Did you know that, according a 2009 survey, 38% of people ages 18 to 34 prefer banking online? It’s no surprise that online billing options are now sought out by consumers who would rather pay bills with a click than bother with checks and envelopes or cash. For this reason, it’s a good idea to have quality electric billing services for your company. An estimated 11 billion transactions will shift over the next five years from paper to digital processing. Need more reasons? Here are five reasons that electronic billing services will be the right choice.
1. Cost Savings
Checks cost money both to mail and to process. Companies spend, overall, anywhere from $.75 to $2.00 per billing document, and then another dollar to process the paper bills they receive. Nick Rini, a writer for Telephony trade magazine, estimates that companies could save $200 million every day, collectively, by switching to paperless, electronic billing.
2. Companies Get Paid Faster
When checks have to be written out, mailed, received and then deposited, there is a lag time of several days, up to several weeks, before a payment is fully processed. With online payments, companies receive money instantly, or know instantly who is unable to pay for their services.
3. Safer Transactions
The issue of bounced checks, meanwhile, becomes mostly non-existent. It becomes easier to monitor transactions for fraud, and create a secure payment architecture. Customers themselves can feel more secure knowing that their information will not be viewed by anyone else, or going through the mail system and risking getting lost or stolen.
4. Customers Appreciate It
No one appreciates bills piling up on their counter, risking getting thrown out with the morning newspaper. Electronic bills not only eliminate waste, but they also open the door to more tools for interested consumers. Online payment reminders and other services provided help improve customer loyalty.
5. Good for the Environment
Just by switching the electronic billing, every household eliminates to 171 pounds of greenhouse gas, and 63 gallons of used water, every year. Not to mention all the trees that breathe a sigh of relief!