E-billing describes any number of electronic payment options that happen digitally, including e-commerce transactions, paperless billing, direct deposit and ACH transactions.
In an earlier article, we discussed some of the benefits that consumers (and employees) receive from electronic payments.
But what are the advantages for the merchant?
Below are 9 of the most important benefits you receive by implementing e-billing:
1. Easier Electronic Payments
Roughly 10 percent of U.S. consumers don't carry cash at all. And paper-based checks are quickly going out of fashion.
With e-billing, you're able to tap into this growing pool of customers who prefer credit cards, online banking and electronic transfers.
2. Faster Payments
Because e-billing happens digitally, all transactions are instantaneous. You can avoid processing delays and postal deliveries by making your payment infrastructure electronic.
3. 24/7 Payments
Although your business may only be open from 9 to 5, it can still send and receive money around the clock.
4. Fewer Late Payments
With e-billing, you can send out automatic reminders (for upcoming bills) and follow-up notifications (for delinquent ones). Set up these email or text alerts once and reduce the need to chase down missing payments in the future.
5. Recurring Billing and Payments
The easiest way to retain customers is to make future payments 100 percent automatic. With e-billing, you can enable recurring payments so that money comes into your account like clockwork every billing cycle.
6. Greater Security
Unlike cash or checks, e-billing leverages PCI-compliant payment security to ensure that all financial data are encrypted, tokenized and protected. Reduce fraudulent losses and take control of your payment infrastructure.
7. Integrated Payments with your Accounting Software
Save both time and money by making your accounting more hands-off. E-billing seamlessly integrates with QuickBooks and other leading accounting platforms. As new transactions come in, this activity is instantly logged in your books.
No more chasing down paper-based receipts and invoices.
Automated accounting also makes bookkeeping more accurate. E-billing allows you to remove human error from the equation and let QuickBooks do all of the heavy lifting for you.
8. Higher Savings (and Fewer Costs)
Paper-based billing is expensive. In addition to material costs (e.g. paper, ink, printers, envelopes), you must also factor in processing delays, stamps and trips to the post office.
In fact, processing paper-based checks costs businesses anywhere from $4 to $20 per check. Even a smaller outfit with only 10 employees is still spending upwards of $200 a month just to manage payroll.
9. The Environment
Because e-billing is digital, it uses far fewer material resources than paper-based billing does. You'd be amazed at the environmental toll that older payment systems carry (use this free resource to calculate your business's paper billing footprint).
How does becoming more environmentally responsible help your business?
It makes you more attractive to potential customers — especially if you're able to appeal to their eco-consciences.
Ready to Incorporate E-Billing into Your Business?
Want to take advantage of all of the benefits outlined above? Getting started is easy. Just visit Electronic Billing and Invoicing at BluePay or you can schedule a free consultation with our payment support team.