Even with the best intentions, some of your customers will have difficulty making every monthly payment to your office on time. You can continue to spend a small fortune on sophisticated billing and collection systems, or you can switch to one of the fastest growing methods for receiving monthly payments.
Improve Your Efficiency. Direct Billing simplifies your life and improves your efficiency by replacing the traditional method of billing and collection with an easy to use and automatic electronic method. You simply enter your customer's bank account information and payment information into the Direct Billing program and with a push of a button the information is processed through the Federal Reserve's ACH network. These transactions (known as electronic funds transfers or an EFT) are deducted from your client's checking account and deposited into your business checking account with one simple step!
Reduced Your Expenses. In addition to improving your efficiency you will be reducing your expenses by switching your company over to Direct Billing. The time and hard costs required to print and mail your statements, receive and deposit payments, and the expense and lost revenue due to collecting on delinquent accounts can be replaced with a single transaction that costs about the same as the price of a stamp. When you take into consideration the costs for postage, envelopes, invoice paper stock, equipment depreciation, consumable supplies (toner, etc.), banking fees, cost of lost funds due to delinquent accounts, and the labor required to perform these functions you can easily see how switching to Direct Billing can save your company dramatically each billing cycle.
Improve Your Cash Flow. One of the first things that you learn in business in relation to traditional billing is that a bill's due date doesn't necessarily guarantee that you will receive payment by that date. In fact, depending on your company's industry, you will more than likely receive payment several weeks and in some circumstances even months after a bill's due date. To combat this problem, companies of all sizes, types and regions are switching to Direct Billing. By switching your company to Direct Billing you can count on receiving payment automatically on the date the bills comes due each and every time!
Improve Your Chances of Getting Paid. In a perfect world when you receive a check from one of your customers it would guarantee you payment of those funds. Unfortunately I think we can all agree that we don't live in a perfect world and checks are regularly returned Non-Sufficient-Funds (NSF). In fact according to the latest figures, well over 1 million checks are returned in the U.S. each day!! By using Direct Billing you can increase your chances of being paid by one simple fact: Electronic transactions are always paid first. In simple terms, if your customer has $100.00 in his bank account and your $75.00 Direct Billing transaction hits his account on the same day as a check he wrote to the local grocery store for $75.00 who would be paid? Because your transaction is an electronic transaction rather than paper check, your company would be paid and the check to the grocery store would be returned NSF.
Get information faster. In the event that an item is returned, you won't have to wait days or (with some banks) a week or more to find out about it. With Direct Billing you'll know within 1 business day after an item is rejected! With this powerful information you will know exactly where you stand in the shortest time possible so that you can take the appropriate action. And with Direct Billing's powerful resubmission options you will have the tools to handle this situation in the method that suits your company's interests best.
Enhance your image. Because only the largest and most prestigious companies have enjoyed the benefits of electronic billing in the past, by using Direct Billing your company will be portraying itself as company of the highest caliber. Join the ranks of these companies and portray your company as an innovative, technologically savvy and efficient corporation that your customers can rely upon and trust.
Electronic Check Features