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.
For the full text of this story, click
here.
Areas of interest:
ACH Receivables
ACH Phone Checks
Lockbox
Direct Deposit
Payroll
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
Legal firms can utilize the ACH network in a number of ways. For award disbursements, you can use ACH credits (direct deposit payroll) to electronically transfer money to your clients.
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
Direct Deposit
Payroll
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
ACH Service Bureau (outsource)
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
For orders mailed in with paper checks, catalog
companies can benefit by converting paper checks to electronic funds transfers
through our lockbox system. Eliminate bank fees and deposit slips. Have funds
deposited directly into an interest bearing account. No more trips to the bank.
Lockbox
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
Eliminate bank fees by converting all paper checks
received by mail by utilizing our lockbox program. Improve efficiency, consolidate
funds, eliminate deposit slips and bank runs, and gain an additional presentment
for NSF's while collecting NSF fees.
Lockbox
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
What are your costs of printing and delivering
commission checks? By utilizing direct payroll deposit you can electronically
pay anyone inside, or outside your organization with the stroke of a keyboard.
Eliminate postage, check printing, printer maintenance and reduce labor.
Direct Deposit Payroll
Many entities within government offices receive
paper checks as payment. Eliminate bank fees by converting all paper checks
received by mail by utilizing our lockbox program. Improve efficiency, consolidate
funds, eliminate deposit slips and bank runs, and gain an additional presentment
for NSF's while collecting NSF fees.
Lockbox
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
For subscribers who continue to mail paper
checks to your central office, you can eliminate bank fees by converting all
paper checks by utilizing our lockbox program. Improve efficiency, consolidate
funds, eliminate deposit slips and bank runs and gain an additional presentment
for NSF's while collecting NSF fees.
Lockbox
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
ACH Service Bureau
Paper Bank Drafts
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
Copyrigh 2001© Cash Flow Specialists, Inc.. All rights reserved