PayIt Savings Calculator: Algorithm overview
Along with improving the resident experience, digital upgrades must make sense to an agency’s bottom line. PayIt’s platform comes with many benefits, but we know that transformation projects must fit into an agency’s budget. So, we’ve created the PayIt Savings Calculator.
With just six entries, our calculator’s algorithm delivers savings estimates (both time and money) made possible by implementing PayIt. Here’s how the savings are calculated:
Free up and reallocate staff hours
We’ve found that implementing PayIt’s solution leads to less manual work and fewer in-person inquiries for agency staff, so we built that estimate into our savings calculator.
Our algorithm is based on industry standards for business operation demands and documented client experience. Most of our clients see a 70% reduction in mail volume once the PayIt solution is in place, with the phone and in-person transaction volumes being cut in half.
Service cost savings are factored in
As PayIt frees up staff hours, service costs experience a similar phenomenon. They shrink! PayIt understands the average cost (and thus savings) of mail, in-person, and phone processing per transaction.
Along with service cost savings, the algorithm factors in PayIt adoption and internal implementation costs to contribute to accurate savings predictions for transactions.
Incorporating PCI compliance savings
An integral (and complex) component of the savings calculator revolves around PCI compliance certification costs. Compliance cost is driven by six factors: initial assessment, remediation, quarterly scans and reporting, self-assessment questionnaire (SAQ), security infrastructure, and compliance validation. These factors include all elements of initial and continued certification from the cost of initial assessment and upgrading systems to annual tests and recertification.
For agencies that process less than 1M annual transactions, PayIt is able to estimate specific per-transaction PCI compliance costs. However, for larger enterprise-like agencies, transactions will vary greatly depending on network architecture, number of staff, compliance reporting specifics, and employee training. It is necessary for large agencies to reach out to our team to share agency specifics before we can offer a PayIt savings estimate.
Agencies that are currently operating without PayIt must meet PCI compliance regulations and cover compliance costs on their own. But agencies operating with PayIt do not need to put time, energy, and, most significantly, money into meeting terms of PCI compliance. The long, complex list of levels and regulations becomes irrelevant to our clients and relevant to us. PayIt takes on the burden (and cost) of ensuring compliance.
The bottom line
Agency inputs and our algorithm allow the calculator to predict:
- Total yearly savings ($)
- Per transaction savings ($)
- Hours saved from reduced walk-in traffic processing
- Hours saved from reduced document processing volumes
- Total hours available for reallocation to other projects per year
We save our clients time and money.
Drawing on client information and industry standards, the PayIt Savings Calculator is an effective first step to familiarize an organization with the time and cost savings possible when they adopt PayIt.
But, we know that each agency is unique. Our team is poised to explore the savings potential with a customized estimate that goes deeper into unique business metrics.
Looking for more content?
Get articles and insights from our monthly newsletter.
