While paying employees is a natural part of doing business, the process itself can be a big expense. This is especially true if you’re paying individual employees to write out the checks, stuff them into envelopes, and send them out.
Even handling payments electronically is typically an involved process that’s costly to keep up to date. There’s also the burden of having to maintain strict security protocols within your business to prevent payment fraud.
Fortunately, there are many trusted parties which provide a statement mailing service you can outsource your payments to. While the idea may have a few skeptics, it’s a good financial choice for many businesses and it comes with some particular benefits. Just as a Contract Management System can eliminate the time needed to manage contracts and save costs with your employees, vendors and suppliers – so can a statement mailing service.
You might think that handing your payment process over to another company would increase security risks, but the opposite is actually true. Trusted businesses are great at identifying check fraud, which is one of the most common types of financial fraud.
It also greatly reduces your risk of a data breach. Financial information is an ideal target for hackers, and maintaining your own cyber security is a costly task which requires strict protocols. A professional statement mailing service ensures that your files are transferred securely, and allowing a third party to handle security will take a load off your company’s shoulders.
Everyone likes being paid as quickly as possible. Outsourcing your check writing leads to faster and more accurate payments. This leads to improved relations with both employees and vendors. Vendors are automatically updated about any changes in the payment process, and many services offer vendors the option to pick the payment method that works best for them.
Beyond that, they offer your business a great amount of other options that you may not have considered while handling payments in-house. They work closely with all vendor needs, and payments can be monitored at any time. Paper checks can be customized with logos, fonts, and other options. Electronic payments are also made rapidly, typically the same day that paper checks are sent.
Statement writing services which handle your transactions electronically have a less negative impact on the environment. Paper is one of our major sources of waste, and inks often have toxic chemicals that are harmful to the environment. On a smaller scale, printing checks leads to problems involving electronic waste. After all, those printers are going to break down eventually.
Cut costs and saved time
Of course, time is going to be the big factor for most businesses. Check writing, or any form of making payments is a time consuming process. Eliminating the need to do this within your company saves time, and as the old saying goes, time is money.
It cuts costs in other ways too. It means your business no longer has to keep buying, or waiting on, checks. It also frees up any employees you would normally have making payments to focus on other tasks, so you get more work done in less time. Additionally, your business won’t have to shoulder the costs of updating payment or security protocols since the business you outsourced to will be handling that.
All things considered, a statement writing service is a great investment. It’s easier for you, your employees, and any other groups that you do business with. With the flexible options available, you’ll be able to handle payments any way you choose, and you’ll have peace of mind knowing all your transactions are secure, as well as all your information.