Recurring billing puts your billing process on autopilot. When billing practices go into the automation stage, it can save the company a lot of time and money. In fact, it can cut costs by as much as 50%. Uncover five ways to cut your business accounts receivables in half by implementing recurring billing.
Faster Payment Processing
First and foremost, automatic billing equates to automatic payments. You or one of your accounting employees doesn’t have to spend time manually processing payments. They also don’t have to chase customers down for their payments. All of this saves a great deal of time and effort. Your business ends up with its money the faster and easier way.
Eliminates Mailing Costs
Automatic billing also eliminates the need to mail invoices and bills to your customers. Not only does this save you money on paper and ink, but it also eliminates spending on envelopes and postage. With bank account or credit card information on file for each customer, your system simply processes the payments each month so nothing winds up going out in the mail to customers.
Streamlines Data Entry and Bookkeeping
You can save additional money on paying employees for entering data into your database and paying the bookkeeping on crunching the numbers. The recurring billing system streamlines this process for you. It uploads all of the payment information into your accounting system for you (or for your bookkeeper). Additionally, this makes the end of the month a more pleasant time for the bookkeeper to close out the month.
Saves Trips to the Bank
A recurring billing system also turns all of your payment transactions into electronic transactions. Without physical checks to endorse and deposit, automatic payments eliminate the need to make trips to the bank on a regular basis.
Improves Customer Service Experiences
You can also shave costs off of your customer service budget. Since customers can set up their payments and never have to worry about it again, it reduces the number of calls to your customer service department on a monthly basis, especially around the due date of bills every month. It allows customer service agents to focus on efforts and actions that bring additional money into the company, rather than constantly trying to resolve payment issues and other problems that cost the company money.
It starts to become easier to see how recurring billing can cut costs by up to 50% when you realize how recurring billing software systems automate the billing process.
Get a free recurring billing software account at AzimioSystems.com and start saving.