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It is no secret that switching to an e-billing and payments system can significantly reduce the impact we have on the environment. According to research from NACHA, The Electronic Payments Association, if only 20 percent of American households switched from paper to electronic billing and payment, a staggering 151 million pounds of paper, 100 million gallons of gas and 2 million trees would be saved annually.
While green strategies are at the forefront of many business agendas at the moment, NACHA's report also found consumers that have switched to an e-billing and payments system were reportedly more satisfied with their banks and credit services than those who continue to use paper-based methods – highlighting an emerging trend between customer satisfaction, customer service and e-billing.
Scott McCollum, President of Electronic Bill Presentment and Payment specialists, BillingTree, examines the increasing shift away from more traditional methods of billing and payment mechanisms, and the positives that can be gained from making the switch.
"Providing a good customer experience is one of the most important customer retention tools that a business can employ. This is why the convenience, ease of use and reduced waste from an e-billing and payments system attract consumers to this channel – 62 percent of respondents in the NACHA survey highlighted 'easy access to bills' as one of their top reasons for switching to an automated system. So an e-billing and payment solution is not only environmentally beneficial, it also fosters loyalty, which in turn increases the long-term value of each customer.
"The business case for EBPP (Electronic Bill Presentment and Payment) technology is strong. Reduced clerical involvement and better use of resources through automated processes can also help businesses avoid passing on the cost of providing paper bills, which can amount to as much as $2 per statement, onto their customers – lowering the financial burden, and streamlining lengthy paper-based payment processes. For example, the average Days of Sales Outstanding (DSO) for a customer receiving a paper bill is approximately 45 days, while an e-billing and payment solution can reduce this by up to 70 percent.
"While financial institutions, cell phone carriers and internet providers have embraced the use of e-billing and payment channels for consumers, many companies, especially utilities, are still lagging behind with their offerings.
"It is the younger generations that are demanding electronic billing and payments, with twice as many 25 to 34 year olds adopting paperless methods – according to the NACHA figures.
"As the younger generation rapidly become the consumers of the future, it is important now for companies to update their systems, and place EBPP technology at the heart of their revenue cycle to verify, bill and process payments."
If you would be interested in speaking with Scott McCollum or would like further information please do let me know, as I'd be more than happy to help. You can email me at firstname.lastname@example.org or call me on 561 228 1940.
I look forward to hearing from you
IBA – PR for BillingTree
561 228 1940