Understanding Transaction Documents

Transaction documents are any documents relating to transactions which have been made between businesses and their customers and clients that are either printed, inserted and mailed or electronically presented. The content consists of both fixed (static) and variable data information.

Some examples of these documents are:

  • Credit Card Statements
  • Account Statements
  • Bills and Invoices
  • Loan Payment Notices
  • Daily, Credit and Collection and DMV Notices
  • Explanation of Benefits
  • Tax Documents
  • Appeal and Pledge Redemption Statements
  • Checks and Remittances
  • Insurance Policies
  • Tax Renewals

Successful implementation of these documents requires the use of a service provider that understands the unique requirements of handling secure data, utilizes processes and procedures, ensures compliance of industry regulatory guidelines and is a partner with excellent communication.

Data Management

External service providers who specialize in the handling of secured data will prepare and produce the transaction document for print, mail and/or in an electronic format. The production of these documents need technical expertise, reconciliation of information and flexibility to:

  • Handle various types of data streams (AFP, PS, XML, PDF, etc.).
  • Connect and integrate with core data processors.
  • Standardize and automate USPS address for successful mail delivery and postal discounts.
  • Co-mingle for possible mail discounts.
  • Track response of the data and production.

Benefits of Good Design

The design of a transaction document can result in improved response and increased revenue. Since 95% of paper bills and statements are opened by consumers and have average read times between 3 to 5 minutes, there is a good argument to consider a thought-provoking design. Some key design elements to consider include:

  • Use of color to draw attention to important information.
  • Account, invoice number and date clearly displayed.
  • Contact information, website and company address are easy to find.
  • Amount, payment options and due date are clearly identified.
  • Use of graphics and visual aids for easier understanding.
  • A relevant offer for cross selling.

Presenting the transaction data in a simple and clear way is the goal. Along with the benefits mentioned above, you have the opportunity to decrease customer care costs with a reduction of call volume, enhancing your brand awareness and improving the overall customer experience.

Production of Transaction Documents

Digital Printing – there is a full range of digital print capabilities: MICR (for check printing), plain black ink, highlight/spot color, full-color high resolution (cut-sheet digital printing) and full-color high speed transactional print (continuous inkjet digital printing). Some advantages of digital printing include the ability to use generic, white paper stocks and printing full-color so companies no longer need to warehouse pre-printed stock.

Inserting/Mail Production – Transaction documents will most likely include an insert communication and/or business reply envelope. A service provider will utilize ‘inserter technology’ to collectively add to the statement/bill inside an outer envelope. For zero defects, it is imperative to ensure there is a closed-loop system utilized in order to tag and correct any mail insertion errors.

Online Presentment and Payment – The handling of transaction data for print can also be presented online in both interactive (HTML) and static (PDF) formats. The ability to access transaction documents online is imperative in every industry and having a single sign-on approach that is transparent is key. A further benefit is adding relevant messaging and key product offerings. Furthermore, having access to a robust, secure and widely-used online payment solution is a critical service offering.

Regulatory Compliance – A service provider should have document standard operating procedures and practices to be compliant with major regulations including HIPAA, Gramm-Leach-Bliley Act, Sarbanes-Oxley, and EU General Data Protection Regulations (GDPR) self-certification. In addition, there are Type 2 SOC2 audits ensuring procedures and policies are in place.