The introduction of digital technology continues to change how customers want to receive their bills, invoices, and statements. More companies are investing in digital billing by using channels like email and text messages. According to the McKinsey Global Payments Report, electronic payments grew by 19% in 2022. 

Still, most people like to receive physical statements via mail. A paper copy of a bill is more reliable for record keeping and works as a constant reminder to pay. Transactional mail will continue to remain a vital touchpoint between a business and its customers. However, generating, printing, and mailing these documents in-house could be a time-consuming and resource-intensive process. 

Billing outsourcing could be a strategic move to improve your financial and operational efficiency. This blog will help you understand how outsourcing your bill print and mail process is necessary to improve operations, customer satisfaction, efficiency and reduce errors. 

Key Takeaways 

• Outsourcing billing, printing, and mailing helps improve financial and operational efficiency. 
• A reliable outsourcing partner helps reduce equipment, inventory management, and postage costs. 
• Robust tracking and reporting abilities are necessary to ensure timely delivery. 
• Financial mail requires businesses to adhere to regulatory requirements and compliances. 
• An outsource partner helps reduce error rates and is available 24/7. 
• Businesses must evaluate options before partnering with a vendor.

Lower Costs 

A study by Levvel Research suggests that the cost to process an invoice manually is usually between $12 and $30 per invoice. Automated invoicing and billing are significantly cheaper. You can bring down the costs by 60-80% with the contribution of an outsourcing service provider. 

The partner helps you reduce equipment, inventory management, and postage costs. A business doesn’t need to put huge initial capital into printing and mailing transactional documents. Your partner will be responsible for maintenance and upgrades to meet the customer’s expectations.

Superior Reporting Tools

A reliable print & mail service provider gives you robust reporting and tracking capabilities. You get real-time updates and visibility of every print job from start to finish. The Databox’s 2023 State of Business Reporting study suggests that 50% of businesses use at least nine different types of reporting tools. These tools provide clever insights into various processes and keep you updated. 

 Also Read: What is USPS First-Class Mail?

More Time for Other Business Operations 

Businesses need to hire a full-time staff to manage and process transactional documents in-house. The company also needs to train these individuals about various proprietary billing processes. It requires a lot of time, diverting you from your core operations. A McKinsey report suggests that about 60% of businesses can automate 30% or more of their activities. 

In-house billing could be very time-consuming with vast paperwork, record-keeping, and data entry. Outsourcing the billing process with a third-party vendor saves a business from these processes. Internal teams could be free from the administrative load instead of continuously managing collections and follow-ups to obtain late payments or outstanding balances. They don’t even require extensive training to keep up with the latest regulations, software, and billing standards, allowing companies to focus on high-priority tasks.

Ensuring Compliance and Accuracy 

You will be amazed to know that 46% of organizations still use manual processes for compliance management. This approach is insufficient to keep up with the latest regulations and compliance requirements.

You must know regulatory requirements like GDPR, HIPAA, PCI DSS, and PIPEDA make it vital for businesses to avoid legal and financial penalties. 

Outsourcing companies can help you maintain stringent financial reporting standards. They are updated with the latest regulations, standards, and legal requirements to remain risk-free and non-compliant. 

Important Regulatory Compliances to Follow 

• GDPR (General Data Protection Regulation): A regulation by the European Union (EU) that governs data protection and privacy. 
• HIPAA (Health Insurance Portability and Accountability Act): A US federal law developed in 1996 to protect sensitive patient information. 
• PCI DSS (Payment Card Industry Security Standard): A set of security standards built to protect credit card information and reduce fraud. 
• PIPEDA (Personal Information Protection and Electronic Documents Act): A Canadian federal law that regulates how businesses gather, use, and disclose personal information. 

Effective Disaster Management 

A robust Disaster Recovery (DR) plan helps an organization maintain the production and delivery of critical communications. This formal document contains a detailed plan on how to work during unplanned incidents such as natural disasters, power outages, cyber-attacks, etc. Disruptions can lead to catastrophic consequences, including brand reputation damage, lost revenue, or dissatisfied customers. 

Most businesses with in-house print and mail lack the readiness of their print operations. The Federal Emergency Management Agency (FEMA) estimates that 75% of SMBs don’t even have a disaster recovery plan. A reputable print and mail service provider maintains strong DR plans so your data and communications are always safe. They use encrypted servers, user access controls, and measures to protect you. 

💡Also Read: Print Mail Statements 

A print and mail service provider ensures 24/7 availability, scalable billing, and advanced technologies across various industries. This streamlined approach saves your business from the unwanted headache of handling errors and delays in billing and invoicing. 94% of customers believe that a positive customer service experience compels them to purchase again from the same business. 

Superior Customer Experience 

These service providers often use automated systems that ensure timely delivery of bills, invoices, and statements. The reduction in billing issues and inquiries leads to higher customer satisfaction and loyalty. 

Lower Error Rates

The automated system eliminates the need for manual data entry on bills, leading to fewer billing errors and discrepancies. An outsourcing partner is also well-versed in regulatory compliance to reduce the chances of errors related to legal or procedural misunderstandings. These companies provide continuous training to their staff to remain updated with the latest industry standards, policies, and regulations. Moreover, businesses working with such outsourcing partners can also expect round-the-clock customer support to resolve their billing errors immediately. 

 Also Read: What is Proofing a Print Order

24/7 Availability 

Business owners and accounting teams can print and mail bills and invoices around the clock remotely without worrying about managing a manual mailroom. It ensures a more timely delivery of transactional mail, leading to more satisfied customers.

 Also Read: How Custom Printing Can Turbo Charge Your Business

A print and mail outsourcing partner can help you save various costs associated with the billing management process. Their vast network of printing partners and advanced technology is necessary to allocate resources more efficiently.  

Costs Associated With In-House Manual Bill Processing 

Direct Costs 

Printing stationery isn’t free, you need to pay for paper, ink, and postage. The total amount depends from company to company. However, in-house processing needs to pay 47 cents to mail a first-class letter. This figure can quickly turn into thousands of dollars if you send bills in high volume. 

Indirect Costs

These costs occur to complete a task in the printing and mailing process. You need to pay your employees to manage the in-house mailroom and bear the time to enter all the relevant data into the transactional mail. An outsourcing bill print and mail partner eliminates these costs by automating the entire process. 

Hidden Costs 

There could be so many potential hidden costs while sending invoices and bills via traditional direct mail. It takes days for the individual to receive, review, and pay the bill. There are also chances of costly errors with an in-house billing approach. A study by Smartsheet shows that 66% of employees believe that automation reduces human errors in data entry tasks. Outsourcing your bill print and mail operations could be a smart decision to avoid these hidden costs.

Selecting the right partner depends on your requirements, budget, and printing scale. It could be challenging to find someone in the sea of options. However, you don’t want to partner with the wrong vendor and compromise your financial operations. A Fortunly study suggests that 78% of businesses feel positive about their outsourcing partners. 

Research About Security and Compliance 

You cannot compromise with data security and regulatory compliance. The service provider must adhere to data protection standards, such as ISO 27001, SOC-2, and HIPAA compliance. It gives you confidence about their secure storage protocols, audit trails, and encryption methods. 

 Also Read: Paychecks for Small Businesses

Compare the Technological and Automation Capabilities 

You want to save maximum time and money at the end of the day by outsourcing your billing print and mail. Ensure your provider is capable of real-time tracking, reporting, automated printing, and dynamic formatting for bills, invoices, and statements. 

Consider Their Printing & Mailing Infrastructure

Your provider must support a robust printing infrastructure to avoid delays. It is also necessary to know about their mailing options, such as standard, express, and certified mail. These options give you more control over the mailing process of transactional documents. 

 Also Read: Medical Billing Templates for Healthcare Companies

Compare the Pricing Structure 

Every penny counts in the mailing process of bills, invoices, and statements. You don’t want to have unnecessary overhead costs while generating and sending transactional communications. Get a complete idea about the detailed pricing structure, including base rates, variable costs, and other additional fees. A predictable pricing model is always better for mailing in higher volumes. 

Types of Documents You Can Outsource 

An outsourcing partner should support multiple types of documents to help businesses improve their financial operations. You should expect to outsource these documents:

• Invoices 
• Utility Bills 
• Statements of Account 
• Collection Letters 
• Regulatory Notifications 

 Also Read: How to Write A Dunning Letters

Generating, printing, and mailing transactional mail requires a comprehensive solution to manage your mailroom remotely. PostGrid’s Print & Mail API is the perfect way to automate the sending of your transactional mail with compliance. Our platform features enterprise security to protect the confidentiality of your data while printing and mailing via compliant partners. 

You get native integrations to combine the solution with accounting software and set custom workflows for ease of use. Are you worried about designing collaterals? We also give you a built-in HTML editor to customize your transactional mail according to your branding rules. Reduce costs, deliver on time, and automate your mailroom with the power of our API. 

Talk to our sales team to learn how to integrate PostGrid into your accounting software to print and mail bills efficiently!