In 2023, the United States Postal Service processed an average of 318 million pieces of mail a day. In today’s world of technological advancements, we often forget just how vital and still in-demand physical mailing systems are. Especially in the world of business communications.
Having secure and efficient mailing procedures is critical for all organizations that handle statements such as (but not limited to):
Financial.
Medical.
Tax returns.
Utility statements.
Rentals.
Bank statements.
Statements are a huge portion of your revenue cycle, whether they’re recurring or single-time transactions between you and your clients. However, due to the complexities of producing paper statements, doing so can easily become time-consuming and a bit challenging overall. This is all thanks to details such as the graphics, layouts, security, printing, and much more.
As your business grows, you don’t want to bog down your productivity with administrative tasks when it comes to bulk statement mailing. Having the time to prioritize your clientele is what matters most! Cut down on menial administrative tasks by outsourcing them to a reputable statement mailing service. This way, you’re able to better focus on your core business goals.
Drafting, printing, and mailing your bulk statements is better left to these professional services. In this blog we go over why businesses are utilizing these services more, how it works, the benefits, and more. So let’s get into it!
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What are Statement Mail Services?
Statement mailing services are third-party businesses that print and mail invoices, documents, and other parcels on behalf of their clients.
Their clients tend to be larger corporations that do not want the additional administrative hassle of designing, printing and mailing their statements.
Data processing and printing mail for other organizations helps to save them time and money.
There are many benefits when it comes to investing in a full-service statement mailing company. Let’s go over a few of them right now.
Benefits of a Statement Mailing Service
There are plenty of benefits that go hand-in-hand with utilizing a statement mailing service. Especially when in-house statement mailing tends to be a little overwhelming.
As a growing organization, you want to strategize your time and resources into the most profitable aspects of business. Factors such as document accuracy, compliance, and timely delivery can really weigh heavily on your administrative team when they already have important daily tasks to address.
Processing, printing, and mailing statements through a third-party company clear your schedule to focus on more important tasks. This end-to-end solution allows you to keep your revenue stream flowing smoothly and helps strengthen your financial health. Here are a few other benefits you can expect when you invest in an “out-of-house” statement mailing service.
Benefit 1: Cost Savings and Resource Allocation
Time and resources are important factors when it comes to any business. By mailing through a third-party statement mailing service, and allocating these time-consuming tasks outside of your organization, you save on the following:
Materials.
Postage.
Payroll.
And equipment costs.
Wanting to provide mailing in-house can sound like a good option at first, but it’s important to understand what goes into this method. Monetary investments in materials and equipment aren’t the only things to consider. The time it takes to train your staff adds up as well.
Without proper training, an overwhelmed billing team is more prone to make mistakes, which means that you could be looking at delayed payments or statements that don’t even make it to the mailbox. These are only a few of the many difficulties an in-house mailing team might face.
Benefit 2: Data Security
Keeping your important documents and data secure is vital. Statements contain all kinds of sensitive information such as account numbers, addresses, and protected health information (PHI) if you work in healthcare.
These are only a few instances of sensitive data a company might be responsible to protect.
But, failing to do so means legal trouble and fines, sometimes even jail time.
This is why statement mailing services operate under strict regulatory requirements and prioritize compliance. Data privacy regulations such as HIPAA and PIPEDA are two common examples. Reliable facilities adhere to these rules to give their clients the best possible security when handling their sensitive data.
Benefit 3: Statement Tracking
Want to know where your mail is at any given time of the day or week?
Knowing the status of where your statements might be can give you peace of mind. So having the option to keep track of them in real time is ideal. Third-party statement mailing services often offer progress reports.
Logging in through your account, you can track your document every step of the way.
From printing to mailing, utilizing Intelligent Mail Barcode (IMB) systems allows these out-of-house mailing services to pinpoint the location of your parcel. This is also helpful for statements that are heading to the same location.
Tracking the addresses of recipients in advance allows for the bundling of statements. Which minimizes postal rates and increases turnaround time.
Benefit 4: Mailing Lists
Let's add to what I just mentioned about tracking recipient addresses. Mailing list tools are another benefit when it comes to statement mailing services. Having your mailing lists in order and up to date is crucial.
After all, if the addresses aren’t correct or the names aren’t spelled correctly, it’s not likely your customers will receive their invoices. And then it's even less likely you'll collect your reimbursement.
Reputable third-party mailing services use Application Programming Interfaces (API) integrations so you can transfer your mailing data seamlessly. And with little to no errors. You can add any number of addresses, adjust and verify them to more easily standardize your outgoing statement services.
These mailing services also update these mailing listings with the help of the National Change of Address (NCOA). So if one of your clients has a change of address, you won’t need to worry. The new address will automatically update the mailing list!
Benefit 5: Customization and Professional Quality
Branding and custom layouts are key when it comes to having your statements reflect your company image.
Recipients appreciate clear and easy-to-read instructions when it comes to their statements. Emphasizing your brand and ways to pay the bill means leaving less room for uncertainty and confusion. Encouraging prompt payments.
Customizing your statements with special messages, colors, personalized fields and more, allows your business to build customer engagement. It also helps you build brand loyalty and strengthen your marketing efforts.
Benefit 6: Automation and Efficiency
Statement services use API integrations to reduce errors and better automate the process of mailing documents. Data has a better chance of being accurate and complete.
This in turn reduces delays in payment processing. It also reduces the likelihood of losing statements through the many steps of postal service.
You also don’t need to keep track of when you send statements or make sure to remind yourself to send a follow-up. All of this is available as an automated service through a third-party mailing service. You can rest assured that your statements are getting to the recipient promptly.
Conclusion
Making sure you invest in out-of-house statement mailing services is vital in today’s professional climate. Especially when working with bulk statement mailing. Doing so means a long-term cost savings strategy as well as a weight lifted from your in-house billing team. Allowing them to focus on more important organization-enhancing endeavors.
No matter what industry you work in, having your statements handled securely and efficiently through a specialized mailing service is a must. Letting experts handle the ins and outs of The United States Postal Service frees up time for you and your team to focus on larger goals.
