Billing services are third-party services responsible for payment collection and processing as well as providing billing statements on behalf of the biller. A good billing service will take all of the hassles out of organizing, managing, and processing client payment information to allow you to focus on providing quality products to your customers. These services could be in the form of providing direct access to billing options through either a merchant or third-party website or through an external process by mail. Any business needing to accept payments by credit card, offer payment or installment options, manage subscription-based payments, or provide flexible options for payment will most likely need a billing service.
Of course, it will depend on whether you want to outsource your billing procedures. There is a definite trend across industries towards this type of billing partnership. Why? Billing services have proven records of increased collection rates which increase cash flow and alleviates payroll stress. This year has been especially hard on businesses and they are utilizing billing companies to help.
Billing services focus solely on billing operations and are usually making a percent off what they can collect on your behalf so there is a major incentive to retrieve the money you worked so hard for. If you look at your billing process like you would any other business procedure, don’t more hands make light work? Yes! It is also true that the wrong hands could cause you and your business quite a headache. A billing company is responsible for hiring stellar staff to help execute another expectation off your list so that you can focus on the core of your business.
When choosing the right billing partner, you will want to do some research. Billing companies come in a variety of flavors. They each promise their clients different levels of service when it comes to billing services. You should be able to find a solution that is tailored to your business. If you can’t find the right out of the box solution, you’ll be able to work with a company to customize your partnership. Here are some examples of the different levels of service provided by billing companies. Light, Full Service, and Boutique billing services are three of the various levels of services your business may require.
Light: These are the software vendors. These companies offer limited services. Usually providing help with the front-end billing process and rejected claims. This level of service is recommended for businesses with experienced staff on hand.
Full Service: These are the more traditional billing service companies. They usually want to be involved with your bill process at an earlier stage. They have a more hands-on approach and will be able to offer your team training with the software and other tools implemented to help with your billing. This type of service provider will have the ability to handle ALL your billing troubles. They are well suited for medium and larger businesses that want to put their time into the operations at the center of their business.
Boutique: These are very specialized billing service providers. They are the type of provider you want to work with if your business requires specialized billing operations. If your business has a complex system, you should consider working with a boutique level of service partner. Boutique billing services offer the highest level of service and are oftentimes the most costly. They are the ideal choice for businesses that want to go outside the standard payment, claims submissions, and accounts receivables follow-up to opt for a customized billing partner that can take your business to the next level.
How do you decide what type of billing company would best fit your business?
Evaluate what your business requires. If you have a knowledgeable staff for billing in-house, you might only need the help of a light, software solution. If you do not have the staff or the knowledge to execute billing in a meaningful way, you may want to hire a full-service or boutique company that will do the heavy lifting for you. The decision will depend on how you want your billing company to work for you.
Why do I need a billing service?
Oftentimes, the easiest approach for a business owner is to try and manage every aspect of the business internally. When it comes to billing, this approach can get messy rather quickly. Aside from the organizing and processing of payments, there are matters of client security, customer service, billing discrepancy, missed or late payment collection, billing reports and statements, and many other aspects which will almost inevitably add up to an easily avoidable headache. Billing services are responsible for securely handling all of the things that are likely to detract from the most valuable asset you have: your time.
As your business grows, so will your billing process and you may want to find a partner early that can grow with you. A business that starts out with a simple billing procedure may grow into a company that needs to implement a more complex system. This is what every business hopes for and the right billing company can help you transition without interruption. Finding a partner early on that fits seamlessly with your business can be helpful to the mission. Some businesses are seeing continued growth while their collection rates are the same or decreasing and this could be detrimental to your business. You worked hard for your money and you need that money to keep your business growing. Cash flow is one of the biggest factors businesses consider in their decision to bring on a billing company. Any reputable billing company has a track history of increasing cash flow and an increased success rate in collections.
If you want to increase revenue, reduce costs, and engage your clients, you will want to choose your billing partner wisely.
Increase in Revenue
The right billing company will help you increase prospects through marketing that helps speed up your business. They will also provide training and other follow up tools for you and your staff to succeed.
Working with the right billing company will enable you to provide spectacular service even with limited staff through the automation of some of your billing processes. This reduces is overhead and helps your billing process to run efficiently and smoothly.
The right billing company will form a relationship with your clients that helps facilitate trust and increased accounts receivable numbers. With the proper expertise and software, a billing company can become your frontline. Billing can create tension between client and business and with the right billing team, you can eliminate the potential for that. Billing companies pride themselves on client engagement and will use technology tools such as automated emails, SMS notifications, and reminders to target your customers in a non-confrontational way.
If you need help with bill printing and mailing, Towne Mailer could be right for you!
If you found this to be helpful and you are interested in partnering with someone to outsource your bill printing and mailing, consider working with Towne Mailer. We will take care of all your bill printing and mailing needs. Our mission is to develop a successful collaborative relationship that will grow as your business grows.
At Towne Mailer, we have years of expert knowledge and experience in the bill printing and mailing service industry. If you need help with your bill printing and mailing or other required documents to streamline your printing or mailing within your billing operation, contact us today!
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