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How FoIP Solution Benefits Finance Companies?

  • June 15, 2021

VoIP has touched all aspects of businesses belonging to diversified industry verticals. Even those businesses, which are quite complicated to digitize or enhance with VoIP or any other digital solution are enhanced and benefited from different VoIP solutions. 

In this article, we are going to talk about one of the VoIP solutions that have enhanced quite complicated and expensive operations. To make it more understandable, we will relate its benefits and working model with finance companies. 

We are talking about faxing process. As we all know, faxing requires expensive infrastructure, stationery, phone line, and much more. The FoIP solution can digitize the faxing process for the finance companies with ease. There are many benefits a FoIP (Fax over Internet Protocol) solution can offer to the finance companies and we are going to explore some of the major benefits.

1. Take care of regulation related compliances

A majority of finance companies require faxing because it is part of the legislation compliances. The businesses need to send all documents via fax. In many countries, it is part of legislation because it is considered a secure way to transmit customer information, also called personal identifiable information (PII). The FoIP solution, also known as the fax server solution, can take care of the regulatory compliances because even if it sends faxes via a software solution, the receiving party receives the fax only.

2. Reduce faxing related expenses

If you, as a finance company use the traditional fax method, you need to invest in the whole infrastructure. Additionally, you need to buy stationery every month and pay a fee of a dedicated number for fax. You can count the approximate cost you need to invest in setting up and maintaining a traditional fax system. On the other hand, the FoIP solution is a software solution and does not need a physical space to get installed. Also, it does not require stationery like cartage, paper, etc. Being software, it also does not need additional maintenance costs. It means you can save not only on capital cost, but also on the ongoing cost of using faxing.

3. Allows remote access

At the current time, we all understand the need of a remote work model. The COVID 19 pandemic and many other relevant factors like lockdowns, COVID protocols, etc. have enforced remote working in a majority of industry verticals. The fax server solution can be accessed remotely. It means a team of finance companies can send faxes from their home to the customers. They do not need to visit the office where the fax machine is placed to send faxes. This can keep operations in finance companies up and running no matter what the situation is.

Concluding notes

The finance companies not only meet their faxing needs by using a fax server solution, but also leverage several benefits by adopting a FoIP solution. 

ASTPP offers different VoIP solutions in the form of add-ons and a fax server solution is one of them. This solution of ASTPP has various features to offer and can empower finance companies. Contact us for more details.