Are you tired of all the hassles that go along with paying your telecom and IT vendors? Can you imagine the day when you no longer have to worry about paying telecom, and IT bills thanks to a simplified process that includes enhanced security, tangible cost reductions, and increased operational efficiencies?
We compiled a list of 10 benefits and solutions that a qualified third-party bill payment solution can provide.
- Improved cash management- Just in Time methodology drives the date when funding needs to be received. With this process Tangoe enables cash flow optimization, allowing you to keep cash on the books longer.
- Eliminating misapplied payments – No more long hours spent with vendors researching and correcting misapplied payments. In the rare occasion of a misapplied payment, the third-party provider is responsible for tracking it down.
- No more disconnect notices or even worse, disconnected services – Making payments on time becomes an easy task when you put the payment cycle in the hands of a third party. They specialize in working with the carriers and managing the payment terms, so your services are never disconnected.
- Late fees become a thing of the past – Late fees are virtually eliminated when a third party is responsible not only for the payment of your invoices but also for processing them through the approval process to payment.
- Minimize the number of payment transactions per month – Instead of paying each invoice, you simply fund the account setup for the third party to pay multiple invoices. It’s the responsibility of the third-party provider to determine the best method for payment – depending on the vendor – and routing the individual payments accordingly.
- Optimize the payment process – Leverage various payment methods and system automations. Your third-party bill payment provider will provide system automations and look for various payment methods that benefit your organization.
- Free over-burdened staff for more strategic activities – They can tackle other activities that of greater impact on the organization.
- Increase efficiencies resulting in ROI – An efficient process that eliminates unnecessary costs and dramatically reduces time spent on accounts payable.
- Address compliance, fraud, and risk mitigation issues – The right third party provider understands what the regulations are from an accounting, auditing, and a privacy perspective to ensure that the payment methodologies employed comply with local guidelines.
- Track real-time payment postings and analytics – With the right third party bill payment solution managing the invoice process from beginning to end, the enterprise is now provided with increased visibility to complete payment cycle from invoice receipt to payment settlement, as well as gain valuable insight through analytics provided.
With a third-party bill payment provider, you can take the Complicated, Costly, and Cumbersome right out of the process. For more information on third party payment challenges and solutions, check out Tangoe’s eBook: “A Better Way to Pay Telecom and IT Bills.”