paperless billing and notification system, increasing the quantifiable present value benefits of PayIt deployment to over $1 million in just three years.
THE HUMAN SIDE OF GOVERNMENT SAVINGS
As Forrester interviewed decision-makers at organizations using PayIt, they noted minimal upfront cost and internal efforts to begin using PayIt. However, the conversations didn’t focus solely on numbers and bottom-line benefits. Agency officials shared first-hand observations of employee morale improving as they became less tied to the sometimes-eccentric legacy systems removed in favor of PayIt.
This improved outlook is reflected in citizens’ perception of agencies moving toward modern digital payment systems and the effects this step has on their daily lives, too. Agency officials told Forrester that by allowing citizens in their greater communities to avoid making trips to government offices, people save time and money by skipping the costs of commuting to make in-person payments. Additionally, citizens no longer have to worry about the process of requesting and taking time off from work to make these trips as the value of a PayIt solution reaches outside of government offices.
This increased convenience results in a tangible improvement in quality of life for citizens, according to the Forrester study, as the modern experience PayIt provides is rare among government-related transactions.
In addition to individual impact, community programs see positive outcomes as a result of an agency’s decision to deploy PayIt, as the more consistent, reliable revenue stream created through increased customer compliance allows governments to provide steadier funding to important efforts in their local communities, according to the report.
THE ECONOMIC IMPACT OF PAYIT
While not every interaction is calculable down to the dollar and cent, there is value in knowing that governments have options and opportunities to improve their in-house operations while also affecting change in citizens’ lives.
Agencies at a crossroads of legacy payment systems and new digital government solutions, though, are always confronted by serious math as they consider budgets and future projections. PayIt’s ROI calculator allows decision-makers to quantify the collected value of employees’ time and effort that can be saved with next-generation technology in just 10 minutes.
Read the full version of Forrester’s Total Economic Impact study of PayIt’s digital government services to receive an in-depth analysis of the cost savings and business benefits enabled by PayIt’s government technology and payment services.
About PayIt
PayIt is the leading SaaS provider of digital government services and payments. Through cloud-native technology, PayIt’s platform simplifies doing business with government agencies of any size by consolidating hundreds of services and payments into one connected experience for citizens. Within a 90-day launch period, PayIt delivers a platform that allows citizens to handle all of their essential government tasks (i.e. taxes, driving documents, permits, licenses, fines).
This innovative approach to government service delivery has garnered significant recognition in both the public and private sectors:
- GovTech 100 (2017-2021)
- Fast Company Innovation by Design Award (2019)
- StateScoop 50 State IT Innovation of the Year (2019-2020)
- NASCIO State IT Recognition finalist (2020)
- LocalSmart Awards (2020)
- Smart 50 Awards (2021)
