Bill Payment is another annoying task on your long list of monthly to do’s. If forgotten about, late fees can accumulate causing you to have unnecessary costs to pay. Many don’t know what the breaking point is, when they should consider outsourcing their bill pay. If you are seeing any of the following signs, it is a good indication that automatic bill pay will be beneficial to your company.
Signs it’s time for Bill Pay
Service Disruptions: Disconnections due to incorrect payment amount or late payments.
Frequent Phone Payment: You often pay over the phone to avoid suspension or late payment.
Misapplied Payments: Your payments are being applied to the wrong charges, causing service disruptions and late fees.
If these warning signs describe what is happening to you, you’re in luck! A telecom expense management team will take the annoying chore of cutting checks and paying bills off your hands. The bill pay process can be tedious but easy when you hand it over to a TEM provider.
The Bill Pay Process
Bill Reporting: Each week, we’ll provide you a feed of accounts to be paid. For automatic feed payment, we’ll link accounts via ACH. (A check can be sent if desired, but may delay payment.)
Daily Reconciliation: Valicom confirms and reconciles all deposits received, and checks that have been cashed each day.
Payment: Client’s weekly feed is uploaded into Valicom’ s Client Accounting program, and the total is matched to the Client deposit again when checks are cut.
Double Check: A ‘Positive Pay’ file is provided to Associated Bank daily to ensure that only checks that match the correct check number and amount can be cashed.
Credit Card Payment: Under special circumstances Valicom may pay the Client’s accounts by credit card.
Automatic bill pay set up is simple and easy. Once it’s set up, you won’t have to worry about inaccurate or late payments every again. Problem, solved.