With electronic billing making it so much faster for your customers to receive their bills and invoices, it would be detrimental for the payment process to then remain as slow as it was traditionally. E-billing allows the customer to pay their bills electronically, and without leaving the comfort of their own home.
The proliferation of internet banking means that many of today’s customers are able to access their finances and transfer money using the Internet. E-billing therefore allows the customer to use such internet banking facilities and transfer money directly to your company. This money is transferred in real time, so will enter your bank accounts as soon as the customer pays.
Also of advantage to your company is the ability for banks to set up a schedule of payment for customers receiving regular services. E-billing customers who pay a regular monthly rate for a good or service provided by you can set up such as system whereby money is instantly transferred from the customer’s bank account to yours without them actively dispatching it.
PayPal can be extremely useful with electronic billing, as allows the direct transfer of money between bank accounts. The only requirement being that both customer and company have PayPal accounts. This aids e-billing for smaller companies especially, as it is simple and inexpensive to set up. A large number of people use PayPal so it is a customer-friendly method of payment for e-billing.
EBPP: Electronic Bill Payment and Presentment
This method of electronic bill payment allows your customers to pay their bill using a link from the electronic invoice you send to them. This link from the electronic bill takes the customer to your website. From here they can enter bank details into your secure page and make a payment. This is easy and convenient for the customer as can be carried out from any online computer. More information on EBPP system implementation can be found at Netsend.
It is consistently shown that customers prefer to pay their invoices using electronic billing. Equally, a higher degree of respect is given to companies who use electronic billing systems for presentment and payment of invoices. The use of e-billing for bill payment could give your company that edge over competitors. It is professional and shows technological expertise.
“Electronic billing has changed the way I live my live. I no longer need to worry about forgetting to pay bills, or having to make extensive trips to the bank or post office. Paying my bills using e-billing is fast, easy and secure.” Mary, Brighton
Electronic Document Distribution: The Way to Manage your Growing Client Base
Electronic document distribution involves sending documents to your customers electronically as opposed to by post. It is a method of document distribution which has become increasingly popular in the past few years. This is because electronic document distribution automates the process of invoicing customers, as well as sending them statements and letters of a dunning nature.
How is Electronic Document Distribution Carried Out?
Document management using a computer makes electronic document distribution possible. The mail merging of a customer database with standard invoice templates mean that professional looking customer invoices can be created automatically when they are due to be sent out. Electronic document distribution then sends a link to these invoices to a customer’s e-mail inbox by obtaining their e-mail address from the customer database. The document management system may also require the customer to answer security questions before they may view their invoice. This ensures that the invoice is viewed only by the customer.
Electronic document distribution is useful when sending invoices or dunning letters because the speed of invoice delivery is almost instant. The customer is then able to make the invoice payment quickly, and if they fail to do so the document management system will send regular dunning letters until invoice payment is made or legal action is taken.
What about Customers who choose not to use Electronic Document Distribution?
Document Management allows you to sort your customer database in various ways, or if you choose, have different databases for customers receiving documents in different ways. These databases can be linked, so the data they contain can still be kept up to date.
Alternatives to electronic document distribution include sending statements by post or fax. However, electronic document distribution is cheaper and easier than these options. In particular it is superior to, post, because paper, printing and postage costs can be expensive.
In order to successfully balance a client base that requires documents in various forms, it may be advisable to outsource your document management and document distribution needs. Netsend are a company who specialise in postal and electronic document distribution, and by conducting your document distribution for you, can improve your company productivity. Outsourcing your electronic document distribution needs may also be advisable if you have not already implemented this system. Implementation of electronic document distribution and the consequent changed to your document management methods can cause disruption to your business and inconvenience your clients who may then lose trust in you.