Alternatives to utilizing billing companies for your business
By Tracy Lee Thomas President/CEO Rev Marketing 2U, Inc.
Many businesses around the country utilize billing companies to create, mail, receive and organize the bills and account statements from their customers. These firms provide a useful service, as evidenced by their long-standing existence and general usage in the business world. However, Rev Marketing 2U believes that there are several alternatives to utilizing billing companies for your business that can provide you with increased cash flow, overall cost savings and more efficient billing service.
One of the biggest advantages of using an alternative to a billing company is an increased cash flow for your business. Problematically, many billing companies hold your funds for days or weeks before they send them to you, often speaking of the benefits of providing one lump sum instead of a flurry of smaller payments. However, what you may not realize is that in holding all your money in an account, the billing company earns interest on your hard-earned dollars. By managing your billing in-house, you reap the benefits of that interest on your money, as well as having the cash on hand, rather than in the bank account of your contracted billing company. Having thousands of dollars of freed cash on hand is one of the many advantages of using an alternative to a billing company.
Many banks also provide multiple types of billing platforms that can take the place of a billing company. An advantage of utilizing a bank in this way is that their many options for billing and preexisting relationship with you as your banker gives you the security and stability knowing that the system can be trusted. Furthermore, having the bank take charge of billing grants you the same cash flow advantages stated above, as using your personal bank means the funds will be deposited directly into your account. Also, utilizing a bank for its billing platform gives you much more power and leverage to getting a business loan with a good rate, also providing you with the cash flow and, more importantly, the investment capital to expand your business.
In the new Internet-based economy, there are scores of additional options that provide an alternative to traditional billing companies. Online payment firms, including Google Pay, Square, PayPal and many more, offer customizable and unique services at a fraction of the cost of traditional brick-and-mortar billing companies. They offer even more utility when combined with your business website. Services such as PayPal offer a secure, quick and easy way for your customers to purchase products or services, and with a unified module for payment and tracking customer information, you can easily keep track of thousands of customers with a minimal staff. These new online billing services offer a fast, efficient way to complete billing without hassle. Have you thought about your clients having easy access to pay for product and recurring services on your website?
Rev Marketing 2U believes that you should consider these alternative billing methods for your business before relying on the standard billing company. Weigh the benefits and costs of alternative billing companies and standard billing firms, and you will find the best option for your business.
One of the biggest advantages of using an alternative to a billing company is an increased cash flow for your business. Problematically, many billing companies hold your funds for days or weeks before they send them to you, often speaking of the benefits of providing one lump sum instead of a flurry of smaller payments. However, what you may not realize is that in holding all your money in an account, the billing company earns interest on your hard-earned dollars. By managing your billing in-house, you reap the benefits of that interest on your money, as well as having the cash on hand, rather than in the bank account of your contracted billing company. Having thousands of dollars of freed cash on hand is one of the many advantages of using an alternative to a billing company.
Many banks also provide multiple types of billing platforms that can take the place of a billing company. An advantage of utilizing a bank in this way is that their many options for billing and preexisting relationship with you as your banker gives you the security and stability knowing that the system can be trusted. Furthermore, having the bank take charge of billing grants you the same cash flow advantages stated above, as using your personal bank means the funds will be deposited directly into your account. Also, utilizing a bank for its billing platform gives you much more power and leverage to getting a business loan with a good rate, also providing you with the cash flow and, more importantly, the investment capital to expand your business.
In the new Internet-based economy, there are scores of additional options that provide an alternative to traditional billing companies. Online payment firms, including Google Pay, Square, PayPal and many more, offer customizable and unique services at a fraction of the cost of traditional brick-and-mortar billing companies. They offer even more utility when combined with your business website. Services such as PayPal offer a secure, quick and easy way for your customers to purchase products or services, and with a unified module for payment and tracking customer information, you can easily keep track of thousands of customers with a minimal staff. These new online billing services offer a fast, efficient way to complete billing without hassle. Have you thought about your clients having easy access to pay for product and recurring services on your website?
Rev Marketing 2U believes that you should consider these alternative billing methods for your business before relying on the standard billing company. Weigh the benefits and costs of alternative billing companies and standard billing firms, and you will find the best option for your business.
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