Is your business billing customers the old way? That is, do you send out a paper statement and wait for their payment to come back through the mail? Using this method is generally effective for most businesses, but it has its drawbacks. For one, waiting for the mail can significantly increase the amount of time spent waiting for checks to arrive. It’s also inconvenient for customers, many of whom today are used to paying bills online and may not want to go through the trouble of finding a check, stamp, and envelope. However, your company can let its billing services evolve when you outsource your billing to a service that provides electronic invoice presentment and payment (or, for short, electronic invoicing).
Electronic invoice presentment and payment allows consumers to control their payments and billing cycles online, so they can pay from any time anywhere. There’s no more waiting for statement printing and mailing with electronic invoice presentment and payment; instead, billing statements are available online the same day that they generate, so customers will know ahead of time exactly how much they have to pay and when. These online billing services are advantageous because they can speed up cash flow and eliminate the delay often found in waiting for bills through the mail.
Electronic billing also gives customers the ability to enroll in recurring payments, so they don’t even need to remember to visit your website every month to pay. Instead, the money is automatically withdrawn from their account and pays their bills on time. This is convenient for customers who have other bills to keep track of, and it speeds up cash flow and timely payments for you. These systems also allow you and your customers to gain access to an easy archival system, so everyone knows when bills were last paid.
The good news is that if you can’t implement your own online billing system, there are companies that handle outsourced billing that can do it for you. These services can integrate online billing seamlessly into your website, so customers won’t worry about the service they’re receiving. This hands-off approach to billing also frees up some of your personnel to perform other core business tasks.
Have more questions about electronic invoicing and billing systems? Get in touch with a provider of these services. You can also leave a comment below for more suggestions or with general questions.