Electronic billing services provide a better billing solution than the one you currently use. That’s a fact. Here’s why.
It’s Cost Effective. – An electronic billing system is more cost efficient than the alternatives. It can reduce the personnel costs, since it requires less labor. Plus, it allows you to redirect personnel resources to core activities, allowing more work to be done on more profitable projects. Billing services also allow companies to get rid of the need to spend money on printing equipment, such as ribbons, toner, and meter ink, as well as eliminate the cost of maintaining printers. More specifically, organizations can save about 11.5 cents on average per billing statement by avoiding paper. Multiply that with as many billing statements as you need to send out, and you’ll find that it’s actually an incredible amount of money being saved.
It’s Time Efficient. – Electronic billing services also allow companies to save time. By outsourcing the billing, electronic billing can help companies speed up the rate of receivables by one to three days, which in turn improves cash flow. One study has even found that half of participating customers paid an electronic bill before their paper bill would have even arrived in the mail, and nearly one-fifth paid it that very same day. In other words, customers pay electronic bills far more quickly.
It’s Just Easier. – Electronic bills just make things easier, which is likely why people pay them so quickly. By providing electronic billing statements to customers, companies can reduce customer frustrations, questions, and phone calls. They simply make things simpler, and less painful.
If you’re not offering customers electronic bills, you’re doing them and your company a disservice. If you have any questions about the benefits and advantages of electronic bills, feel free to share in the comments.