As a way to cut back on paper waste and to aid in customer convenience, many companies are taking the route of electronic billing. Electronic billing is the process of sending bills to customers via the use of the internet or another electronic network. Customers can then view their bills online and see if there are any issues. If everything appears to be accurate, the customer can then select a form of payment and that selection will initiate a transfer of money from your bank account to the company.
Now, Electronic billing is expected to become even more popular by the year 2020. Not only is it convenient, but it also cuts back on the waste of paper. Many people feel as though all of the bills that doctors offices, dentist offices, and cable companies send to customers waste too much paper. However, by allowing customers to pay and view their bills with the use of a tablet, phone, or computer, they’re allowing their company to be more eco-friendly and efficient.
Plus, it can save these businesses money. Transferring billing to the internet or other online networks cuts the costs on printing paper bills and sending them through the mail. Customer service costs also drop with the use of e-billing because there are fewer mistakes made when using electronic transactions. It also cuts back on the time that was used to actually print and send those bills out, while customers tend to pay e-bills much more quickly than paper bills. Organizations are actually able to save an average of 11.5 cents each billing statement by using e-billing.
Simply put, e-billing is quickly becoming the norm. Even businesses who aren’t sold on the environmental benefits have a clear incentive to make the switch: fewer printing costs and less time spent waiting for customers to pay their bills.
With the market projected to keep growing through 2020, electronic billing is a thing of the present and the future. It can help cut back on the waste of paper, raise revenue, and provide customers with the convenience of paying their bills using a tablet or a phone.