Creating Internal Efficiencies
As technology advances, most industries have made dramatic shifts towards digitizing their processes to respond to a variety of business needs and become more efficient in their operations. This holds true in the area of accounts receivable and payment processing. Flywire has found that while many DMCs currently utilize PDF based invoicing and processes, most are increasingly looking to digitize these processes. They seek not only to appeal to a global client-base and provide them with more secure payment options, but also to save the time spent by administrative, accounting, and IT staff dealing with manual or outdated operations.
60-80%
Cost savings created by switching from paper to online billing, according to one report.
Streamlined invoicing & communications
When companies have yet to undergo a digital transformation of the booking experience, communication with agents can be difficult and sporadic. This is particularly true when it comes to notifying agents about payment options. Whether it is the implementation of an A/R or accounting platform that automates billing processes, or communication via email or phone, DMCs should evaluate whether the adoption of new billing or payment systems are right for their business.
Freuently cited benefits within the industry of shifting to digital invoicing and payments:
- Automation and ease of communication with agents and clients
- Simplification and communication between a variety of systems, eliminating manual data entry
- Simplified reconciliation, tracking and matching tools, reducing back office work
- Easy and secure access and visibility of data and reporting across the organization
- Confidence in accuracy and reporting of data
Selecting the right digital provider
To reap these benefits, DMCs and stakeholders should consider the importance of the billing and payment process as they shift towards digitizing their processes. In order to evaluate how such platforms can contribute to operational efficiencies, companies should research their offerings carefully.
A good digital processor will provide:
- Integration capabilities and flexibilities (particularly given the homegrown and disparate nature of technology in the timeshare industry)
- The ability to automate communications with owners and handle owner feedback and questions
- Type and amount of data collected
- Filtering, visualization, and reporting capabilities