Any business that regularly sends bills or invoices to its clients has learned that paper bills cost far more than the price of a stamp. The hidden costs of paper billing rack up quickly, and after the bill is paid, all that paper often winds up in the trash. By switching to electronic billing, you can make your billing and invoicing process greener — both environmentally and financially.
Savings for Your Business
By making the switch to electronic billing and invoicing, you save money in multiple ways. Not only do you avoid the costs of paper, envelopes, toner, postage, labor and other expenses associated with printing and mailing paper bills — which can add up to as much as $10 per invoice — you also make it more likely that you will receive payments from your customers on time.
Convenience for Your Customers
Why are you more likely to receive prompt payments with electronic billing? It's much easier and more convenient for customers to manage their finances when they receive online statements and email notifications. With the ever-increasing popularity of smartphones, more and more customers are using their mobile devices for online banking and bill pay as well as shopping and social media. Even customers who handle their finances at home often prefer to manage their money online; as many as four out of five Internet-equipped households use online banking, and online transactions are often perceived as more secure (thanks to the stringent PCI standards that your electronic billing solution complies with) than paper bills, which can be stolen for the financial information they contain.
Customers are more likely to keep on top of their payments with online bill pay services because they have options that suit their individual needs: they can set up automatic payments or use their mobile devices to pay whenever is convenient, helping them keep on top of their bills. Moreover, lost bills frequently lead to late payments, but it's harder to misplace an electronic invoice.
Consideration for the Environment
The EPA reports that more than half of all mail is not recycled; it ends up in the trash (or cluttering up your customers' homes, where it collects dust, pet dander, and other pollutants that worsen the air quality of a home). Electronic billing saves trees, eliminates waste that would otherwise end up in landfills, and reduces industrial water consumption and greenhouse gas emissions.