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Five Components You Need to Achieve the Perfect Billing Solution

Five Components You Need to Achieve the Perfect Billing Solution

Jul 05 2016

What do you look for in the perfect billing solution? Ideally, you want something whose components create a happy medium for both you and your customers — a solution that meets your needs for accurate and timely billing while offering customers convenient and flexible bill pay options.

Ahhh, if only such a solution existed, right

The billing landscape is constantly changing. Industry trends that were cutting edge two years ago are no longer considered innovative. A growing number of organizations are beginning to realize that in order to stay competitive in the marketplace, they need to offer groundbreaking services to customers and take advantage of the latest technology — while, at the same time, catering to those customers who prefer traditional bill pay methods.

To achieve this billing utopia, we've compiled the five necessary components needed to achieve the perfect, comprehensive billing solution:

1. Print and mail billing options

Paper billing statements, late notices, inserts, and more are a vital and vibrant component of any billing solution. In order to use print and mail to your full advantage, it's important to choose a billing solution that offers address reporting and automated return mail. Keeping address files updated automatically and return mail under control can vastly improve the billing process.

2. eStatements

Customer satisfaction is fully achieved when convenience and flexibility are prioritized. Give your customers convenient access to their billing statements online. Offering online statement presentment also allows for unlimited marketing opportunities through email and your personally branded website — ultimately enabling you to drive the customer experience.

3. Online Payment

Who's paying online these days? It's not just younger generations who have grown up on technology. Consumers from all age groups are comfortable viewing bills and making payments online. As technology, preferences and attitudes change, consumers have become the driving force in the demand for electronic billing.Give your consumers the freedom and flexibility to choose what presentment and payment channels work for them today while keeping an eye on options they may lean toward in the future.

4. IVR

Interactive Voice Response is quickly becoming a common feature in the billing industry.It gives you the ability to make proactive, past-due reminder calls to delinquent accounts, keeps customers informed at a low cost, and offers convenient over-the-phone payment options.

5. Online Document Management

A complete billing solution requires a safe and secure online repository for statements and client information. Having an online document archival system for your Customer Service division allows them to efficiently answer customer's questions about past billing statements and billing history.