The Proven Power of Statement Printing and Mailing

Statement printing and mailing remain a critical process for businesses and accounts departments. Bills and statements serve as reminders of one's financial obligations. In fact, the payments industry is projected to grow at a rate of 5% annually over the next five years. 

Account summaries, invoices, and payment reminders are crucial components of effective record-keeping and fostering strong customer relationships. Unlike digital solutions like e-invoices, physical statements continue to hold immense value across every industry. It’s tangible, personal, and most importantly, practical. 

This blog examines why statement printing and mailing should be a fundamental component of your business strategy. And how outsourcing these services can save time and money.

Key Takeaways 

• Statement printing and mailing ensure clear communication, reduce payment risks, and smooth cash flow management. 
• Physical statements always drive more customer engagement than digital ones. 
• A personalized touch in statements can improve customer relationships. 
• Outsourcing statement generation reduces the cost associated with in-house processes. 
• It’s not possible to scale internal print and mail processes for high-volume statements. 
• Professional print and mail solutions reduce the risk of human error and compliance issues. 
• A third-party provider is crucial, especially during billing cycles, tax season, or periods of financial change.

Vital for Clear Communication 

Statement printing and mailing are essential for maintaining clear communication with customers. Most traditional billing systems are complex and monolithic. As a result, paper statements still hold significant value in helping people understand their financial obligations. Above all, only 1% of bills of lading are digital today. It highlights the importance of physical statements even to this day.

Reducing Risk and Improving Cash Flow 

First, physical statements work as a tangible reminder of essential transactions. Then, they reduce the risk of missed payments and late fees. Therefore, these statements are necessary for maintaining a smooth cash flow management. 

McKinsey reported a 16% decline in global cash payments in 2020. The drops were even higher in the United States (24%) and Brazil (26%). Hence, we see the need for clear and accurate statements for every cash transaction.

Faster Accounts Processing 

Moreover, statement printing and mailing can streamline accounts processes. Many firms still rely on manual entry and printed records to track financial data. Additionally, physical statements serve as a means of record-keeping. As a result, every transaction is documented and accessible when needed. Only 16% of organizations report that their digital transformations have successfully improved performance.

Also Read: Best Tips to Refresh Your Bank Statements

Incredible Cost Savings 

Managing statement printing and mailing in-house can be costly. It requires investing in printers, paper, envelopes, stamps, and a dedicated staff. Thus, outsourcing allows businesses to eliminate these overhead costs. 

Specialized service providers can give you more cost-effective solutions. Despite the push towards digitalization, the last 20% of paper-based processes are often the most challenging to eliminate. 

Time Efficiency 

Outsourcing the printing and mailing task frees up valuable time for your accounts team. There’s no need to dedicate hours to printing, folding, stuffing, and mailing statements. Nonetheless, your team can focus on other critical tasks. Thus, it leads to better productivity and faster decision-making. 

Higher Accuracy 

Human error could be costly in an in-house statement printing and mailing process. Additionally, it can result in misprints or missed mailings. Professional print mail solutions offer higher accuracy with automated systems and digital dashboards. You won’t need to switch between multiple systems. 

Trust is a critical factor, especially in B2B payment scenarios. In fact, over 70% of businesses are willing to consider other vendors if their core requirements are not met during the buying journey. For this reason, companies are rushing to type “statement printing and mailing near me” on Google. 

Compliance and Security 

Outsourcing your statement printing and mailing processes also has an impact on compliance adherence. These third-party providers are experts in data protection laws and regulations. Moreover, they implement the best practices for data security to reduce risks with sensitive financial information. Since the economic crisis, operating costs dedicated to compliance have increased by over 60%. 

Scalability 

Enterprise-level businesses often have a vast customer base. It’s simply impossible to handle statement printing and mailing internally. There’s a reason why global paper consumption has increased by 400% over the past 40 years. 

Thus, outsourcing facilitates easy scalability without requiring additional investment in infrastructure. Additionally, you don’t even need to hire a dedicated workforce for statement management. The service provider can adjust to meet your needs.

Increased Engagement

Unlike emails, people hardly ignore physical statements. It’s delivered right to the customer’s doorstep instead of a crowded inbox. Thus, you ensure they receive the information you need them to see. And, personalization can take this engagement to the next level. Moreover, 80% of consumers are more likely to buy from brands that deliver personalized content.

Clear, Tangible Communication 

A physical statement provides clarity. Digital communications require a click to open or a password to access. In comparison, a physical statement is straightforward. Customers can instantly see the details of the statement. It could be anything from a payment complete, a summary of charges, or a transactional history. Moreover, direct mail takes 21% less cognitive effort to process compared to email. This simplicity improves customer understanding and reduces the chances of confusion.

Personalized Touch 

Physical statements offer an opportunity for businesses to create a personal connection. You can tailor messages, promotions, or simply express gratitude to customers for their business. As a result, it improves customer loyalty and satisfaction. 71% of consumers expect personalized interactions from companies. At the same time, 76% of customers show frustration when they don’t receive it. 

Trust and Credibility

Statement printing and mailing also add a layer of professionalism and trustworthiness. As a result, customers trust businesses that send formal and well-organized paper statements. It demonstrates reliability and enhances the company's credibility. Above all, you must consider this especially when financial security and transparency are of paramount importance. Companies with transparent sustainability data outperformed others by up to 400% in terms of value creation.

Also Read: Reasons to Review Your Billing Statements Before Paying

PlateIQ is a leading provider of automated accounts payable solutions for restaurants and hospitality businesses. They streamline invoice and expense management with their innovative solutions. Yet, the company was facing several challenges with its manual check distribution process, including: 

• Manual Check Handling: Generating, printing, and mailing checks manually consumed a significant amount of time and resulted in errors.

• Vendor Coordination: PlateIQ had to work with a local print house, introducing delays and logistical hurdles.

• Lack of Tracking System: Without real-time tracking, it was hard to ensure checks were delivered on time.
• Manual Data Sharing: The reliance on manual data sharing created the risk of miscommunication and errors.

The Solution With PostGrid 

PlateIQ turned to PostGrid’s Print & Mail API to automate its check distribution. The integration was successful and provided these benefits: 

• Smooth Integration: PostGrid’s API integrated smoothly with PlateIQ’s system, ensuring accurate data synchronization. 

• Automated Check Generation: The system automatically generates checks once payment details are confirmed, eliminating the need for manual intervention. 

• Synchronized Systems: PlateIQ’s platform and PostGrid’s API worked in harmony, allowing real-time information exchange. 

Comprehensive Tracking: PlateIQ could now monitor the progress of each check in real-time, ensuring timely deliveries.

Not every third-party vendor will provide automation capabilities for your statement printing and mailing. Moreover, you can’t take compliance and data security lightly. For this reason, a reliable and efficient outsourcing partner is necessary for businesses. 

PostGrid’s Print & Mail API is a fully managed statement printing and mailing service. We provide a digital dashboard with built-in personalization tools. Thus, you don’t have to worry about your statements anymore. We handle the logistics while you focus on running your business.  

Our API integrations enable you to send statements automatically with minimal manual effort. In fact, you can design and send transactional mail directly from your existing tools. It reduces errors and maintains consistency across all communication channels. Moreover, we also prioritize security and compliance. The API is compliant with HIPAA, PIPEDA, GDPR, SOC-2, and PCI-DSS standards. 

Use the HTML editor to personalize your statements to match your branding and communication needs. It’s the perfect opportunity to promote your brand subtly. Furthermore, we can scale incredibly fast according to your volume needs. 

Sign up now to automate statement printing and mailing for your business.