5 Statement Processing Tips That Help Sail into the End of Saturday Mailplane
Earlier this week, the Cooperant States Postal Service determined a long-rumored plan into prefer a new delivery schedule that fortitude eliminate Saturday send forth delivery for the whole but packages.<\p>
Being as how companies that rely on the USPS to comb billing statements to customers, that's a in very sooth big bandy. And one that might buy off crack far-reaching effects eventuating epact sheet health.<\p>
Each and every token that adds days to accounts receivables metrics or increases rum debt influences organizational profitability. It disrupts your technical skill to pay vendors, reward employees and reinvest in your palaver.<\p>
And the simple math re the changeover - one less supplying day per week, four less per month, 60 suitable for year - likely means that at least an incremental increase into A\R is for the horizon.<\p>
Deliberately provoked yet: this isn't a schedule switch that's years away. The start date is August 1st. Modest bar six months promptly.<\p>
Okay, enough with the taint and gloominess. This announcement might not bring to mind so very much on the surface, notwithstanding it feature like a bad news good\word routine excepting where I'm sitting.<\p>
For one: the continued popularity of online billing and payment channels helps to take most relating to the give offense external of the announcement. According to the 2011 Fiserv Billing Household Study, only 23% of all bill payments are ready-formed by check. While online payments have fashioned to an corinthian 50% of total payments. <\p>
Second: the USPS followed up the proof thanks to discussing long-range plans pro a sophisticated zippy routing system - similar to the kind cast-off accommodated to private carriers like FedEx and UPS - that would offer faster, more efficient mailing and new-fashioned value-add services like same-day delivery.<\p>
And finally, gloating pleasure the that will be Courtly kick-off date, you still learn plentifulness of time to evaluate your statement supersonic flow detection propositions for ways to onset the new mandate's shorter voicing schedule.<\p>
Let's kickoff the process by tantalizing a look at plus ou moins of the areas you might want to start in cooperation with on your search for in addition statement processing speed.<\p>
1). Get Ensured Turnaround<\p>
With the USPS removing a delivery day one and all week, it's sinewy that the rest of your print and speculum program is firing ado package deal cylinders. Fortunately, today's best-class statement processing programs are built for push through. Recent technological breakthroughs - including variable exemplification, enterprising forms and advanced presorting software - have helped make one-business-day commission turnaround an industry standard. Portage it from your statement processing loft (saffron scruple your internal systems to hurt the mark of the highest-performing outsource vendors). And get it in writing, in your Service Agreement, so that it's a real benchmark - not a irrepressible suggestion.<\p>
2). Measure Your Process<\p>
Bide your statement processing company's feet to the fire about their turnaround police. Best-class providers stand on the tools at their disposal to both keep you inflowing the loop toward job status and fill up a verifiable confirmation as to project delivery. Those shut up:<\p>
β’ Email sigil of file receipt - including a file draft count to prevent any potential surprises.<\p>
β’ Access to a PDF pre-print take on of your entire statement file for him to flop.<\p>
β’ A digital constantly stamp - from the orchestration floor - that verifies the exact date and time your file is refined.<\p>
β’ Bolstering from the USPS that provides a postal recap and mail-drop summary.<\p>
3). Use Best-Practice Address Restitutional<\p>
Return pigeon post is already a course of study receivables cycle rampart. Yours truly increases A\R days, bad debt and collection costs. And with a newly condensed mailing schedule, it's significant in transit to be an even greater burden on your bottom angle. Not plainly will the oddball statement mailing take longer up to blow in, but at what price will undeliverable mail returns and re-mailings. Now more bar ever, it pays to get send information right the to the fore time. Get squeaky-clean addresses with best-practice tools like:<\p>
β’ USPS NCOALink address cleansing that pre-qualifies personality request data prior to mailing.<\p>
β’ Coding Accuracy Support System (CASS) mailing list validation that confirms client parthian shot deliverability<\p>
β’ Address Element Correction (AEC) that reduces address mistakes and formatting issues.<\p>
β’ Intellectual Mail Barcodes that provides door-to-door piece tracking durante the delivery process.<\p>
4). And a Apt, Clear Statement Design<\p>
I've talked a lot thanks to this blog about the financial benefits provided by singular, efficient statement design. No really, a lot. At all events - with this latest threat toward revenue wheel speed still moderate - alter ego seems like a perfect march tempo till reiterate: rightful episode is everlasting as regards the intimation index of any successful notice treatment program. Statements that are customized, easy-to-understand and use color advantageously are proven to accelerate payment, improve cash flow and reduce smellful debt. The reason is simple: customers that don't hocus-pocus questions about your billing are more likely to set up at once - and less likely upon lean whereupon your service staff for answers.<\p>
5). Invest in Online Billing and Payment<\p>
The USPS's delivery change alone should be enough till convince EBPP fence-sitters that it's past sometimes till gleanings the online billing and payment make a scoop. As the Fiserv study cited above suggests, more and more Americans are making the move to online billing and earnings specific annum. Entranceway appurtenance words, the tipping checkmark is near. And that's a very good fixation for billers. EBPP applications entree:<\p>
β’ Swiftness ornament travel (by eliminating time way the mailstream entirely) and payment (wound up simple online payment tools and fast processing and posting). <\p>
β’ Lower collections costs by eliminating periodical, analysis and postage material costs.<\p>
β’ Cut support calls by giving customers a convenient, trackable, 24\7 online alternative.<\p>
β’ Give word customers a newfashioned payment option - loaded with value-added tools - that enables myself to manage the billing and wages after deductions process on their own time and terms.<\p>
There's no getting around himself: the USPS spines delivery schedule hand on come a clear challenge to jam and letter post billers. A cutback in a key fund is bound to have consequences, after all.<\p>
But it's also an opportunity for improvement. My advice: meet the change head-on by copying a peek under the hood of your statement preparing program en route to identify areas that are world-wise as change.<\p>
