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Enhanced billing practices

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Companies strive for the the best service to their customers, some times neglecting their receivables. By outsourcing their billing services they could dramatically increase their cash flow. However, if the billing service provider is not efficient, it can lead to more billing issues. You should get an outsourced billing provider that is efficient and effective in billing services. Billing services includes not only distribution of billing statements but more importantly, prompt collection on all outstanding bills.
The billing service provider should inform all clients on the payment policies. This can be disseminated through ads, brochures, leaflets, television and the internet. They have to make the public aware of the policies so the customers are not surprised when they get charged penalty fees for delayed payments. They should understand they are legally responsible and accountable to pay the expenses presented in the billing statement. The billing statement should reflect the terms and conditions regarding payment of the expenses. If the customer is not agreeable to the terms and conditions indicated in the billing statement, they have the opportunity of going to other companies.
The billing service provider should ensure the customer’s information is updated and correct. They should check the billing and collection arrangements. Some customers prefer being billed through the bank so they can do a bank to bank fund transfer. Others would rather pay the bills by cash and checks. If the billing service provider is not familiar with the payment arrangements, they might incur issues with the customer and end up with delayed payments. Some customers might even charge the billing service provider with attempts to commit fraud. Billing and collection are delicate issues and should be handled carefully. Customers know they can delay payments of bills by raising issues regarding the billing statements and collection process. Some customers do not realize the delay could result in the bankruptcy of the company. Others do it intentionally so they can optimize the use of their money. The billing service providers have to provide correct and complete billing statements to minimize the number of issues that could be raised by the customers.

 

They have to monitor the accounts receivables to ensure payment is made as scheduled. They have to be able to introduce innovative and creative payment schemes to facilitate payment from the customers. They have to provide regular follow-ups to delinquent customers. They have to update their customer list regularly to prevent delinquent customers from charging more expenses. However, they have to be cautions since the customer might get offended and refuse to avail of future services and products. The company might end up losing customers.


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