Nobody likes being stood up.
The same goes for your telecom vendors, but instead of silent treatment and a night on the couch, you can expect late payment charges and the disconnection of key services.
The process of receiving and paying an invoice from your service provider is time consuming and complex - it can often involve 12 or more steps and take 15-45 days, frequently resulting in late fees and misapplied payments. Each month, this lengthy and elaborate process must be repeated for hundreds or even thousands of individual invoices for different service providers. In addition to late fees, costs are incurred at each stage of processing - receiving, scanning, coding, validating, submitting, paying and archiving- where industry analysts estimate the average cost for organizations to process these internally is $25 per invoice. By these estimates, the annual cost to process just 100 invoices a month is a staggering $30,000!
To help customers overcome these challenges, MDSL recommends an approach to streamline and improve visibility over the payment process. Through MDSL technology solutions, we have been able to significantly reduce the manual effort, cost, and time frame required to pay providers. Using our industry knowledge and simple workflows, we are able to take over the process and provide a simple weekly bill that covers all of an organization's telecom costs.
Leveraging the most efficient payment methods, we are able to achieve a substantial decrease or elimination of late payment fees and service disconnect notices. In addition, visibility into payment activity is significantly improved, closing the loop on invoice processing, from invoice receipt to payment remittance and acknowledgment.
Want to learn more and start saving time, money, and stress with our Managed Pay Service?
Click here to request a demonstration. We think you'll LOVE it!