6 must-have digital billing features
Billing is a vital part of any business process since it deals with the most valuable assets of any company – the money. Without a proper billing system, the unpaid invoices will keep piling up, the payment cycle will increase and the whole supply chain management will crumble down. This is why people have abandoned the traditional billing system and moved to digital billing.
The main motive behind using the digital billing system is to get paid faster without compromising privacy. You should evaluate your current billing experience and analyze whether you are able to meet business needs or not. If by using digital billing system, you are not able to enjoy seamless billing, then there is no need to switch to digital billing system.
The features of a standard digital billing feature may vary but following are the 6 must-have features in your digital billing system.
Customer defined consolidation
An ideal digital billing system should allow customers to consolidate different invoices, present on different accounts, on a single invoice. Such type of consolidation in a billing system requires a special approach towards mapping, storage, and loading of data related to the invoice. Through the defined consolidation feature, customers can bring along different invoices within a few clicks.
Alerts and reminders for overdue statement
If unpaid invoices will keep piling up, they will become a headache for you someday. This is why your digital billing system should have alerts and reminders for overdue statements. You should be able to customize the alerts and reminders based on your specific business needs. For example, the option of setting the maximum date after which the billing system gives you an alert for overdue statements will be very convenient.
Mobility is another important factor when it comes to billing app. Instead of confining you to your office desktop for accessing the status of invoices, your digital billing system should be available on your mobile and tablets, as well. With mobile compatibility, you can access your invoices while on the go and that will improve the overall billing system of your company. But be sure that your digital billing system allows you to do everything thing from a single app. This will let you schedule work, regardless of your location.
Direct integration with customer system
This special integration system will allow you to adapt your output on the basis of your customer’s process, regardless of automated and manual transfer of invoice. With direct integration, customers can easily enter the supplier’s digital invoicing data into their system and processes. This offers a seamless billing system for both the supplier and the customer. So, always check whether your billing system is providing direct integration with the customer’s system or not.
Multi pay system
Multi-pay is an essential feature that every ideal digital billing system must have. Through the multi-pay system, customers can submit a single payment for different consolidated invoices, while capturing the remittance information in an automated way. It can be either done online, or automatic payment can be set for each month. For giant businesses that use traditional methods of payment, the same concept is applied through printed remittance slip.
With the help of self-service reporting and hierarchy management, customers can easily match usage data and charge to their particular payment structure and system. But for customer reporting, your digital billing system needs to have a flexible reporting structure in addition to depth and breadth of the data related to invoices. After the creation of these categorization and custom views, customers can easily match data usage and charges without any hitch.
Digital billing systems are mostly preferred by businesses to boost the speed of payment cycle and for providing a seamless payment experience to customers. The above-mentioned features in a digital billing system will allow you to harness the advantages of online billing in the best possible way.