The goal of an Outsourced Bill Pay provider is to alleviate the stress and aggravation that is often associated with tracking, reconciling, and paying invoices. Hiring a bill pay service provider might seem like a daunting prospect, but for anyone who has – or works with clients who have – complex finances with disparate entities, this can be a true game-changer.
Here are 5 great reasons why you should work with an outsourced bill pay provider… and a few words of wisdom about how to ensure your bill pay provider is the right fit for you and your needs.
1. Outsourced bill pay providers do the legwork, so you don’t have to.
From processing and paying invoices by check, ACH, or wire, to reconciling back accounts and credit cards, outsourced bill pay providers manage the transactional and day-to-day work of your personal finances. Their goal is to bring peace-of-mind and take the fear of missing a payment or a capital call, or issuing duplicate or incorrect payments, off your plate.
2. Outsourced bill pay providers offer organization, clarity, and expertise when it comes to bill payment processes.
In fact, the best providers will be transparent with you about how they manage your privacy and security, and who exactly has access to your most confidential information. You should also ask about what processes are in place to ensure this protection. For example, there should be a clear segregation of duties on the bill pay team of any provider you hire. The person who processes invoices should not also be the person who signs the checks, and vice versa.
Please also ensure that your Bill Pay provider has insurance to protect you.
3. Outsourced bill pay providers communicate with you.
Communication is key to a successful provider-client relationship. From pre-onboarding and managing expectations, to the ongoing administration and oversight of your payments, your bill pay provider should be open, available, and transparent. Ask your bill pay team how they plan to communicate with you, the ways in which they will seek and receive your approvals, and any other questions you have about the management of your invoices and outgoing payments. The more open and communicative your bill pay team is, the more seamless this process will be.
4. Outsourced bill pay create a customized approach for their clients.
No two investors or family offices are the same, just as no two bill pay arrangements are the same. Your provider should listen to what you and/or your Financial Advisor need and provide that to you – whether you are requesting a customized report, a better understanding of your cash flow, or a specific way of communicating.
5. Outsourced bill pay providers are focused on working with high net worth individuals, and single and multi-family offices.
There are many nuances about the reporting and general needs of family offices and the personal finances of high-net-worth individuals, and only a firm who specializes in this area can genuinely appreciate and understand these subtleties.
There are certainly additional benefits to outsourcing your bill pay needs, but the bottom line is that by working with a trustworthy bill pay service provider, you can devote more time and energy to enjoying your life.