Quick Tips on Reducing Mail-in Payment Processing Cost

  

 Email Article  

Tweet  

  

With the mail-in paper payment volume constantly dropping and the cost of equipment maintenance on a steady rise, reducing mail-in payment processing cost is a real and constant challenge.

However, some companies have turned the processing of mail-in payments into a profitable business model. What tips can a successful and lucrative high quality lockbox operation give on this subject?

According to our Director of Payment Processing and respected Lockbox industry specialist, Kathy Wilson, there are some key factors to watch in order to keep the costs of a high-quality/low-error lockbox operation on the low side:

• Use up-to-date and advanced equipment
• Have a postal office box in the same state as your customers and your processing center
• Hire ONLY the best people
• Constantly train and retain - avoid high turnover
• Strongly incent your staff to keep high quality standards
• Constantly review and improve all of your processes

Kathy completes, saying that “Some of these factors are very hard to achieve even for highly experienced and competent Lockbox Services - and close to impossible to accomplish in an in-house payment processing environment. Especially with the scenario of payment volumes being on a steady drop.”

Stay tuned in to our Blog as we are going to discuss in future posts why and how each one of the items listed above are the stepping-stones to keep mail-in processing costs down.