Today’s utility companies have to deliver electricity, water, and even cable and internet services to thousands of people or more in just a single geographic area. As a result, things can get hectic when it comes time to send out statements and receive those billing payments. In fact, it’s easy for smaller and larger companies alike to wind up getting mixed up with their billing, which can lead to slowed-down cash flow, overworked employees, and irritated customers.
However, there are actually several utility billing solutions out there that can actually make things easier on these companies, and they may even save them some money in the process. In fact, the answer is quite simple when utility companies are willing to outsource billing services to a business that specializes in these tasks.
Which types of utility billing solutions might these businesses offer? Here are three of these must-have billing services:
- Statement Printing and Mailing: Businesses that perform their own statement printing and mailing could spend a significant portion of their budgets on these tasks. Even maintaining printers and buying paper and toner can cost a fortune these days. By outsourcing billing statement printing and allowing another company to send those bills out, too, the utility billing process can become a lot more streamlined, freeing workers up to handle other crucial tasks.
- Statement Processing: Companies that don’t have time to process the bills they receive may also want to consider letting another business handle their statement processing, as well. By using a secured billing platform, these outsourced billing tasks can be handled safely and quickly by trained professionals.
- Online Billing Services: Most companies have joined the 21st century by offering online billing and electronic invoicing to their customers. Not only can electronic billing save an average of 11.5 cents per statement not printed, but it can also lower overall operational costs and speed up accounts receivable by as many as one to three days. It’s also good for the environment, and it keeps customers happy, too. Because online billing is so convenient, one-quarter of customers who switched to online billing said that their relationship with their biller was better once they had the ability to make payments online.
Isn’t it time you explored your utility billing solutions? Make sure to find a great company that offers this service today.