Today, electronic billing services is now a common feature of online banking. This service allows you — the depositor — to send money from a checking or savings account to a creditor or vendor such as a public utility company or department store to be credited against your account. Ten years ago, this wasn’t the case due to a low number of internet users and security concerns.
What are electronic billing services? Online billing services are a quick and efficient way to pay bills. The payments occur within 48 hours after transferring money from your account and are generally hassle-free.
Benefits: If you are still using paper billing and snail mail to send your bills, you may want to consider electronic billing services.
- Convenient: Don’t have time to run to the post office to mail out that check? Or maybe you’re sick in bed and can’t leave the house? Or you just ran out of stamps or envelops. With online billing, all you’ll need is access to that smartphone in your pocket. Choose when and where you pay your bills.
- More Control: Take control of your billing statements by paying either immediately after you are charged, or make a last-minute — but on-time! — payment. You can also monitor your account balance at a single glance without having to wait for another statement in the mail or calling in.
- Friendly Reminder: A quarter of customers felt their relationship with their billing company improved after switching to electronic billing — probably because they started receiving email reminders to avoid late fees. These emails will generally include a “Pay Now” option as well.
- You Choose: Would you like to pay with cash, a check, or charge? Whatever payment systems works best for you (because everyone is different), electronic billing has the options to make your life easier without having to use paper. Organizations can save an estimated 11.5 cents per billing statement by switching to electronic billing.
- No Frustration: Electronic billing can greatly reduce frustration, questions, concerns, and phone calls to those teeth-grinding 1-800 numbers. Consumers can also save money because it is better expense tracking that looking at a paper copy.
- Instant Delivery: Don’t wait around for the mailman anymore, instead you will be able to see what you’ve purchased 24 to 48 hours after you’ve done so instead of waiting a month to see your statement. Businesses can also securely deliver invoices directly to a customer’s email so you don’t have to snail-mail the bill out.
Overall, there is a significant cost reduction from both parties (the biller and the billee) due to saving money otherwise spent on paper.