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.
Areas of interest:
ACH Receivables
ACH Phone Checks
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.
ACH Recurring Receivables
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.
ACH Recurring Receivables
Just as with health
clubs, account retention is important. Eliminate late payments, invoices and
keep the customers you have by automating your receivables.
ACH Recurring 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.
ACH Recurring Receivables
ACH Phone Checks
Electronic Check Recovery
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.
ACH Recurring Receivables
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".
ACH Recurring Receivables
ACH Phone Checks
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?"
ACH Recurring Receivables
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.
ACH Phone Checks
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.
Electronic Check Recovery (RCK)
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.
ACH recurring payments
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.
ACH recurring payments
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.
ACH recurring payments
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.
ACH Phone Checks
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.
ACH recurring receivables
ACH phone checks
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.
ACH Phone Checks
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.
Electronic Check Recovery
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.
ACH
recurring receivables
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.
ACH recurring receivables
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.
ACH recurring receivables
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.
ACH phone checks
If your newspaper has a problem with NSF
(bounced) checks, you can improve your efficiency of collection by using
electronic check recovery.
Electronic Check Recovery (RCK)
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.
ACH Phone Checks
ACH Recurring Receivables
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.
Electronic Check Conversion
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.
ACH Recurring Payments
If you have problems in your office with returned
NSF checks, please read about Electronic Check Recovery.
Electronic Check Recovery (RCK)
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!
ACH Recurring Payments
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.
ACH Recurring Payments