If your company requires substantial amounts of check printing, you want to make sure you’re getting those addresses right. Nothing slows processes down more than returned or lost mail, and while losing time, your business can also lose credibility. Address cleansing can save your business time, communication, and costs. While this seemingly simple verification process may often be overlooked, it’s essential for efficient check processing and printing.
To better understand this verification process, we’re taking a closer look at address cleansing and the many benefits it can have for your company. Additionally, we explore the potential benefits of outsourcing address cleansing, and other payment processes, to a trusted payment solutions firm.
WHAT IS ADDRESS CLEANSING?
Address cleansing, also known as address verification, is the process of standardizing and verifying an address based on the United States Postal Service’s (USPS) information and standards. This system is in place to ensure quick and efficient postal delivery throughout the world.
For example, say you’re sending a check to someone in an apartment suite. While you may write out “suite,” the preferred format for this designation for the USPS is “STE.” Using address cleansing software, this designation will be automatically updated, saving you time and a future headache. Many outsourced payment processing companies incorporate address cleansing as an essential service for their clients.
WHY IS ADDRESS CLEANSING IMPORTANT?
At its core, address cleansing is a form of standardization to manage address databases and improve the efficiency of mail service. But what all does this look like for your business and why is addressing cleansing so important? Here are just a few reasons:
· Reduce the amount of undeliverable and returned mail.
· Reduce mailing costs.
· Increase mailing and delivery speed.
· More efficient communication with customers.
· Secure mailing and processing.
· Improved address database reliability.
WHAT CAN OUTSOURCING PAYMENT PROCESSING DO FOR YOU?
If you’re not sure how to incorporate address cleansing as one of your financial processes, don’t worry—you’re not alone. Choosing to outsource your payment processing and solutions can relieve your business and employees of several financial processes and challenges, including address cleansing. Additionally, these outsourcing teams can do much more for your company, including these following services:
1. Check printing and mailing services.
Outsourced payment solutions companies can handle all your check writing and printing needs, freeing up valuable time and resources for your own team. They ensure fast and reliable check printing services backed with highest levels of security. These business checks are printed with sixteen check security features, such as thermo-chromatic ink, visible fibers, microprinting, fourdrinier watermarks, chemical sensitivity, and more.
2. Direct deposit automation.
More and more payments are done electronically, which makes ACH payments and direct deposits critical for any business. No matter the number of payments you’re making, an outsourced payment solutions firm allows you to upload all your payments, checks, and direct deposits to one system. They can even scrub bad routing numbers from ACH payments to save you time.
3. Statement and document printing and mailing.
Whether you’re printing statements, sending invoices, attaching return envelopes, or launching a marketing campaign, an outsourced payment solutions team can handle all this and more. If you have a stockpile of marketing materials, such as booklets or flyers, they can even handle your inventory and store these supplies until they’re ready to hit the market.
4. Tax forms.
The tax season is a headache for many businesses, but by working with an outsourced financial solutions team, these worries can be a thing of the past. They can handle the printing, mailing, and filing of all your tax documents, including 1099s and W-2s.
BENEFITS OF OUTSOURCING PAYMENT PROCESSING
Choosing a specialized payment solutions firm to handle all your payment processing needs can have many benefits for you and your company. Here are some of the top reasons that countless businesses have chosen to outsource these services:
1. Save on costs.
At first glance, it might seem like outsourcing your financial processes would only add more costs; however, in many cases, this isn’t true. Working with a trusted outsourcing financial solutions team can actually save you on costs by making your processes more efficient, improving customer relations, and freeing up your in-house employees to focus on other tasks.
2. Better security.
Keeping your financial processes in-house may seem more secure, but in fact, it can actually make you more exposed to potential risk. Securing financial documentation and processes requires intensive security protocols and software, both of which outsource payment processing firms already specialize in and can help you navigate.
3. Reduced risk of fraud.
According to the Federal Trade Commission (FTC), over 28 million dollars were lost in 2019 to check fraud. Outsourcing your check printing and processing will ensure you have a reliable and objective partner to minimize the potential risk of check fraud. These companies offer experience and some of the most advanced security measures for your financial processes.
4. Advanced technology.
The top financial processing and security software and technology can be expensive—not to mention, you need highly-trained employees to utilize these tools. With an outsourced payment solutions company, you’ll have instant access to the most advanced technology. You can also rest assured that the best professionals in the business are at the controls, keeping your financial processes efficient and secure.
CONCLUSION – WHAT IS ADDRESS CLEANSING?
When processing or printing checks, many of us may not think about the discrepancy between “Suite” and “STE.” But for the postal service and other mail carriers, there is a difference, and this difference can potentially lead to returned or lost mail—costing you time, money, and even credibility. Like any business process, you want your check printing and processing to be fast, effective, and efficient.
If processing and sending important or sensitive mail is part of your business, consider how address cleansing, as part of an outsourced payment processing firm’s package, can make this process easier and give you peace of mind. Address cleansing software can save you time and money by, simply enough, ensuring that your documents get where they need to go.