If you collect fees for a Government Permitting or Regulatory Reporting program, you are not alone in your sense of frustration around collecting timely receiveables. Collection efforts are time consuming, especially if you receive checks in the mail. Many programs still require company submitters to manually calculate Due Amounts and mail in checks, which puts the onus on Financial Administrators to ensure that the right amount was calculated and received. Security, compliance requirements, and cost have been stumbling blocks in the path toward automation.
The advance of payment technology and diminishing costs due to increasing useage of online payments has increased adoption of the Credit Card and ECheck use in permitting and regulatory reporting Programs. The automated calculation of invoices and immediate payment goes a far way toward the collection of timely receivables, while reducing adminstrative costs around reconcilation and follow-up. Automating the fee process also ensures that Compliance documents like Permits are not issued prematurely.
A second key to an improved outcome is the tight integration of the payment process into the reporting process. Many agencies have a common payment portal so users complete their reporting in one system and then use the payment portal to complete payments in another. This jump between sites loses payers along the way.
Hazconnect systems like the TIER II MANAGER have a tightly integrated payment module that generates invoices based on reported inventories. An agency's custom billing rules are programmed. TIER II MANAGER has been integrated wtih several state approved payment providers like First Data, Govolution, and Elevon. With online payment tightly integrated to the reporting process, payments are no longer a separate workflow. Reports showing Unpaid Invoices, Ageing Statements, Quarterly Summaries by Subaccount, Account Financial Statements, and Detailed Reconilation functionalities help finaial analysts quickly identify delinquent accounts.
Get integrated Online Billing for your regulatory or permitting program to receive accurate payments faster, so you can enjoy your holiday time off.