People working in finance or who have AP responsibilities that include paying telecom invoices are in a perpetual battle to pay bills on time to avoid disconnected services and late fees. In light of this reality, several bill payment services have emerged to meet the unique challenges of enterprises who struggle with invoice-related issues.
To determine if a third-party bill payment service can make a difference in your organization, try asking yourself the following questions:
- How much time is spent researching and chasing down misapplied payments?
- Are you decentralized and have segregated accounting systems?
- How do you manage these processes in a centralized place?
- Do you incur postage fees, internal resource costs to administer the reconciliation of the bill, taxing components, and additional payment elements?
- Do you know the internal cost of paying your vendors? Do you have resources dedicated to it?
- How big is your spend?
- How do you currently pay your invoices?
- How many checks do you write/cut a month?
- Are you routing your payments through the best method possible?
- How do you know if it’s the cheapest method available?
- What is your weighted average days to pay? How important is cash on hand to your business?
- Are you able to enforce payment term adherence systematically in AP?
- Do you keep up to date and accurate payment method options by vendor and account, that enable the most accurate and efficient methods of payment?
To gain further insight into the advantages and benefits of a third-party bill payment service, download our eBook: “A Better Way to Pay Telecom and IT Bills.”