PHOENIX, Jan. 31, 2012 /PRNewswire/ -- BillingTree, one of the nation's leading on-demand payment processors, today outlined 12 ideas that can help organizations improve their bottom line in 2012. The company believes all businesses should consider adopting one or more of these 12 payment and billing services to match more closely their customers' changing needs, while generating more revenue from comparable business levels. In addition, many of these suggestions result in improved customer service.
1. Convenience Fees – consider either a "No Fee to Biller" model using pre-set flat convenience fees collected by your processor to retain 100% of your billable amounts, or a "Biller Keeps the Fee" model to create a new revenue stream and forecast the positive impact to your bottom line.
2. Account Verification – Verify the accuracy of the customer's account information and likeliness of successful pay before establishing recurring payment plans to avoid costly and time consuming setups or repeated returned payments.
3. Virtual Agents – Let computer-based algorithms handle payment options on qualifying account balances leaving agents and customer service reps free for other tasks.
4. ACH – Accept payments via ACH and reduce your processing fees while increasing customer satisfaction through providing more efficient cash management capabilities compared to traditional paper payments.
5. Cash Payments – Help your underbanked customers make payments and settle debts by accepting electronic cash payments – plus eliminate the risk of managing cash at your locations.
6. E-Billing (EBPP) – Reduce paper and postage costs by introducing e-billing and payment processing so customers can see their bills and pay online while also reducing your Days Sales Outstanding (DSO) and operational costs.
7. Text payments – Customers like this emerging technology. It provides a convenient option for busy mobile-savvy people; they can receive bill reminders and authorize payment by text message.
8. PURLs for personalized payments – One-time-use personalized URLs encourage electronic payments from paper statements and invoices, so customers can quickly pay online while eliminating the need to create a profile or log into a public online payment portal.
9. Check 21 – Exchanging electronic images of checks means faster access to check payments and greater efficiency than physically transporting paper checks. Check 21 enables non-standard paper checks such as business checks to be converted to electronic images for processing.
10. Web Payment Forms & IVR – By providing a company branded web payment form or Interactive Voice Response (IVR) phone line for customers and debtors to self pay, the process of collecting on outstanding balances can be streamlined even further while offering 24 x 7 access.
11. Debit Cards Only – Consider the option of limiting payment card acceptance to validated debit cards only, effective for portfolios where access to credit is minimal or restricted.
12. Text Notifications – Bill and communicate with customers and debtors via SMS text for a quick, easy to set up, and low cost service outage notices or as a past due payment reminder service.
While supplies last, BillingTree is offering free copies of Payments Power – a primer on how to increase your net profit 10% or more and improve cash flow. Limited to one copy per mailing address, offer details available here http://tinyurl.com/6vpd8fa
BillingTree supplies the leading fully integrated, multi-channel electronic payment platform to a growing list of Industries, including Insurance, Utilities, such as power, cable, municipal, and phone, as well as Healthcare and Subscription-billed services. Benefits of electronic payment solutions include an accelerated availability of consumer funds, reduced costs associated with manual-payment processing, improved cash management, and integrated processing by managing all payments, returns, and corrections through a single portal.
The proven leader in on-demand payment processing, BillingTree empowers customers with competitive advantage through a simplification of the billing and receivables process. By delivering the most innovative technology while making it as easy and inexpensive as possible to accept payments, BillingTree has revolutionized the payments landscape. Our software-as-a-service (SaaS) model delivers industry-leading payment solutions, proven integration, and point-and-click simplicity. BillingTree's focus on innovation has allowed us to help more than 2,000 customers eliminate manual processes and automate their payment cycles. BillingTree – Growth is our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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