Whether you’ve started a new business or run a well-established organization in your community, you may have decided long ago to handle your own billing services and mailings. You might have thought that doing your own statement printing and mailing would save you time and money, but in most cases, the opposite is true. Still not sure if you really need to invest in outsource billing for businesses? Here are just a few things that can happen to your company, should you choose not to outsource.
Your receivables may slow down and your cash flow will dwindle
If you’re handling all of your invoice printing and mailing in-house, there’s virtually no way for the process to go as quickly as it could. At some point, your invoices will be held up in data entry, printing, or delivery. With so many moving pieces, there’s a lot that can go wrong. And because it’s a task that isn’t even part of your central business model, all of those components take time away from where it’s really needed. Delays on your end will translate to delays in getting the invoices to the customer, which comes back to impact your bottom line. Enlisting help from print and mail services for businesses, however, can allow you to focus on actually running your business. These invoicing and print mail services are totally devoted to this one aspect of your business, which means that the materials will be delivered accurately and quickly. In fact, outsourcing can speed up your receivables by one to three days, therefore improving your cash flow.
Your customers may become unhappy
You know what they say: the customer is king. If you aren’t able to deliver invoices on time or do so in a way that’s confusing or inaccurate, you’re going to end up getting a ton of angry phone calls. Ultimately, customers aren’t going to stay with a biller who can’t deliver (literally!) and they will take their business elsewhere. When you use print and mail services for businesses, these organizations understand how to present communications in a straightforward and accurate way. The biller-customer relationship is a delicate one. You’ll end up paying a lot more when you have to fix constant mistakes or when you lose devoted customers due to billing errors than you would had you outsourced in the first place.
Competing will be more difficult
Customers aren’t going to stay with a company that consistently makes mistakes on their bills, sends them duplicate or incorrect notifications, or isn’t able to send them statements on time. Unless you’re literally the only choice within your industry in your community, you’re bound to lose customers to the competition. Whether or not your organization exists within a saturated marketplace, you’ll need to stay ahead of the competition. Most businesses find implementing electronic billing options helps, but if you’re sticking with traditional methods, you’ll want to consider using print and mail services for businesses. No matter how well you’re doing, it’s not likely you can afford to lose a ton of business. If you expect to compete, you need to take your statement processing seriously.
It’s admirable that you want to handle your print mail needs yourself, but this could actually be a huge disservice to your business. Instead of going the DIY route, think about how you can better serve your customers and your own revenue stream. In many cases, outsourcing is the solution for both.