So you want to get smart with your VoIP billing system, do ya? Well, your ambition has lead you to the right place! In this article we are going to discuss how to get your business running even more efficiently with the use of automation in collections and reporting. Once these practices are implemented, we promise that your internal and external transactions will be more organized and go much smoother. Get smart by learning how to better manage and report on your account receivables and invoices with the ability of reporting. Even better, all of this is at your hands with VoIP Innovations’ BackOffice!
The Automation of all Things Billing
Wouldn’t it be easier to conduct your billing procedures with a practice that doesn’t require preparing invoices by hand? These dated and slow methods of filing, writing, and even sending invoices by mail are faulty in the least. Even more importantly, they are overly time consuming.
If only there was a way to create customer profiles which contained the data needed to accurately prepare the invoice. It would be great if those customer profiles included the customer’s name, email, and billing address as well as a way to monitor the usage of CDRs in order to bill usage accordingly, along with shutting off usage. Well my friends, automation takes away the painstaking manual data entry methods and continuously collects this information for both parties to stay on track!
Gone are the days of sifting through mountainous paperwork; with the automation of the VoIP Innovations’ BackOffice, Titanium III, you’ll have convenient hosted billing and the option to create, track, and manage invoices easily, automatically alert customers to overdue invoices, and integrate records with your accounting system.
Along with these fantastic features, you need to remember that you want your system of choice to have flexible billing cycles. For example, some businesses want to bill their customers on the first or last day of every month or invoice them on their account anniversary date. Invoices may be billed weekly, monthly, quarterly or annually. Flexibility is key here. It satisfies your customers as well as your administrative functions.
Ok, now that we have some insight with automated billing, let’s move on to the actual collection process. Automated collection is another crucial feature for VoIP wholesale providers and reduces the overall time spent collecting your invoices and translating them into a reduced AR balance.
A good automated collections system has options. Options involve payment types, merchant accounts, and payment gateways. Some other options include setting up one time or recurring credit card payments. A good billing system should also allow you to collect funds using ACH/bank transactions. Simply put, you want to be able to allow your customers to make a payment directly from their checking account.
What are the top things to look for in a smart collection service?
- Stored Credit Card Information
- ACH/Bank Transaction Availability
- Multiple Payment Gateway Options
- Multiple Merchant Services
- Ability to Manage Outstanding Payments
One of the most important aspects of automated collections is dealing with outstanding payments. A good billing system will automatically suspend services for customers who have an outstanding balance. A suspension report can then be viewed to find out who owes money and why. This can range from an outdated credit card to one that has reached its max limit to even alerting when the account has run out of funds. Alerts like these especially help against any fraudulent activity that may show up on your account. Collecting payments has become simple, and that my friends, is genius.
Understanding usage is key when you’re an ITSP. Detailed usage reports can break down your costs by the day, month, or year. Customers need instant access to key billing metrics such as service usage, CDRs, transactions, pricing, pre-paid balances, and monthly minimums. When your billing system provides this flexible transparency, customer confidence is increased as well as their usage!(Take a look at this view of the VoIP Innovations' Billing Dashboard in the BackOffice.)
Keeping billing continuous allows for vendor costs to be managed on a daily basis. Forget waiting until the end of every month to manage all of the costs and surcharges! You can keep track in real time with reporting tools and never worry about all of those hidden fees that have set you back before. The VoIP Innovations’ BackOffice has a feature that takes reporting to another level by allowing resellers (you) to organize DIDs into specific Groups. Each Group provides your KPIs (key performance indicators) on revenue associated with each number. Find out which Groups are pulling in the most profit, and make your strategy even more precise.
All in all, automation in your billing, collections, and reporting offers you the choice to gain a huge competitive advantage. These choices also keep your customer ties much stronger because of their transparency and ease. You are now offering a timely, up-to-date system that holds the promise of truly “surprise free” invoices. No one is left behind with automation. Customers are comforted by easy interpretation resulting in your revenue skyrocketing. Holding these automated billing methods close, will keep your customers even closer!
In the VoIP Innovations’ BackOffice, we offer you a complete turnkey Hosted Billing solution. You have a plethora of options and features to utilize and personalize for your own specific ITSP business needs. With our free demo you can explore these features in their entirety.