Electronic bill payment is a now common feature of online banking, utilities, and virtually every industry. And there’s one major reason e-billing is so popular: it allows companies to speed up receivables by one to three days, which can in turn have a positive impact on cash flow. However, the average household stands to benefit quite a bit from this practice, too.
If 20% of American households switched from paper to electronic invoices, the nation could save 151 million pounds of paper annually. But there are more reasons than just recycling to justify making the switch!
Check out a few of them below:
Putting aside the concerns that countless people have voiced about the complexities of the internet, electronic billing services are actually one of the most convenient ways to handle your expenses. When you receive and pay all of your bills in one online location, balancing that checkbook becomes much easier. Not only that, but you’ll be saving money on stamps, paper, envelopes, and a trip to the post office. In fact, according to a recent study, half of customers paid their electronic bill before a paper bill would have even arrived in the mail. And if you need even more convenience, these services allow you to pay bills from anywhere at any time, instantly.
Many customers believe that the internet isn’t a safe place for money to be transferred. However, electronic invoices are actually some of the most secure. Paying your bills electronically allows you to decrease the amount of unsecured paper information in your mailbox, and it allows for the creation of added electronic security measures such as passwords and security questions. Despite what you may have heard, identity theft almost always begins with physical documents stolen from the mail or garbage.
If you switch to electronic billing, you can say goodbye to the pile of paper statements cluttering up your kitchen counter top. In addition, electronic billing allows you to keep records of your statements on your computer. That makes it easier when searching for a specific statement in the case that an issue arises. Rather than hunting down an invoice among all the clutter, electronic invoices are easy to find and save.
Higher Credit Score
Payment history has a significant impact on your credit score, which can affect the ability to qualify for a good loan or mortgage. With the added speed and organization of electronic invoices, you can pay your bills on time, every time.
Despite the concerns that numerous people voice about online bill payment, the reality is that this method of billing is easier, faster, and safer than paper statements.