Significant changes in the remittance and payments landscape has organizations contemplating one of two paths: Consider outsourced remittances services, or continue in house. Currently, most enterprise billing departments rely on manual or partially automated processes that are labor intensive, costly and prone to error.
On the other hand, outsourcing remittance responsibilities is a hassle-free alternative to arduous billing requirements. Experienced transaction processors offer automated remittance solutions that decrease the time, money and resources spent on corporate billing tasks.
4 Reasons to Outsource Remittance Processing
As check usage declines and more customers move to digital forms of payment, antiquated remittance systems are becoming obsolete. Not to mention, it’s increasingly difficult for organizations to keep up with billing and payment demands without automated, efficient remittance practices in place.
Outsourced remittance services remove the guesswork and lengthy processes from billing and payments practices by providing timely deposits, reporting and automated updates to accounts receivables (AR) systems through secure transmission.
Additional reasons to partner with billing processors for remittance include:
- Improving Organizational Efficiency – Third-party processors handle high-dollar and low-dollar business-to-business or consumer-to-business transactions through automation. And less time spent manually processing customer payments frees staff to focus on more value-added initiatives.
- Avoiding Costly Investments – Digital shifts in payment and billing make it difficult to justify an in-house remittance processing team. Outsourcing services means no costly investments and ongoing software maintenance fees.
- Keeping Legacy Solutions – Most outsourced remittance service doesn’t require organizations to overhaul existing systems. Look for a partner that exports payment information to company AR solutions via secure electronic file transmission.
- Enhancing Customer Support – Third-party transaction processors leveraging automated systems provide same-day deposits and deliver payment data electronically. The ability to deliver billing information quickly to customers makes organizations more agile and client centric.
Outsourced Remittance Services From ibml
Receivables are the lifeblood of any business. At ibml, we provide remittance services tailored to meet the unique business need of organizations across industries including healthcare, telecommunications, government, non-profit, manufacturing, real estate and more.
Private-label options are also available for banks interested in serving existing clients while exploring new revenue streams without making significant changes to current lockbox infrastructure. Companies that partner with ibml accelerate cash flow while reducing receivables costs and inefficiencies.
Interested in learning more about ibml’s outsourced remittance service? Check out how we helped a mid-tier bank take on megabanks, processing several documents on behalf of its customers.
Ready for faster, more reliable remittance processing? Get in touch with ibml today.