You can save your company a significant amount of employee time and operational costs by outsourcing your statement processing. Your company’s accounting department won’t be saddled with the responsibility of processing and mailing out statements. Once the transition has been made to a statement processing service, it should bring about noticeable savings.
Not only does using a statement processing service save your company money, but it also allows the company to focus on its core services or products. It also enhances your company’s brand when customers receive easy to understand statements that arrive consistently on time. Statements that come late and are not clear on details can be a frustrating experience for customers. One of the most consistent complaints by consumers is billing problems. For many customers, statement issues can be enough of a headache that they choose to seek one of your competitors for the same goods and services, even if it means paying more. Conversely, when a customer receives a statement on time, it enhances customer satisfaction rates.
Better Statement Options.
A statement processing company can create a wide variety of statements. They can be specialized as to the product or service and their appearance. A typical accounting department will not produce a statement with colorful, eye-pleasing graphics. They can also incorporate branding into the statement by using colors, language, font, and icons that communicate what your company is all about. Attention-grabbing marketing inserts can even be included with statements to make customers aware of events or goods and services your company provides of which they may not have known existed.
Statements can also drive traffic to your company’s website and social media accounts by including the web address of your companies site and including the icons for social media on the envelope or statement itself. Marketing departments dedicate a substantial portion of their budget in Pay Per Click ads on search engines in an attempt to persuade customers to visit their website, including the address on the statement is an easy, low-cost way to get customer attention.
If your company has a sub-company, statements can be produced separately for each company which will make auditing much less of a chore at the end of the year.
Savings on Postage
Because statement processing services mail in bulk, they get better rates on postage. If your company has a large number of customers, the money saved on postage can quickly add up and increase your bottom line. Most statement processing companies will give you the option of holding marketing materials until the next mailing if it will increase postage costs.
When a statement processing service runs billing, you can be sure that their security is much stronger than that of a small or mid-sized company. You can rest assured when a statement processing service runs your billing that your customers private data will remain secure from hackers. The statement processing service is also familiar with medical privacy laws such as HIPAA and can make sure that statements don’t violate those laws. Outsourcing to a statement processing service helps your company to mitigate risks involved with customer privacy. Statement Processing companies are continually upgrading their security measures and hardware technology so they can stay five moves ahead of hackers.
Timely Statements Means Increased Cash Flow.
If your company is always behind on billing, you know that it can create capital shortages that can interfere with things such as expansion, equipment repair or replacement, or employee salary increases. Using a statement processing service means that billing will go out on time, which means your company’s customers can pay you faster.
When the costs and effort of your company sending out its statements is taken into account; it makes sense to outsource it to a statement processing service.