Making billing systems flexible is a key to serving these varied clients. Companies that specialize in handling transactional mailings, from start to finish, can create billing systems with flexible features.
Here are some points to consider as you work with a transactional firm to develop or redesign a billing system:
Wise businesses offer customers as many ways to pay as possible. We call it multichannel delivery. Customers can opt to receive bills by mail, email or text — whichever method fits them and their lifestyle. Some go paperless in an effort to be green; others find it easier to do all of their financial business from their laptop, tablet or smartphone.
Offering options beyond traditional bills benefits more than your customers. Paperless billing means faster payment. Industry statistics show it takes from 30 to 45 days to receive payment with paper bills. The same bill sent by email cuts payment time in half. Send the bill by text message and the average payment time is less than a minute.
There’s another benefit for businesses. Businesses can use the white space on their paper bills to encourage customers to try paperless billing. As more customers move in that direction, businesses cut their mailing costs. Typically, about 20 percent of customers will go paperless when given the option. That reduction in mailed bills saves money. A paper bill costs at least 50 cents to print, process and mail; by comparison, it costs mere pennies to send a paperless bill.
For more information about transactional (billing) services, see Seven Questions To Ask Before You Outsource Your Billing.
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