If you are still using the antiquated system of manually entering, calculating, and creating invoices, your business is losing valuable staff time. You’re also losing money.
Enabling automated, online bill payment reduces costs while increasing the probability that you will be paid. Combine your online bill payment portal with accounts receivable collections software, and your business will be streamlined to collect payments quickly and efficiently.
Giving your consumers an easy way to pay increases your likelihood of being paid. More than half of Americans pay their bills online, and as the younger generations move into adulthood, this number will continue to increase. Offering an online bill payment option is just another customer service feature that many have come to expect in 2018.
It costs your business a significant amount to send invoices. According to Sterling Commerce, “manually-processed invoices cost, on average, $30 per invoice to process…while each paper invoice error costs companies $53.50 to rectify.” Compare this to the cost of fully-automated invoices—which according to the same research averages $3.50 per invoice—and the cost savings could rapidly add up.
For every bill you don’t have to print, that is paper that stays out of a landfill or fire pit. When you utilize online bill payment, information is securely stored month over month, reducing the amount you have to print to next to nothing. Online bill pay is a much better option for the environment.
With online bill payment, you can easily email clients their invoices and reminder notices prior to the due date, giving your client ample time to pay. This is especially helpful in the healthcare payment processing world, as medical bills often take a back seat to other billing priorities. Plus, consumers can set up recurring bill pay to keep them on track with payments.
Accepting online bill payments means the likelihood of errors is dramatically decreased – especially compared to making manual calculations. Reducing errors cuts operating costs and increases your bottom line over time.