In a time of financial uncertainty, businesses are tightening their belts and looking to pay down their debts.
How do you lower the debt ratio while keeping your operations running smoothly? Many companies will look to cost cutting initiatives to free up cash, while others will improve their billings and collections processes. By choosing the later, you're able to increases your revenues immediately!
How to Get Paid?
Services companies can increase cash flow with spot billing and batch billing:
Spot billing improves cash flow and makes processes customer-centric. Spot billing works well for “break and fix” scenarios. Field technicians are armed with mobile solutions to support multiple payment types and supports Point-to-Point-Encryption (P2PE). Cardholder information must be encrypted before the data gets entered into a mobile device.
This ensures that the cardholder’s information is protected.
A fully integrated and encrypted PCI compliant system, where your credit card transactions talk directly to your accounting system is complex and costly. Instead of using a real-time solution, smaller companies will enter the payment information at a later time. The delays add administrative costs and increases the days outstanding in receivables.
The other solution is batch billing. This process is generally used for on-going service support or contracts. Batch billing is cost effective and it streamlines the service-to-collection process. You can generate invoices instantaneously and close off work orders in real time. Once the invoices are pushed to a billing queue, the details can be reviewed before they posting against an accounting system. Batch billing eliminates errors in advance. It reduces call center incidents and
lowers the days outstanding in receivables.
You can optimize your invoice processes for both job-based and time-based work. For on-going service contracts, you can create automatic, billing triggers. An invoice is generated when an event has been completed events instead of a timed event which is based on date. This increases your cash on hand.
Learn more about how Fieldpoint can automate your billing processes and increase your cash flow!
