Why Do Businesses and Financial Institutions Outsource Print and Mail?
The reality is that businesses in nearly every industry have endured deep and often painful cuts. So, the question isn’t if you’ll be slashing expenses, but rather which ones and by how much. One proven but often overlooked option is outsourced print and mail services. We offer transactional print and mail solutions that give you unprecedented control over document content, layout, approvals, inventory and more. We specialize in working with companies in highly regulated industries like insurance, credit unions, banking, auto finance, healthcare, utility companies, and more.
What is print outsourcing? When you are outsourcing print and mail services you hand off the production and delivery of statements, invoices, bills, direct mail marketing letters and other business-critical customer documents to a mail outsourcing provider like FSSI. There are many reasons that many businesses choose print and mail outsourcing. It is a sound and proven business improvement strategy that helps companies:
- Minimize capital investments
- Avoid long-term lease commitments
- Reduce paper, postage and production costs
- Improve and stabilize cash flow
- Generate reports to satisfy compliance auditors
- Reduce the risk of a costly data breach
Benefits of Print and Mail Outsourcing
Outsourcing your physical printing and mailing or taking advantage of our integrated multi-channel electronic document outsourcing services is a prudent and practical strategy that helps you reduce risk, improve the quality and value of your transactional and marketing documents. This also helps your company avoid costs in a number of key business areas:
Cost Savings Advantages
- Equipment Purchases: In the processing of confidential documents, imaging and inserting equipment is a major investment that comes with a large annual maintenance expense. FSSI’s strategy of utilizing industry-best equipment allows you to take advantage of new and emerging technologies with no capital investment of your own.
- Payroll: Cost-reduction initiatives typically start with reducing the headcount. Printing services are labor-intensive. When you outsource with to FSSI, we manage all payroll and labor concerns.
- Overtime Expenses: Print outsourcing eliminates excessive overtime, any production or scheduling crunches is handled by your outsourcing provider. Many print-mail providers run two or three shifts only during peak times. At FSSI, we operate around the clock, all day, every day.
- Inventory Management: Inventory storage and management add to your overhead. Outsourced print and mail free up floor space for your core business functions. FSSI allows you to maintain control of your inventory online, or via your mobile device in real-time through our online workflow management tool workStreamOne™.
- Energy Costs: Print and mail inserting equipment is energy-intensive, and so are the backup systems needed to operate them effectively. As a sustainable printing company, FSSI utilizes numerous power-saving technologies in production processes.
- Print and Mail Consumables: The management of supplies such as inks, oils, and toners is handled by your print vendor. When you partner with a document outsourcer your costs no longer vary based on these consumables.
- Postage: Though total production costs vary by job, FSSI helps clients maximize savings through multiple levels of presort automation. When you outsource print and mail processing with us, it can help you leverage multiple levels of presort automation. We analyze your mail to ensure the lowest postage rates available, and if appropriate, may propose a solution that includes duplex printing and envelope sizing.
Security and Compliance Tracking Benefits
- Risk Avoidance: Working with a print-mail outsourcing company shifts the liability for compliance-driven SLAs (service level agreements) to your print management partner. Business continuity and backup planning related to processing are also shifted to the document outsourcing company.
- Internet Services: Eliminate the risk and heavy financial investment of deploying or upgrading your in-house electronic presentment or mobile bill pay solution. FSSI offers tremendous flexibility and customization for any electronic delivery option you choose.
- Production Reporting: Companies with internal departments often depend on manual reporting by employees. FSSI provides a suite of sophisticated online print workflow management and reporting tools that are available online, 24/7. Real-time reporting gives you information about your job status, as well as the in-depth data often required by managers and accounting staff.
- Data Security: Complying with new regulations can require significant infrastructure upgrades. For many companies, adding new security technologies is a costly proposition. With FSSI as your statement processing provider, you’re assured of the highest levels of data security and compliance. We regularly satisfy our clients’ most rigorous security requirements, including the exhaustive independent SSAE-18 Type 2 audit. Read more about Data Security Practices or Print and Mail Equipment.
Types of Customer Documents We Process, Produce and Deliver
- Checks with MICR
- Compliance Letters
- Insurance Notices (EOB, EOC)
- HIPAA Compliant Documents
- Investor Communications
- eStatements, Electronic Bills, SMS Delivery
- Direct Mail Postcards, Letters, Self-Mailers
- Year-End Tax Forms
For more information on what types of communications we manage check out the Types of Documents we Process.
Secure Compliance Reporting Tool
Through new and innovative print job tracking tools, FSSI clients who use our audit service can verify the delivery of time-sensitive mail pieces throughout the postal journey. Our workflow and individual mailpiece tracking tools work with delivery by the Postal Service and other common carriers. It’s one more weapon in your arsenal. One less worry for the compliance team.
Advantages of Document Outsourcing
Prudent and practical, outsourcing services from FSSI help you:
- Reduce statement processing and delivery costs
- Receive maximum postal discounts
- Create more compelling financial documents
- Market and cross-sell with greater impact
- Comply with government regulations