Statement processing has evolved far beyond simple printing and mailing. Today, advanced technologies offer significant advantages, including faster delivery, improved collection rates, and increased sales opportunities.
**Accelerating Delivery Times**
Electronic invoicing has become a widely accepted method for bill delivery, benefiting both businesses and customers. Customers enjoy the convenience, while businesses experience faster and cheaper invoice delivery. With a growing number of customers paying bills online, leveraging this trend can lead to reduced delivery costs, quicker payment cycles, fewer customer service inquiries, and increased customer satisfaction and loyalty.
Outsourcing bill delivery presents another cost-effective and efficient solution for printing and mailing. Businesses that outsource often find it simplifies operations, reduces expenses, and accelerates delivery. Strategic printing locations and optimized shipping routes can significantly decrease delivery times. Furthermore, many outsourcing providers offer service level agreements that guarantee same-day printing and mailing, further expediting the process.
**Boosting Collection Rates**
Reducing returned mail is crucial for improving collection rates. Recent advancements in mailing technology empower businesses to ensure accurate and timely bill delivery. Data hygiene tools, such as standardization, CASS, NCOA, MAXCOA, DSF, LACS, and merge/purge processes, can significantly improve delivery rates. Additionally, leveraging USPS Confirm allows businesses to track mail within the system, identifying undeliverable invoices and address issues promptly.
Electronic invoicing also contributes to higher collection rates by ensuring invoices reach customers regardless of address changes. Customers can access invoices using their email addresses, and payments are typically received faster due to the elimination of mail delivery times.
**Driving Sales Growth**
The billing process presents a valuable marketing opportunity. Dynamic messages tailored to customer purchasing habits can be incorporated into both paper and electronic bills. By tracking customer sales data from monthly invoices, businesses can develop targeted marketing strategies to increase cross-selling, upselling, and customer retention.
Modern bill delivery involves more than just printing and mailing equipment. It’s a technological field that offers opportunities to enhance sales, accelerate collections, and improve process control.