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Six Big Payee Benefits Of Royalty Automation
Automating royalty calculations and payments provides businesses with a wide range of benefits – but it’s a very positive move for royalty recipients too. Here are just six ways it helps payees and their agents.
1. Accuracy
Manual calculation of royalties is prone to human error. Even when it’s done with care, mistakes can creep in, leading to overpayments or underpayments to authors. Switching to automated systems gives royalty recipients much greater confidence that they are being properly rewarded for their work.
2. Timeliness
Automation means royalties can be supplied on time, every time. Instant statement delivery and electronic transfer of payments eases the frustrations of payees who might otherwise be waiting for checks in the mail or chasing delayed payments. Among those who depend on royalties for a significant part of their income, it makes it easier to plan cashflow.
3. Convenience
MetaComet’s Royalty Portal enables recipients to access their royalty information on demand. Holding digital statements in a single and secure repository makes paper filing a thing of the past, and allows licensors and authors to review their performance over time. Access is quick and easy via any web browser.
4. Transparency
Solutions like MetaComet’s Royalty Portal help licensees and publishers provide full disclosure of royalty information on demand. There are no opaque calculations or confusing presentation of statements – just clear and transparent calculations for every title and sale. It cements trust between all parties.
5. Reputation
In the world of Intellectual Property, reputation is important. Licensors and authors soon learn which publishers and licensees can be trusted, and which lack professionalism. Word of mouth spreads fast in author communities and in the licensing world, and if a publisher or licensee becomes known as a reliable, honest and hard-working partner, they are much more likely to retain authors and licensors on future contracts and attract new deals.
6. Motivation
Satisfied authors are productive authors. Those who feel they’re getting accurate and timely payments will be much more motivated to produce great content and hit deadlines than those who encounter frustrations with their royalties. They will also be more inclined to promote their books, because they know they will be fairly rewarded for every sale.
Similar with other licensors. Those who can trust their licensing relationships will be more likely to work together in the future.
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