Statement Processing More than Printing Folding and Mailing
Below is a MRR and PLR article in category Business -> subcategory Other.
Statement Processing: Beyond Printing, Folding, and Mailing
Overview
Statement processing and delivery have evolved significantly, offering much more than just high-end printers and inserters. Modern technology tools are revolutionizing the process, ensuring faster delivery, higher collection rates, and increased sales.
Enhanced Delivery Speed
Electronic invoicing is now a popular method for bill delivery. Both billers and customers benefit from its convenience and cost-effectiveness. With 32% of customers currently paying at least one bill online, this number is expected to rise to 52% by 2010, according to Forrester Research. By embracing this trend, businesses can enjoy cost savings, faster collections, fewer customer service inquiries, and increased customer satisfaction.
Outsourcing bill delivery is also proving to be an efficient and cost-effective solution. Many businesses that have chosen this route report reduced hassles and faster delivery. Outsource partners often have strategically located printing facilities across the U.S., optimizing USPS delivery times and potentially reducing average shipping days from 2.8 to just 2.0. Additionally, many providers offer service level agreements for same-day printing and mailing, significantly speeding up the process.
Improved Collection Rates
Enhancing delivery accuracy directly boosts collection rates. Recent advancements in mailing technology empower billers to ensure more reliable bill delivery. Tools like Standardization, CASS, NCOA, and others can raise delivery success rates by up to 15%. USPS Confirm, a postal tracking product, further enhances efficiency, allowing billers to track mail throughout the system, identify undeliverable invoices, and address potential issues early.
Electronic invoicing also supports better collection rates since invoices always reach the customer via email, even if their physical address changes. This method accelerates money collection by eliminating mail delivery delays.
Boosted Sales
The billing process, often overlooked as a marketing channel, is now recognized for its potential. Dynamic messages tailored to customer purchasing habits can be added to both paper and electronic bills. Experienced bill outsourcing services can track customer sales through monthly invoices, leveraging this data to devise effective marketing strategies. This approach fosters cross-selling, upselling, and improved customer retention.
In conclusion, statement processing has evolved into a sophisticated technology-driven art that goes beyond mechanical printing and mailing. It offers opportunities for increased sales, faster collections, and enhanced process control.
You can find the original non-AI version of this article here: Statement Processing More than Printing Folding and Mailing.
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