Why is your phone ringing? Is it your next big client, ready to give you more business? Or is it yet another customer calling about an inaccuracy on his invoice statements? If you get more of the latter than the former, then something needs to change about the way you handle billing. Read on to learn what your business' billing department needs to remain competitive.
Better Payment Slips
Still using those clunky coupon books for homeowners association (HOA) fees, mortgages and auto loans? If so, then it's not surprising that your payments are delayed, lost or late. The key to efficient billing by mail is providing an intuitive payment slip with all the relevant information, such as due date, amount due and the exact amount that is due if the payment is late. Also include friendly nudges towards alternate payment methods that will make life easier for homeowners, borrowers and your staff.
Online Payments
Everyone's going green these days – and as an added perk, it's easier for you. With online payments, online invoice statements, automatic ACH payments, recurring credit card payments and future payments, borrowers and homeowners can make payments 24 hours a day without speaking to a representative. Payments processed automatically and immediately will show up sooner in your bank account.
Payments by Phone
For those who would rather not submit payments via the Internet, payments by phone should also be made available around the clock. Few have the time to take out of their workday to call during the 9 to 5, and letters and mail can get put off indefinitely. By allowing homeowners and borrowers to pay by calling on the phone using a credit card, you can ensure that you'll get those last minute payments in without having to charge a late fee.
Payment Reminders
A recent J.D. Power and Associates survey found that a majority of customers that complain do so after a bad experience with a late payment. Of course, no one wants to take the blame for late payments – invoice statements get lost, letters get lost in the mail – but with a friendly automated payment reminder, you can make sure that everyone stays on the same page and stays happy.
Making It All Work
Implementing all of these features into your existing system can seem daunting – and it should. Doing things right takes time, diligence and expertise. That's why outsourcing your billing may be the best route for you. With a reliable billing outsourcing partner, you can get your current system updated and ready to roll without any downtime and without learning about new software or purchasing expensive hardware. If you're ready to start working less and making more, then a billing outsource company may be able to help.
Gabe Mata is a
Statement Processing specialist. Progress your cash flow and increase your bottomline with BestBill. Your
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