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Insurance giant Metropolitan Life (MetLife) says: "We have made monthly Automated Bill Payment the preferred method for all customers who want to pay life insurance premiums more frequently than semi-annual. This is primarily because electronic payments are so much more cost efficient than other types of payments. For instance, each ACH collection we make is about 40 cents cheaper than sending out a bill and processing a paper check." "Plus, with Automated Bill Payment, we receive funds in our corporate account about five to seven days sooner than if we send out a bill and wait for a check to come in. We know that the funds will be in our account on the payment due date - there's no mail or check-clearing "float." This improves our cash flow and cash forecasting abilities and gives us more certainty when planning corporate investments." While Metlife considers lower costs and improved cash flow and forecasting key benefits, they don't hesitate when asked what is the biggest benefit Metlife enjoys from Automated Bill Payment. Account retention. "We see far fewer policy cancellations among our customers who pay electronically." The reason for this is simple: Each time a policyholder sits down and writes a check to pay an insurance premium, he must convince himself that he really wants to keep the policy. After all, life insurance coverage is not an essential for most people. In fact, it is often one of the first expenses trimmed from the budget when a policyholder finds himself in a financial bind.
Internet Service Providers can lower their
recurring transaction fees and reduce their exposure to charge backs.
They can also eliminate invoices or over due notices on accounts that
pay by check. In addition, customers that prefer to sign up by phone
can be offered the ability to pay by check using ACH Phone Checks. Late
payments can also be processed by ACH Phone Checks. Do you spend a lot of time running down
payments? Put yourself in control of your receivables by automating
them. A simple one page form that your customer signs can enable you
to have your customers receivables automatically debited from their
bank account and electronically deposited into your account on the day
that they are due. It doesn't matter if the amount changes each month,
as we enable you to make adjustments with the push of a button. Your
customers will appreciate not having to print out a check or worry
about late payments. Just as with health
clubs, account retention is important. Eliminate late payments,
invoices and keep the customers you have by automating your receivables.
Some firms may wish to use ACH Recurring Receivables as a method of collecting their fees by splitting up a large amount due into monthly payments, which are then automatically deducted on a monthly or quarterly basis, and electronically deposited into your account. This eliminates continuing invoices, late notices and most importantly solves a problem in a manner that your client can appreciate. ACH Receivables can also be used to collect awards from companies or individuals who owe money to your clients. You control when the deductions are made, and for what amount. Your clients know that they will receive payment on-time, and therefore you receive your payment on time. If your legal firm specializes in collections
you can increase your rate of collection using ACH Receivables and ACH
Phone Checks to collect on late payments for your clients. Should your
firm specialize in collection of NSF (bounced) checks, you need to read
about Electronic Check Recovery (internal) as a method of improving
your collection rate and lowering the costs associated with traditional
check collection methods. Are you tired of "back tracking"
to pick up payments from your customers? Don't do it! Simply put, you
can have your customer (residential or commercial) setup on automatic
monthly, weekly or quarterly payments. Your customer account information
is processed when you want it, and funds are withdrawn and deposited
into your account automatically. No more running down a customer! Do
you think they will appreciate it? You bet. This automation of receivables
can be done "in house" by you, or we can perform the service
for you. All for about half the cost of a credit card transaction. Eliminate late payments and reduce invoice
costs by setting your customers up on automatic monthly payments. Using
the Federal Reserves ACH network, your receivables show up on-time each
month. All funds are electronically deposited into the account of your
choice. You can also accept late payments over the phone in the form
of a check using ACH phone checks. No more "the check is in the
mail". Put ACH electronic funds transfers to work
for you. Tired of waiting for payments? Spending a lot of time running
around collecting payments? Taking payments by credit card? Want
better account retention? If you answer yes to any one of these
questions, you need to gain an understanding of how the ACH network
can benefit your company. Your customers can choose a convenient way
to pay their bill with you by having it deducted automatically from
their bank account each time it comes due. It doesn't matter whether
the payment stays the same or changes each month. You receive your payments
on-time, every time they are due. Health Clubs and Insurance
Companies understand how powerful ACH payments can be when it comes
to account retention. Your customer will not have the same decision
to make each time they sit down to write a check for your service, "Do
I really need this cleaning service?"
Catalog/Mail Order companies can benefit
by offering customers the ability to pay by check over the phone. Reduce
transaction fees, reduce exposure to charge backs and offer a friendly
alternative for payment. NSF fee recovery can be an additional source
of revenue. If you receive a significant number of
orders accompanied by paper checks, you can become more efficient in
collecting NSF (bounced) checks by implementing an electronic check
recovery program. Whether you operate a marina or a self
storage facility for boats, we can provide you with an automated receivable
system that will allow you to collect your monthly or quarterly rental
fees on-time, when you want them. No discount fees like credit card
payments! We can provide the service as an outsource , or you can perform
the transactions internally. Medical Equipment Stores/Rental Eliminate invoices and late payments by
automating your receivables. When a customer chooses to rent equipment
from you, you simply offer them the convenience of having their recurring
rental payment automatically deducted from their bank account. Your
receivables arrive on-time without having to invoice or make follow
up phone calls. Eliminate late payments, coupon books and
invoices by enrolling your customers in our automated payment program.
Your receivables arrive on-time, without having to invoice or make follow
up phone calls. For late payments, you can make available
the option of accepting payment over the phone using ACH Phone Checks.
No more "the check is in the mail." Eliminate continuing follow
up calls and capture past due receivables faster. Accept payments from members automatically,
without the high costs of credit card transactions. Whether recurring
transactions of the same or changing dollar amounts, ACH Recurring Receivables
will enhance your receivable cash flow. The same system can be used
for single bank transactions, allowing you to receive any payment by
electronic funds transfer from your customers account, deposited electronically
into the account of your choice. For just about any payments, you can make
available the option of accepting payment over the phone using ACH Phone
Checks. No more "the check is in the mail." Eliminate continuing
follow up calls and capture past due receivables faster. If your department has problems with NSF
(bounced) checks, you can reduce the costs, and increase the rate of
recovery by implementing electronic check recovery, while eliminating
the high cost of a check guarantee service. Provide your customers with the convenience
of automatic payments for their instrument rental. By offering automatic
monthly payments you can increase your market audience and up-sell equipment,
all while receiving all payments on-time and without the high cost of
credit card acceptance. Make sure your association receives dues
or assessments on-time. Eliminate late payments and invoices by enrolling
your customers in an automated payment program. Your receivables arrive
on-time, without having to invoice or make follow up phone calls. Whether your newspaper receives payments
directly from subscribers, indirectly from carriers ,or both, you can
eliminate late payments and follow-up calls/notes. Increase subscription
retention by offering your subscribers the convenience of automated
payments. Your subscriber's payments are automatically debited monthly,
quarterly or whatever time frame you choose. Classified advertisement payments can be
paid on the phone by check using ACH phone checks. All funds are electronically
debited and deposited into your account, eliminating bank fees, "The
check is in the mail", and the high costs associated with credit
card fees are also eliminated. If your newspaper has a problem with NSF
(bounced) checks, you can improve your efficiency of collection by using
electronic check recovery.
If your organization participates in fund
raising activities, we have two helpful services for you which can give
you the ability to accept check payments over the phone, reducing transaction
fees associated with credit card transactions. Acceptance of check payment
by phone also provides you with a greater available market, as there
are twice as many checking account holders than credit card holders.
Donations, fees or dues can also be spread out over any given time period
and collected automatically monthly or quarterly using the ACH system. Your office can convert paper checks to
electronic funds transfers. Eliminate deposit slips, trips to the bank,
lost checks and bank fees. Verification is included. For those non reimbursed procedures such
as braces, or for patients without insurance, you can provide them with
a simple and easy to understand finance alternative. Patients are enrolled
in an automated payment plan (you decide the terms), and the associated
fees are split up and deposited into your account automatically. We
can provide this as a service bureau, or set your office up to perform
the transactions. If you have problems in your office with
returned NSF checks, please read about Electronic Check Recovery. Whether your customers are businesses,
individuals consumers, or a combination, you can automate your receivables
by offering an automatic payment option to your customers. You get your
money on-time, and your customer does not have to think about whether
they really need the service or not each time they sit down to write
a check for your service. Retention can be very important. Eliminate
the expense of invoices!
For customers who are monthly space renters,
you can automatically receive their payment each month automatically,
on-time. By offering automatic deduction from their bank account your
customer will be provided with a convenient solution to paying their
bill each month, while you receive payments on-time, with no need to
hunt down late payments. |
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