Five Major Benefits of Automated Billing Services

If you are unable to collect payments from your customers, then not only will your business not thrive, it will soon fail. The best way to collect payments is with an automated billing service. Here are five reasons why you should set up one of these billing services for your business as soon as possible:

 

Fewer wasted labor hours

In order to collect money from your clients using standard methods, you have to two things: Employ people to accept your customer's payments, and set a team in place to pursue delinquent accounts.

Oftentimes, missed payments are a result of oversight. If a client has automatic billing set up, this is never an issue. This allows you to invest those labor hours wasted on collection attempts into activities more conducive to the growth of your business.

 

Although you should always have someone in place to answer any billing related questions that clients may have, you shouldn't be required to have them to process all of your billing. Automated billing solves this issue.

 

Less wasted time

When using standard billing practices, you have to hire and train a billing department, send out paper bills, follow up and then wait for the customer to (hopefully) pay up. Not only does this waste time, but this reduces the surety of when you will receive payments.

 

With automated billing services, you will not have to take the time to set up elaborate billing departments and bill notice schemes, and you will know that you are going to receive your anticipated cash flow when you expect it.

 

Increased billing effectiveness

Bill collection is a difficult business; that is why there are entire companies that dedicate their whole existence to this practice.

 

Customers are people, and sometimes people forget to pay, get too angry to pay, or don't organize their finances well enough to pay. If a payment is automatically made (with automated billing) before any of your clients can make a very human decision, then both you and your customer will be much happier.

 

Increased customer satisfaction

Automated billing services don't only include automatic payment systems. They also help you provide detailed billing statements and prompt digital communication services. All of these factors reduces the amount of hassle that your clients have to go through with the billing process (which they already dislike) and improves their overall satisfaction.

 

Improved billing efficiency

You don't want to wait to receive your money, and customers don't want to wait to find out that their payment was not accepted due to some arbitrary banking technicality a week after the due date; they also don't want to send out a payment, forget about it and think that they have more money than they actually do for a week.

If you have established an automated billing service, you will not have this problem. An automated billing service sets ensures that all parties involved are notified of any billing related errors, and barring these errors, they always transfer funds on the expected date.